Many Canadians dream of starting their own business, and naming your business is an essential aspect of that process. So, business owners often struggle to develop the perfect name for their company. After all, the stakes are high. You will be remembered if you choose the correct word. Conversely, you're haunted to disappointment if you choose the wrong name. But don't freak out; you can seek help from Yogi & Associates to our branch in Mississauga to make this whole process less difficult for you. When you're beginning a business, it's necessary to pay attention to how to choose a business name because it's not only an essential aspect of your marketing strategy, but it also has to commit to specific legal requirements. For that, our professionals are here to assist you in choosing your business name wisely.
“Success usually comes to those who are too busy to be looking for it.” – Henry David Thoreau
Five Things You Need To Name A Business:
- First, make an effort to reach out to your target market.
- Adapt to your specific business and industry (i.e., no dainty names for meat stores)
- Work nicely with the marketing tactics you've chosen (i.e., appropriate signage, be tied to a logo, suit the image of your business, etc.)
- Make yourself stand out from the crowd (being memorable help)
- Be suitable for the type of business you've chosen.
If you want to read about how can you get your business started, you can look into the article we posted on our website by clicking How to Start Your Business in Canada
Five Tips to Choose a Business Name:
1. Business Name:
Your business name should be distinctive and descriptive to avoid confusion if you choose a similar name to the other company.
For example, if you want to open a restaurant, you wouldn't name it just 'restaurant'; you would add 'Mike and John's Restaurant' instead, which will make it distinctive and descriptive.
- The restaurant is the descriptive element, as it describes the nature of your business.
- Mike and John are the distinctive elements that promote your business.
2. Check your Business Name:
Make sure that another company has not already registered your name. You can use the following tools to choose an appropriate business name that is unique and hasn't been used already:
3. Think your Name for Long-Term:
Consider the long term. Don't be too precise with your name, and limit yourself to just one product or service. You may extend your product line or services in five years and find the term too restrictive.
4. Don't be Over-Smart:
Unless it's an essential component of your business identification, avoid using unusual spellings. It will be difficult for clients to locate you online or in phone directories.
5. Keep it Brief:
Shorter business names aren't always more effective, although they may be easier to remember.
“Always deliver more than expected.” — Larry Page, co-founder of Google
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Five Steps to Register Your Business:
1. Select a Business Name:
Take time to choose your business name, as your company's impression depends on the name you choose.
2. Get a Business Name Report:
If you want to name your company, you must first obtain a business report by buying a Nuans report through the Canadian Government web portal. Authorized NUANS members provide the information. After you've decided on 2-3 names for your company, your Nuans report will show you a list of other companies with characters that seem similar to the one you're forming. You may ensure that your company's name is distinct from that of other organizations using Nuans report.
3. Submit a Name Request:
Once you've finished your name search, please submit it to your province or territory government for approval. Following approval, your province or territory government will assign you a number to your name.
4. Filling out an Application:
You can fill out an application for registering a business name online or in person at a service provider near you.
5. Pay the Registration Fee:
To register a business name in Canada, you must pay a registration charge. The price varies according to the province and territory; however, it usually is approximately $100.
“There are no secrets to success. It is the result of preparation, hard work and learning from failure.” – Colin Powell
One of the most crucial but challenging aspects of starting a business is deciding on a unique name. It would help if you considered legal, technical, and advertising concerns, aesthetics, and even your style while naming your company. We know it takes a lot of effort to select a wise name for your business on your own. So it would be helpful to you if you contact Yogi & Associates. Our team will help you generate your enthusiasm for picking the name of your business. So feel free to contact Yogi & Associates as our priority will be to select your company name as it is the first step toward creating a solid brand identity that will last for as long as you are in business.