When an entrepreneur comes up with an idea for a new company, the next step in business formation is coming up with a name for it. But Entrepreneur magazine reports that coming up with a solid name can be a complicated process.
While small business owners can turn to a naming agency to help create a name and set up trademarks, the magazine says their services are expensive – costing anywhere from a few thousand dollars to up to $35,000.
If a business owner wants to choose a name for themselves, the magazine suggests getting as many ideas as possible from friends and family before slowly narrowing them down. Once the list is down to a few, the small business owner should do a trademark search to see if any of them are already taken.
When considering names for his or her company, an entrepreneur should also keep their future potential website in mind, so that the business’ name is a good match with its new site. The U.S. Small Business Administration says there’s no government list of available website names, but most companies will allow people to search for available pages without making a purchase.