Anyone can decide to establish a business. All you need is a product or service that you provide for another person and you can start earning through your profits. Although a business can run fine without a registered name, doing so will be a smarter option.
Registering a business name entitles you to these benefits:
Avoid cases when you might lose the name you once intended for your business by someone who registers the same name while using the credibility of your product or service.
Enables you to open a bank account with your business name. Most users nowadays trust more in depositing or paying in corporate bank accounts rather than individual ones.
Costumers will trust your business more since you are registered.
Legality of your business as recognized by your country’s government through certificates.
- Establish the uniqueness of your business that might stand out among other related businesses.
- Enables you to have a loan and process it faster.
- Having a legal protection against others who might commit fraud against you.
With those benefits, it’s pretty much obvious that registering a business with the state or local government to complete business transactions is a smart choice especially for a new entrepreneur.
Now, creating a business name is not really as easy as naming a newborn child. Multiple factors come into play such as coming up with a name that can easily be recalled by consumers, the kind of product or services that you’re offering in your business, its features and usage, and other benefits that consumers can experience from using it. It sounds heavy but this is just one facet of what you need to consider when naming your product or brand.
The other end of this equation involves you to imagine yourself in the outlook of the consumers. Questions like “how is the product useful to me?” and “what benefits can I get from using it?” must be answered. Adding that to the list of other competing businesses that offer the same product as you do, it would really give you a headache. But the perks of returns when you got this so right are really worth it. These are all pointers that you need to look into if you want to get a share of the market and increase sales production.
To help you get started in registering your business name, here are a few steps:
First and for most, have your research such as where can you find the different directories in your pursuit of registering your business name. This is to avoid the hassle of walking around randomly and wasting reasonable amount of time.
Fill up all the required information stated in the form. These are usually your business details – business location, and TIN, owner’s detail – age, citizenship, birth details, valid IDs, and certificates to engage business if you’re a foreigner of that country.
Submit the form for checking to look for any existing businesses that has the same name as your business. If you’re lucky, then you can have the name. If not, try using your 2nd option or think for another. You can also check it online if the office allows it.
Pay all of the dues required. This might cover the dues for your clearances in your place, surcharges against you and other forms of payments present.
- Once completed, you will just have to wait for the approval of your business name.
With just following these easy steps, you will be able to have the name of the business that you want. Always remember that naming your business might not guarantee a boost for it but it sure entitles you to a legality that will benefit you far more important than the profit in the long run.
To know more information about registering a business name, try to visit the sites responsible for things like this according to your country. In Australia, you can visit the website of the Australian Securities and Investments Commission for further details. But if you have time for having a conversation with a costumer’s service representative, you can try calling the office or visiting them.