How to Find the Right Name For Your New Company

The perfect company name

Finding a name for your company that will satisfy you throughout your entire business career is hard, therefore this article will give you some guidelines on how to end up with the perfect name for your new company.

First we are going to start with a couple of mistakes entrepreneurs make so often when choosing a name:

1. A name needs to be flashy and catchy, use your imagination don’t use words that never stand out they won’t be remembered. Also don’t make the name too long, it will lose it’s catchyness as well as it’s overview.

2. The name should not be able to outgrow your business. For example by using the name “Printers&Co” because your company sells printers, but eventually you decide to also start selling laptops, your name does not represent your entire business anymore. You have to change your name because your target market just became broader and therefore you have to start most of your marketing all over again which is literally throwing away your money.

3. Keep in mind that company names don’t always have to say something about the products or services you sell, some of the most successful business names are fictional ones, think of Skype, Yahoo, Google, Twitter, etc. It should be a name, a brand, and not literally a description of what you sell, for example computer consulting company.

4. Don’t use words that are rarely used within your language (unless you have a fictional name). But for example don’t use complicated Latin words that tell something about your business when you translate them to English (unless they do really sound good). People need to be able to easily remember the name or you lose sales.

5. Don’t add a geographical location to your name unless you only want to target customers from that region, and that region only. As soon as somebody sees a company that’s called New York Heating nobody outside New York will place an order, even though they not necessarily sell heating only in New York.

Now let’s talk about the things that a good company name should have

There are so many good company names already taken, but trust me there are still thousands of good company names out there. But what are the characteristics of a good company name?:

One of the most important things is that the name should be easy to pronounce, easy to remember, and easy to spell. The name should also be catchy, trendy and unique. All together is should be compelling to your target market, because that are your potential customers.

So you finally thought of a good name, at least that’s what you think…

You have to be sure the name you thought of is going to last. Therefore there are couple of guidelines you should follow before you start using the name.

1. You should check if there is a corresponding domain name available.
2. Sleep over it. Does the name still sounds so appealing as yesterday?
3. Ask you friends and family what they think about it, but don’t let them get you off the right track because some people are very good at making up pretty miserable names.
4. Check if the name is not already taken by other companies in your niche. Is it trademarked already?

Mistakes often made by companies that chose the wrong name

Two words: Change it! If you feel you’ve made the wrong decision by choosing a dull company name, change it as fast as you can. Your company name might make people think of other products or services, so they link your name to the wrong objects. It’s best to change the name in an early stadium, because promotion (marketing) is important for a company’s existence and by promoting a name you are not satisfied with won’t make things better. When the name is right your confidence level will boost.

What if I want some good ideas for a good company name?

These days there are a lot of specialized companies that will develop a brand for you, they research your market, write reports, make benchmarks, analyze the competitors in your niche, etc. The disadvantage is that all this costs a lot of money, it will easily cost between $1000 – $35,000. For starting entrepreneurs this is a lot of money and you should be crazy to spent this much money before even starting your business.

What if you simply want some professional idea’s for a good c

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New Company

If you have an idea that sells, the first step to generate huge revenue is to form a company. Starting a new company involves knowing the legal framework of the land where the business is conducted. For instance, in the UK, all business rules and regulations are enshrined in the Companies Act 2006. The UK has a long history of enacting business-related laws and the Companies Act 2006 is an amalgam of all the preceding acts.

Role of Companies House in New Company Formation in the UK

The Companies House is the official regulating agency for companies in the UK. The main role of the agency is to facilitate and oversee the formation of new company. If you are an entrepreneur wishing to start a company in the UK, it is essential to know the business regulations formulated by the agency. All rules and regulations laid down by the agency can be found online as well as on paper. The rules are regularly updated and any new rule should be quickly incorporated by business entities.

Starting a New Company in the UK: Tips

Here are some tips to help you in the formation of your new company:

Engage in thorough and careful thinking about your business objectives. Your business structure will depend on the objective and nature of your business. Also, if you intend to apply for a loan, you will need to present your case effectively. A carefully crafted business plan helps in obtaining quick loans from banks and other financial institutions.
The name of your company should reflect the nature of your business. This helps in creating a strong brand for your business. You must also ensure that your company name should not be similar to those already registered with the Companies House.
While filing for company formation, opt for the electronic route. Although you can register company manually, the electronic way is preferred because it is less time consuming and less error-prone.
Since the Companies House receives thousands of applications each month, it is essential that you do not delay the process due to some careless errors in applying. Fill in all information very carefully.
The best way to start a new company is through assigning the task to a specialist.

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The Benefits of Video Conferencing When Starting a New Company

A major cost of starting up or expanding a business is the price of organising and attending meetings with clients and colleges. What’s more, the vast amount of travel involved in attending these events, especially those held abroad, makes it hard for companies to meet growing demands to minimise their negative impact on the environment. Nevertheless, holding effective meetings is an essential part of running any successful business; as the Icelandic volcanic cloud proved when it grounded all flights, companies can grind to a halt when these conferences become impossible.

Effective conferences and meetings are expensive, time consuming and damaging to the environment, yet they are essential for successful business and, in the greater scheme of things, the economy. As a new business with a relatively unstable or irregular turnover, finding the time and money to invest in these events is a challenge that is not easily overcome. Whether it’s the financial cost of finding travel, accommodation and food for employees sent to conferences, or the under-staffing caused by having people away from the office for days on end, the overall impact of attending a conference can be devastating for a new company struggling to balance the books.

However, in the modern age of technology, this doesn’t have to be the case. When the volcanic cloud made gathering for conferences impossible, business across the UK dealt with the problem by turning to what should have been an obvious alternative from the beginning – video conferencing. While the ash cloud grounded all flights, one served office provider saw as much as a 230% increase in the number of companies using video conferencing technology to communicate with clients and colleges! A spokesperson for the company said of the incident that it had been “a wakeup call for businesses on their dependence on air travel, which let us not forget is costly on both tight budgets and effective working time as well as damaging to the environment.”

What is perplexing is why it took a volcanic eruption to prompt companies to take up video conferencing as an alternative to physical meetings. Eliminating the costs of travel and accommodation, as well as the need to spend time away from work, video conferencing has already been used by savvy businesses for years. For the price of a webcam and a decent internet connection, both new and established companies can hold daily conferences with clients and customers all across the world, without having to stretch their budget to pay for air fares and hotels. Where establishing a client basis used to be a long and arduous process that consumed the majority of the first few years of income, it can now be as simple as a series of emails and a brief video call from the office.

In these days of economic recession and budget cuts, every company should be making efforts to reduce their overheads as much as possible. With travel costs being a large part of many companies’ outgoings, replacing physical meetings with video conferences is as obvious and effective a means of saving money as a company could hope to find. Moreover, new companies starting out in these tough times need to ensure they keep start-up costs to an absolute minimum, to reduce the amount of money they need to persuade the banks to lend them. By slashing the funds required to establish and maintain client relations, new companies will now only save money when they get started, they will also guarantee their business proposal is more likely to be accepted in the first place!

The volcanic cloud helped business in the UK discover the benefits of video conferencing. Hopefully now they will keep at it, to improve their chances of weathering the economic storm that lies ahead.

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