When one thinks of “registering” the company’s name, what comes into mind is a lot of unnecessary paperwork, more investment and undesirable legal issues. Ironically, registering the name, in reality, saves you from all of these drills.
The world of business is all about reputation, making the name of your business a very valuable asset. It is through your name how your old customers remember you and find you again, and new customers locate you.
If your name is unregistered, other businesses can copy your name and misuse it. Imagine if someone else used your company’s name to sell a product or a service? It would not only affect your sales but also your reputation. It would cultivate confusion amongst your customers and make them question your reliability, in addition to allowing your competitor to enjoy the advantages of your hard-work.
Besides that, you need a registered business name for a variety of functions, especially when your business starts growing. Some of these include:
- To open a bank account for your business, the basic requirement is to have a registered business name.
- When applying for small business loans and grants, the first thing that lenders and investors look for, in your application, is business registration detail.
- The only way to avail supplier discounts and deals is to have a registered business. The unregistered businesses and individuals are not eligible to avail any such deals.
- To hire a full time employees and pay them according to the local laws, you must be a registered business.
Therefore, registering the business’s name should be your top priority. Granted that it requires a little money and effort, but the benefits it brings last longer and forever, i.e.:
- It gives your start-up originality.
- Prevents people from ripping off your company’s name.
- Even if someone happens to use your name, with a registered business name you are in position to take them to the court.
- It allows you to avail all the benefits from business circles.
Apart from the name, you should also trademark your business, just to be safe. There are many companies functioning to get your company’s name registered. They have packages with varying costs depending upon the services you require.
Once you have picked the company who is going to register your name, the further process is swift, easy and painless. Hence, the seemingly tedious task of registering your name is one of the most important steps in the journey of your start-up towards success.