Factors to Consider When Choosing a Business Name to Register

Australia is recognised as one of the largest countries around the globe. It’s the only country in the entire world that encompasses a whole continent. Even though Australia has a lot of fertile land and natural resources, more than one-third of its land area is covered by desert. According to experts’ analysis, Australia is the home to some of the fastest-growing industries by revenue growth in 2021.

If you want to register a business in Australia and want it to be successful in the future, choosing a great business name that can differentiate you from your competitors is important. Remember that a business cannot sustain itself without a good business name, as clients link a business name with the value that it can offer them. For that reason, it’s essential to get this first step right. Here are the following factors that you need to consider to select a good company name.

  1. Legal Considerations

Before you begin your quest to obtain an ideal company name for you, you need to get a clear idea about what business structure you’ll be establishing. Finding it out is important as the rules about name registration might differ based on your business structure.

Also, you need to check whether the name that you’re interested in is already in use or not. Strictly speaking, a business name in Australia can be utilised by multiple entities unless registered as a trademark. But considering the brand value that your company name conveys, it should be easily distinguishable from others and unique.

  1. Check for Business Name Availability

You may visit the ASIC website to check for the availability of various business names. Subsequent renewal and registration only take $34 annually. With this, you can transfer or update your company name for free. If you plan to register a business in Australia as a trademark, you may also check IP Australia and know what trademarks are already registered.

Tips to Select a Basic Business Name

  • Be Descriptive and Not Too Vague or General

Never opt for a company name that’s either too meaningful or too vague. Generic names don’t usually stand out from other companies. You should refrain from using boring names and come up with something catchy that prospective clients will easily remember.

  • Make It Simple

Make sure not to select a name that’s too complicated or long. Keep in mind that your business name should appeal to your clients. Additionally, it should sound familiar, pleasant, and elicit positive emotions. It should be simple to pronounce and not something that is easy to forget.

  • Never Copy Your Competitions

As much as possible, refrain from selecting a brand name that’s too similar to other companies within your industry because being perceived as lacking in originality can be detrimental to your brand’s image. Moreover, it could mean that prospective clients will confuse your brand with your competitors, making it even harder.

  • Choose a Scalable Name

Choose a name that can scale up your business even more. If you’re only selling books at the moment, you might think about selling stationery accessories or products as well in the future. Also, when the services you offer are based on a particular area, you might consider extending to other cities as well. That’s why it’s important to choose a broad name that can incorporate your growth in the future.