If you’re planning to become an entrepreneur, one of the key steps you’ll need to take is to register a business name. In other words, you need to be mindful of a few things before you register your business. The guidelines below should make the bits and bobs of business registration easier.
Business Structure
The business structure that will ideally suit your business must be identified. This can be determined by the nature of your business or by your operational plan. If your business is less chancy and will not attract any legal claim, then you can register it as a sole proprietorship. If you are planning to engage in a partnership, then you can register it as a partnership firm. The cost to register your business would be minimal, and taxes you pay would be subjected to your personal tax.
Business name
The name you choose for your business should be unique and relevant according to the nature of your business. Aspiring entrepreneurs should opt for a name which is not objectionable or irrelevant. Another thing to avoid is copying another company’s business name because it could land you in legal trouble.
Below are a few additional best practices to consider when choosing a business name:
- Keep your name as short and unique as possible.
People don’t have the desire or willingness to remember long names. You need to make it simple and memorable. Unique names are easily memorable and can help your brand make its identity.
- Don’t forget to keep it relevant
Does your business name give people an idea of what are you selling or what you offer? If it doesn’t, you’re unlikely to find success. Hence, it’s important to ensure the name reflects the nature of your company.
- Aim for simplicity
If your business name is difficult to spell or pronounce, then you are creating barriers for your customers. Keeping it simple is essential as your business name will be on everything, including your business cards, billboards, official documents, etc.
Generating Business Name
When it comes to creating a business name from scratch, allow yourself to think out of the box On first reading, if the business name is not attracting you, or sounds right to you, the chances are that it won’t attract or sound right to your potential customers. Get a few opinions on whatever names you come up with, then narrow down your choices based on what people like or dislike from the list.
Alternatively, you can use a business name generator like the one offered by Oberlo to get the job done. With this tool, you’ll just need to enter the relevant keywords in the search field. If you’re going to sell women’s clothing, for example, you can enter “women’s clothing” and the business generator will present you with a list of relevant names.
Registration of Business name
Essentially, business names are associated with a quick registration process. However, if yours include some restrictive words or copyright of a law firm, media personality, or bank, then the state agency will review it, and registration approval may take a few days. To avoid any delay, the owner should check whether the name is available for their company or not.
If you’re registering a brand name for your organization, you will need to register this with your local state. This needs to be done if you want to keep your business name protected. Registering it as a trademark will forbid other companies from using it in any of their marketing materials.
Business registration could be easily done by visiting one of your state’s local offices. You’ll need to submit all of your official documents including your NTN number, registration form, bank account number, copies of NIC, etc. You can apply there for your sales tax number. To safeguard the Labor standard of the workers, every establishment other than a sole proprietorship is required to be registered with the District Chief Inspector of the Labor Department in each district. For registration, an employer must submit the application form A accompanied with Bank challan.
Protection of Business name in foreign country
Now that you have gone through all the trouble of getting your business name registered, make sure to protect it on all fronts. This requires you to register your trademark internationally. In the majority of foreign countries, your trademark rights start as soon as you file an application, so the sooner you apply, the earlier you’ll be able to achieve a safety net.
Registered Address for Business
If you want to run a business from the premises of your home, you’ll need to obtain permission under HOS (Home Office Scheme). If you’re living in a Housing Development Board (HBD) flat, you’ll need approval from the relevant authority. Each of these governing bodies may charge you a small fee before they grant you permission to work legally.
Conclusion
There are loads of businesses within every single industry. What makes people choose one business over another? Aside from all the marketing and branding, it’s the business name that delights and entices an audience. Simply put, your business name deserves attention and time, and when created properly, it’ll help take your business to new heights.