Choosing the name for your business is very critical and yet simple to achieve.
It’s somewhat different from creating password and username for your social media accounts.While your social media can be hacked nobody will ‘hack’ your business name. Therefore,simplicity is the rule.
Most importantly,your business name should preferably be a name that can be easily memorized and would make marketing sense.
To assist you achieve this, please consider these following questions
1. What words are uniquely associated with that kind of business(for businesses that you can start,consult my book’1000+ Practical Business Ideas and Directory of Money Sources’).For example, adding words like ‘Safety’ and ‘Electrical’ will make more marketing sense than using your name only if you are into electrical services/manufacturing. While ‘pure’ and ‘thirsty’ will fly if you are going into production of bottled water.
2. Are these words unforgettable offline and online?Yes,just your choice of name can leave a permanent imprint on the minds of people and even throw-up your name and website on Google searches(talking about Search Engine Optimization).
3. Will your name have an unusual spellings?The rule,like I stated earlier,is simple. When creating a name, stay with words that are spelt as pronounced and can easily be spelt by prospective customers. Co-Ca-Co-la easily comes to mind. Such a name is easy to pronounce,spelt and remember.
4. Is the name available and does your preliminary sampling of opinion indicate acceptance?
This is the most important.If the name choices you submitted are not available,you keep trying other name options(I will be willing to assist you in this regard if you contact me) while successful availability of your chosen business name(it would be nice to confirm the level of acceptance of this name by doing a preliminary opinion sampling using your friends,relatives etc)means you now have the opportunity to incorporate that your business with that name and when successfully registered, your business is now an Enterprise, Venture or Limited. Although,you can only use one of enterprise,venture,company or limited at a time and different rates for registration may apply.
As a proof to authenticate that you have successfully registered your business,you will be issued a certificate of Incorporation with the official seal by the Corporate Affairs Commission (CAC).
This certificate is an important legal document that you will need throughout the existence of your business.It would be required by your bank for corporate account opening, processing your Tax Certificate( this is a very important document demanded by banks for every corporate account opening),qualifying for contract jobs from most public and private organizations,becoming members of professional/trade associations like Nigeria Association of Small scale and Medium Enterprises (NASME) etc.
If you are still wondering if it is truly simple, please watch the video below, titled “You can now register your company with just 30K in Nigeria – CAC“
Sunkanmi Vaughan is the author of the most comprehensive and authoritative business opportunity handbook’1000+ Practical Business Ideas and Directory of Money Sources’