For some, selecting the name of their Limited company is the fun part of the incorporation process. It’s the defining moment when contractors realise they are finally making the leap and setting up their own business. For others, it’s a tricky process.
Whichever camp you fall into, it is essential that you choose the right name. After all, this is the brand you will use to sell your services and expertise – so it’s a good idea to make it sound professional and something that gives an indication about the industry you operate in.
There are some set rules that need to be followed, but once these have been adhered to the world is your oyster in terms of what to call your new venture. If you’re in need of inspiration, here are our top tips for getting it right.
Make it simple
Be direct and choose something that is instantly recognisable. A name that is too long-winded is hardly going to roll off the tongue and is unlikely to be remembered. As mentioned above, it’s also a good idea to leave recruiters and potential clients under no illusion about the types of services you offer.
Some people decide to play it safe and opt for something based on their name, such as Joe Bloggs Ltd or John Doe Ltd. There’s nothing wrong with that, and indeed it’s the route that many ClearSky clients decide to go down.
However, a growing number of contractors are being more creative and imaginative when naming their company. This could hold you in good stead if you have aspirations to grow into a small enterprise and take on staff – something our sister company ClearSky Business can help with.
Search for it
When you’ve decided on a possible name for your company, it’s a good idea to search for it online. By doing this, you’ll get an insight into whether there are any businesses with a similar name currently in operation.
Secondly, it will give you an indication as to the level of competition in your sector. If there’s a company with a similar name that provides a similar service, it’s a good idea to go back to the drawing board to avoid confusion.
Road test it
Friends and family can be a captive audience when trying out new ideas for a company name. It’s always a good idea to get as much input as possible – after all, something that you think is perfect could be universally slated by others.
If you’re going to invest in stationery or business cards, it’s worth visualising how your name would look on promotional material. This could give you a good indication of whether it is a viable option.
Think about a website
Having a website for your business is a great way to generate leads and opportunities. It’s therefore a good idea to check for available URLs and snap them up as soon as you can. You should also test out how the name looks when typed in one strand so that you can avoid any potential embarrassment.
Look to the future
It’s a good idea to choose a name that will stand the test of time – something that can be used as a strong and recognisable brand should the business take off. While it could seem tempting to capitalise on a current trend, think about what you will do when the fad suddenly falls out of fashion.
Of course, it’s entirely possible to change the name of our business if it doesn’t work out. Household names such as Nike and Google were previously known as something else so the strategy can work. However, it’s important to think about the cost involved and the possibility of confusing your clients should you decide to switch names.
Have your say
Are you a Limited company contractor? How did you decide on the name of your business? Do you have any other tips to share? Join in the discussion on Twitter, or leave a comment below.