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What’s meaningful to you doesn’t always sell …
In their excitement to go-to-market, business owners frequently overlook the many complexities of their business name. In another post, I reviewed a story of a business owner who didn’t monitor and protect his business name to illustrate how expensive it is to ignore the legalities of your business name. This post illustrates the importance of taking care in selecting your business name.
A recent story highlights the importance of care in name selection. Not proceeding with caution at this step can also result in massive unnecessary business expense that is entirely avoidable. Ask Jaime Masters. She launched a skin-care product company in 2007. As with many business owners she selected a name that held personal meaning. The name she chose was Trinite Organiques—French for “trinity” and “organics”—representing three personal losses and, presumably, that the products were organic.
The products may have been over-the-moon delightful, but the public wasn’t buying it. (Yes. Pun intended.) The lackluster sales were attributed to the consuming public not being able to spell or pronounce the name that was also too long. What’s a brilliant and determined entrepreneur to do?
After working with a focus group, Jamie rebranded as 826 & Co. This name also had personal meaning because it was her daughter’s birthday, and this one seems to have taken off with the public. Most business owners would prefer to have avoided the expense of years without sales hitting their targets and the expense of rebranding … bye-bye old labels, branded media and any goodwill. But, the good news is that by all appearances this rebrand has been successful.
This business owner has also taken the step of registering her business trademark with the US Patent & Trademark Office, so if someone does use her business name, she has plenty of legal ground to stand on. That is, assuming she polices the use of her name and takes prompt action to curtail any improper use.
Here are a few take-aways:
✓ If you haven’t already, make sure your business name is thoroughly researched and on solid legal footing. No idea how to do that? Sign up for the Small Business Legal School “Business Name” lesson. It’s a $49 investment and can save you tens of thousands.
✓ Always have a relationship with a business-friendly attorney in your back pocket.
