Should I use my own name for my business?
What are the advantages and disadvantages of using my own name for my new business as a marketing consultant to small businesses? Is it better to create a new business name? What factors should I consider when naming my business?
OK. Here's my view of this. Do you want to maintain a one-person operation for the rest of your business life or do you intend to have employees or envision the company continuing long after you retire and die? If the former you can. If the latter, not the best idea.
I would highly recommend that you Google search the term "company naming." There are some excellent articles out there on how to formulate a company name.
If you are proud of your heritage, you can use that as well. Mountain Stream Group is German for Klingberg — berg = mountain, kling = stream. Another example is Konstanz Kommunikations. It's based on the region of Germany our family is from and then used the German spelling for communications.
So there are ways to create a company name around your family name.
Some companies have use part of the street address at which the started, particular term used in the industry they are entering or an element of architecture of the building — if unique and memorable — they started.
I would suggest you do some research then sit down and brainstorm using mind mapping. You'll be surprised what you come up with.
For example, my brother started a custom machinery design build company. His birthday is March 15, and 315 if a reference angle in geometry which is used in designing machinery. Putting all of the variables together the company name became 315 Machine Design.
If the stars align there can always be a part of you in your company name.
I never used my name. I have observed that others who started out with a name, eventually rebranded their business. I think the perception behind using your name is that you are a small business, which depending on your possible clients could have an effect on whether or not they'd do business with you.
I believe there are no advantages that outweigh the loss of "Goodwill" or "Brand Equity" that occurs when it comes time to sell the business. The exception is if your name generates business now and you never contemplate selling the business. Would you buy a business with someone else's personal name as the brand? I think not.
There are lots of guidelines to choosing a great name. I'll mention one. It helps if your company name and domain name on the Internet are the same. Few organizations have the marketing muscle to to promote two names.
-The Pragmatic Web Designer
Some thoughts : A consultant is often chosen as Intuitu Personae. So having your name to start with, if you have a good business network, this may help you awareness. And do not worry about the future, family names have become great brands: DELL, Mercedes-Benz, Renault, Peugeot, Honda...The main problem is that your name does not convey any message. So if you have a specific positioning, a specific offer...then you should try to have a brand that says it : Office Depot, ASICS Scottish Widows, United Parcel Service, Speedy, Carglass...So up to you.
But always remember that once your "brand" has gained some awareness, changing brands is the worst and most difficult thing to do.
I would recommend the name is distant from you as an individual. This helps create a larger and more professional business impression and you are best geared to be bigger and expand shall you see fit.
I learned at a very early age of my career to never "put your name on the door" because if anyone taints your company that can hurt you for life! Especially in the openness of social media today and the litigious society we live in. Good luck and be creative! My name came from my childrens names and grandfather.
It also depends on the culture you are in and the line of work. As a consultant you are usually a one man operation when you start your business. Consultants also try to hold a position of trust towards their clients. Where I live a lot of independent professionals actually prefer to use their own name because it shows clients that they stand behind their business instead of hiding behind a name. Personally I find it also a lot more personal if an independent professional operates under their own name.
When you grow into a team or co-operation you can always decide to re-name and as for the selling of the business...that doesn't really apply to an independent professional because he/she IS the business and therefore it would mean selling yourself.
When I stated out, I thought of a clever name for my company thinking it would be fun to design a logo for it and such, but as time went on, I realized i wanted the personal recognition for the work itself hence, Martha Lynn Laskie Graphic Design & Illustration. However - if you feel the name of your business has meaning or is of personal importance to you then by all means, name away. Just make sure it docent sound like some crooked holding company, or a generic name. Remember theres a lot of dishonest people in the world who are looking to make money just like you are who have names like that for their "Businesses" and you don't want to be lumped together with the like of them. But theres no rule about what/how to name your company and theres nothing wrong with using your name. Its always a good thing when your name becomes synonymous with the business your in - Ie Trump Real Estate, Max Brenner Chocolates, Goldman & Sacks, etc...Unless your worried about trademarking or something Id say go with your name, you can always change it later. If you need someone to work on your branding, et me know, Im taking orders for Q1 though March. 914 920 9828
Depend how you like to use the name.
If it is use for branding, than you may look at "meaningful", "easy to remember", "easy to pronounce", "can be accept by people" ...If is use for memorial or similar, than the using of name will be different
If you have product brand and decided to market your business using product brand, than the use of the company name will not so signification.
I normally don't say yes or no for this case. It is important what you want for the name first, than select the name that most suitable for the purpose. If your name turns out to be the best choice ...than use it!
Well, I would always say its always better to use your own name rather than using someone other because it will help you in building trust think it like this you work for a client using some other name and later on when the same clients ask you to work what they get was a new name, later on when your client ask for your old name then what you'll say ?? I would say its always better to use your name instead of ...As far as the things that you need to consider before naming is I would say there's nothing you can name you business anything you want just be sure that the name is short and simple and if possible try to relate it with the words that people frequently use !
In simple terms, selling a service business built on you and branded with your name, is regarded as high risk. Resale value will diminish heavily without your involvement.
I just finished branding a client richtempleassocs.com and he got around the single consultant vs multiple consultant issue by adding "& associates". There are some advantages to using your name. If you have a name already in the community then use it. Most consulting businesses are built on reputation, or on a personal relationship. The use of associates tells potential clients that those associated with you are trained, influenced, or hand picked by you. This allows you to grow your business. Also when working with small businesses unless you are delivering a product that is very well known like "Sandler Sales Training" it doesn't matter which way you go. What matters is your last job and great referrals and testimonials. Good luck with your new business!
I think if you plan on just being a one person business with no plans on selling the business than I would go with your own name. People do business with those they know, like and trust and using your own name starts you in this direction. If you plan on expanding your business than coming up with a company name may work better. For me on my social platforms I operate under my name. My domain name on the other hand is a business name and my main reason for doing this is because no one ever spells my name right and it didn't make sense having a domain that no one would ever look up because they can't spell it.
Great Question! One that many fail to ask, when starting their business. I did a workshop on "What's In A Business Name?", showing you how to come up with a compelling and creative business name. Plus, answer your question on why you should Not use your personal name..
Watch It Here: http://youtu.be/USVeysguIkM?list=PLZ7SFPXm2IyG9L2Uj4QXDrgvNxbzJHLTq
Hope this helps.
I would recommend that you do not use your name directly you may use your initials for example "LW Consulting" would be the closest of using your name that I would suggest if you wanted too. But I highly recommend using a business name that is not your name that will give room to grow and the will not give the wrong idea that your business could be small. With my experience I have a self owned business but I use a business name to represent my company and what the company does. Also, it allows me to be setup if I want to take on other employees down the road. Finally, the work I do is not about me it is about my clients so I do not need my name popular. People will know my work by what I do.
One more thing to ponder: what if your name changes (e.g. marriage, divorce, widowed & remarried)? There are lots of personal considerations here, & you may never expect to change your name...but sometimes plans change. I have a friend that didn't think she'd get married and change her name. She did. Now her business name is her maiden name & it's really quite confusing. If you've built a brand worth anything, re-branding is costly.
It worked for Duncan Banatine and all these http://en.wikipedia.org/wiki/List_of_companies_named_after_people
Name your company what you are comfortable with.
Brand awareness isn't created by the coolness of your name but with hard work, quality products and services, customer services, etc.
Hi. There is no one answer for this. Some of the considerations you need to ask yourself include what your individual goals are with the business, how you plan on setting your business up (sole trader or ltd), what sector you are in and competitors and if you will hire others to work for you and in what capacity (will they be freelance or employed).
Using your own name can add a personal touch and sense of trust as you are putting your reputation on your sleeve. You can also use a play on your personal name, incorporating it into the overall name itself. It's important to look at your competitors, your market and to find a name that will appeal to the market you want to approach.
For instance, not many solicitors use funny names with bright or outlandish logos. Their names fit their market. Marketing is a vast field - will you have a specialty sector you work within or what type of marketing will you offer?
Start by asking lots of questions of yourself, your company and your target market. Seek the help of a professional if you need it or there are lots of resources on line you can find as well that can help guide you if your budget is really tight.
Another hint: your font and your colour need to appeal to your market as well. It all needs to work together. Hope that helps some!
Despite all the "Personal Branding Experts", the question you have to ask yourself is simply this: "What Legacy do I want to leave?" If you put your name on your business, what's your exit strategy? Do you want to shut down your successful business at the ends of your run because it bears your name or do you want to be able to sell the value you created to the next business owner while preserving your legacy and your good name? My view is no one but me gets to impair my reputation.
I'm confident that you will be successful because Brilliant business women are never afraid to ask questions or to ask for help.
James J. Lenihan, MBA, CTM, CTP
"The Strategic Conversationalist"
CEO, TreasuryPros where "Education Is The Journey and A Magnificent Future Is The Destination"
You do not necessarily need to use personal name to register a business but I would rather suggest you think of a unique name that represent the concepts of the intended business.