A South Florida condominium development had to change its company name to avoid association with a terrorist group. “Isis Downtown” had developed a negative connotation because it had the same name as the Al-Qaida splinter group ISIS. (Source: Daily Mail)
When starting a business, it is very important to choose the company name wisely. It is one of the most important aspects to marketing and branding the business, which you will spend significant time and money on.
The name could have positive or negative connotations in different circumstances and cultures. This is why it is critical to thoroughly research the name you choose. Some entrepreneurs hire a professional business consultant, as well as asking friends and family.
- Do you want the name to be catchy? Do you want it to be descriptive of the services you offer?
- What is your target market? Try having a focus group with members of your target customer demographics. What do they think of the name?
After you have a few potential names, try translating them and see if their meaning changes.
Protect your intellectual property
In addition to researching name you want to use, it is usually a good idea to protect that name with a copyright or trademark. Although this will not protect you from sharing a name with extreme organizations, it can protect you from sharing one with a domestic business.