5 key factors to consider when choosing a name for your business

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The video is all about main factors to consider when choosing a Name for your business

Welcome you all to the Business Advisor You tube channel.

Today we are going to discuss about how to select a name for your business and what are the key points that you should consider in selecting a name.
In modern technology world we have to look at many aspects in selecting a business name.
1.Select the Domain first
As the first point you need to look at whether the domain of your proposed business name is available since your need to create a website for your business in future .This will be really helpful you since your presence in internet is vital.
In Sri Lanka, domains such as ending up with .lk can be checked from LK domain registry and other domains can be checked from www.godaddy com and many more sites available to check the availability of your domains.
Accordingly as the first point you need to look at the availability of domain name.
I have already given two links below to check the availability of your domain under comments section.

2. Availability of proposed name
As the second point you need to look at whether somebody has already registered your proposed name. The reason is you will be facing difficulties in registering trade mark and trade name since it's become an intellectual property of him

3.Uniqueness of your business name
As the third point your name should be unique to the business and make sure not to use the existing name as I highlighted in second point since it is disadvantage for you. Further remember to use the words relating to your industry. As an example if you are doing business relating to computers, you can use word like technology ,if you are doing vehicle painting or a garage you can use words such as “auto “ etc. Another example if you are doing consultancy services can be used such as “consultants” or words like “advisor” .Therefore it is better of you could use the words which are related to your business directly which everybody knows.

4. Name known to everyone
As the fourth point I would like to tell you about a point where you have never thought. As an example if I explain about alibababa ,Jack Ma has used the word of “Alibaba” from the story of “Alibaba and forty thieves “which is known by everyone. The reason is, this was so easy to promote since everyone aware about the “Alibaba”. Another example is “Steve Jobs” use the word of “Apple” when he is making Phones which is known by everyone .Another example is “Singer “which is known by everyone
If I take Sri Lankan examples like “Laugh” the word is known by everyone and very it was very easy to promote the name. Further if you look at Sri Lankan Radio channels “Hiru Fm, Neth FM ,those words are so close to the people hence easy to promote the business. Therefore when you select a business name, try to find out a name which is known by everyone. We also used the “Business Advisor” word which is known to everyone.

5.Don't put a similar name of your competitors
As the last point I would like to tell you that lot of businessmen are trying to use a similar name to their competitors. This shouldn’t do since your customer might confuse from this. Therefore it is advice not to use the similar names of your competitors.
So I think if you could consider above 5 key points in selecting a business name, your business will be more successful and remember the name of the business is very important for it’s success.

So I think you were able to get good idea about how to select a name and what are the things to be considered in selecting a business name.
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So will meet up soon in another video relating to business.
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