SELECTING A NAME FOR YOUR BUSINESS (REGIONAL VS. INTERNATIONAL)
Naming your business can be a stressful process. Choosing a name is one of the most exciting and creative parts of
starting a new business. Be sure to choose a name that reflects your businesses desired image and long-term goals.
You want to choose a name that will last and, if possible, will embody both your values and your company's
distinguishing characteristics.
Business refers to the exchange of goods and services for money which can be undertaken locally or globally. The term international business refers to all those business activities which involve cross-border transactions of goods, services, resources between two or more nations. On the other hand the business takes place within the geographical boundaries is called regional business. Following points should be kept in mind while naming your business whether it is regional or international.
BUSINESS LOCATION:-
Avoid picking names that don't allow your business to move around or add to its product line. This means avoiding geographic locations or product categories to your international business name. Many businesses choose to use their city, state or region as part of their company name. While this may actually help in the regional business or if you don't want to expand your business, with these specifics, customers will be confused if you expand your business to different locations or add on to your product line. It often becomes a hindrance as a company grows.Many other companies have struggled with the same issue. For example Minnesota Manufacturing and Mining was growing beyond their industry and their state. To avoid limiting their growth, they became 3M, a company now known for innovation. Kentucky Fried Chicken is now KFC, de-emphasizing the regional nature of the original name. Both of these companies made strategic moves to avoid stifling their growth. Learn from them, and you can avoid this potential bottleneck from the beginning.
AUDIENCE:-
Resist the urge to name your company after the mythical Greek god of fast service or the Latin phrase for "We're number one!" If a name has a natural, intuitive sound and a special meaning, it can work. If it's too complex and puzzling, it will remain mystery to your customers. This is especially true if you're reaching out to a mass audience, but for the global audience it can't work. So decide - your target audience.LEGAL GUIDELINE:-
If you plan to form a business entity such as a corporation or Limited Liability Company, your regions laws will restrict you from using a name that another business entity in your region is already using. In some regions you also can't use a name that is deceptively similar to another business entitys name. If you do set up a corporation or LLC, you may be required to place a business name identifier such as corp., inc. or LLC. after your name. Your region may also have a list of names that you're not allowed to use. For example, you're not ordinarily allowed to use the word bank unless you're a financial institution. If you're not ready to form your entity yet, nearly all regions allow you to reserve a name, or you may be able to register your business name as a trade name, or DBA. Same as international business has its own legal rules. So you have to find out naming guidelines according to your business; it is limited to a region or universal.TRADENAME AND TRADEMARK:-
Trade names registered with your local government afford a limited amount of protection. Basically, no one in your state can use it if you've already claimed it. However, a trade name doesn't provide any protection outside your states jurisdiction. To ensure your name can't be claimed nationwide (and add to an additional layer of protection) you should trademark it. For this you have two options state trademarks or federal trademarks.
State trademarks are quicker or cheaper to obtain than a federal trademark. They're particularly useful if your state doesn't require you to register a trade name. However state trademarks are only protected within the border of the state they are registered in. If you are launching a national business or operating in several states, then you will want to register your business name with the USPTO
Although there is no universal trademark protection mechanism, if you have U.S. trademark or are pending one, you can seek registration in any of the 96 countries that have joined Madrid Protocol. This involves a single international application with the INTERNATIONAL BUREAU OF WORLD PROPERTY INTELLECTUAL ORGANIZATION (WIPO).
Online databases are available with names of companies that have already been taken. Avoid business names that could cause confusion between your business and another similar type of business in your geographical area. Check with your state's Secretary of State or the Department of Finance and Taxation.
The U.S. Patent and Trademark Office offer a free online Trademark Electronic Search System database. You can enter the registration name of any trademark you find into the Trademark Applications and Retrieval Database to find out if the trademark is currently registered or has lapsed. Consult the Thomas Register. This directory lists business names and registered trademarks. It's available online or your local library will have a printed copy.
BRAND STRATEGY:-
Portfolio strategies of international brand vary depending on the companies: some choose a single-brand strategy to sign their products, other multi-brand strategy to cover their different markets. Companies with a multi-brand strategy have to manage different kinds of brands internationally: local, regional, international and global brands. There is, however, no agreement on what these terms encompassed, both on the academic level and on the enterprise level. A search on the brands websites shows that designations differ depending on the company. A regional brand is a brand marketed and managed on a delimited geographical zone. Aninternational brand is a brand normally present and managed at the international level, but with possible adaptations relating to its name and its marketing strategy.These definitions consider two criterions: the degree of geographical coverage and the degree of standardization regarding to the management of the brand. The brands qualified as global in the media are those that have the same name, as well as a visual expression and identity as similar as possible across the world (the following brands are good examples: Coca-Cola, Dior, Samsung , Apple, Twix, Loreal, McDonalds). However, the strategy of total globalization of the international brand is not a one to be followed by every business model, and globalization may be selective to better serve consumers.
GET HELP FROM BUSINESS ATTORNEY:-
If you're starting your own business, you undoubtedly will encounter legal issues that require the expertise of a legal professional. And if not, you may be overlooking something. Business attorneys can help you navigate the legal registration process when deciding on a company name, among other things, and generally give your business the best chance to succeed. Contact a business attorney who can handle the issues (depends on issue regional or international).LANGUAGE:-
In naming, roll of the tongue is very important, it's relatively quick to grasp, and it has truly relevant meaning: Do consider the meaning of your chosen name in other languages if there is a possibility you could expand into foreign markets. For Examples include Acer, a PC vendor, the name means 'acute' or 'sharp' Latin; Mahalo, a Q&A platform whose name means thank you in Hawaiian; and Ubuntu an operating system that takes its name from an African philosophy of interpersonal allegiances and relations. When Chevrolet introduced its Nova car in Mexico, for instance, it discovered that in Spanish "nova" means "no go." A word may have a negative meaning in another language or culture. And enthusiastic business owners can be blind to awkward puns and double entendres. The best way to avoid creating an embarrassing or damaging brand situation is to test your name on your target audiences; they may see something you missed.COLORS:-
Think about colors when you're choosing a business name. Colors will be an important component of your business name and other business promotion materials and your business web site, and colors have strong emotional associations, too. Red, for instance, is an aggressive color; its fiery elements are associated with speed, excitement and passion while green is a calming color associated with growth, renewal and nature. So choose the color for your business name which is relevant and catchy for mass audience or global audience.Yellow (happy feelings) McDonalds wants every meal to be a "happy meal." By adding some fiery red, they have created a sign that functions as an appetite stimulant. Blue (business confidence)- IBM wants everyone to trust their products.
Green (health)- Starbucks has a healthier, "greener" product. Purple (royal, mystery, wisdom)- Hallmark has the perfectly worded card for every occasion. Orange (joy, optimism)- "The world runs on Dunkin." Pink (femininity, love) Victoria's Secret is all about romantic, sexy women's fashions.
REGISTRATION:-
Once you have chosen a business name, you will need to register it with the right regulatory bodies and protect it against trademark infringement. If you are operating your business under a trade name you are required by law to register that name with your local government and obtain a Doing Business As (or DBA) permit from your local government. Until then, the legal name of your business essentially defaults to your given name.If you only do business in one state you can register for a trademark at the state level; if you operate in more than one country you can register for a federal trademark via the U.S. Patent and Trademark Office.