How To Start A New Business

How to Start a New Business

What’s In A Name? 

 

Finding a name for your business can be tricky. I didn’t want to use my last name, so I went searching for a viable name. While this might seem like a relatively simple step, there is more to it than most people imagine. Start by thinking about the type of firm you want and how you want it to be perceived. A last name might work, but it doesn’t really tell prospective client what you do for a living.  In commercial real estate, cold calling is a big part of what we do. I didn’t want to call and say, “Hi, this is Lynn Drake of Drake Commercial Services.” That sounds like a one-woman band. Additionally, part of my reason for starting the business was to be able to sell it when I retire; thus, I felt that I needed to find something other than my last name.   

 

I talked with friends and looked at the names of other businesses in my industry. My then-future husband had started his career in surveying, so we started playing with names and came up with Compass. Then, I was reading Oprah’s magazine and saw a page with the most beautiful compass I’ve ever seen. The next step was to see if there were any other Compass Real Estate companies out there.  There was one, but since they were on the other side of the US, I didn’t think it would be an issue. Next, I researched the name to see if anyone had it trademarked. I came up with about 10 possible names before tackling the challenging task of purchasing a domain. Finally, I found a .com domain, and off we went. 

 

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