As an entrepreneur, selecting a name for your business is an important task that should be one of your top priorities. However, it’s crucial to make sure that the name you choose is not already being used by another business to avoid running into potential issues in the future. If you plan on expanding your business or start selling online, it may be wise to consider trademarking your name.
The risk of not doing your research
Most entrepreneurs assume that picking a business name is the easiest part of building a business. But, often, that is not the case. If you do not give proper attention to your business name, you may face serious consequences as you start to build your business, such as:
Trademark infringement: If another business has already legally claimed the name you want to use, you may face legal action that may force you to change your business name. This may be pricey and time-consuming, especially if you have already invested resources into building your brand and creating assets.
Confusion among customers: If your business name is too similar to another name, you risk confusing your customers and harming your reputation. This may result in a loss of sales and damage to your brand.
Loss of potential customers: If your business name is not distinct enough from other businesses’, you may lose potential customers who cannot find or remember your business. This can affect your revenue and make it more challenging to grow your business.
Therefore, you must thoroughly search existing business names and trademarks before using a business name to avoid risking your business’s sales and brand.
Securing your business name
Before choosing a business name or trademarking, it’s essential to thoroughly search federal and state trademark websites such as the United States Patent and Trademark Office (USPTO). This will help you do your due diligence and ensure that no other business has legally claimed the name you want to use.
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