Naming Your Business
How do I decide what to name my business?
Without using what's called, “fictitious name registration” you can simply use your own name as a business, and that's fine. Joe Cossman, the entrepreneur I mentioned elsewhere during the series, used his own name. You say, "You ought to have a name to represent your business." Yeah, maybe so, but Apple Computers did just fine. Apple Computers sounds like something to do with selling fruit. So, it's true that there's a lot in a name, and there are a different argument for what you want to call it. I wouldn't call it anything outlandish. I also wouldn't just pick a name randomly; say I picked a name called the Acme Associated Company because then I'm number one in the telephone book. To me, that's not a good reason; there are too many other ways of reaching that decision. So, pick a name that makes sense to you, that you are proud off, and that represents your business in the best way that you can.
What is a "trade name"?
When naming your business, a "trade name" is just a name that's used in trade, which may not be your legal name. For example, you may have it in your legal name and most of these are registered trademarks as well, therefore they're actually in the business doing that. For example, General Electric may be the corporation, or it may not. It may be another corporation name, but General Electric is a name that's a trademark which they'll use as a name in trade. These names are important because it helps with branding, which we'll talk about later, because it represents the kind of thing that they do.
What is a "fictitious business name"?
A fictitious business name doesn't mean you just dream something up. You can't use it for fraudulent purposes. For example, you can't call yourself a university if you're not a university. But it is a name other than your own name that you use. For example, the first fictitious name registration I ever got was called Global Associates, because I was dealing internationally for import/export and consulting, and Global Associates was my fictitious name. You can get registration. There are different rules in different states. You really have to check: sometimes it's local, sometimes it's a state license. In any case, they'll tell you how to do it when you go down for your business license.
Why would I need a fictitious business name?
You may not need a fictitious business name. In other words, you may just use your name and that may be fine. There's nothing wrong with using your own name. However, a fictitious business name may allow you to operate different businesses in specialized areas. It may give a little more credibility over your name. That name is a generic thing versus global associates and consultings, or global associates and publishers, which has a certain connotation to it.
