If you’re starting a business and just found a great name for it, then congratulations! You’ve surpassed a critical step towards creating a new business. Now that you’ve got a name, it’s time for you to take the next step-registering.
If you would like to know why you need to get a business name registration, then continue reading.
1. Reserve Your Business Name
One of the great things about registering a business name is that you get to reserve it, which prevents anyone else from using it. Even if you don’t plan on trading in the near future, you are protecting both of them by registering the name and your company.
In addition, when you register a business name, it’s recorded and recognized by the government as yours alone. A business name can only be registered once, which means no two same names are allowed. Once you go through the process of business name registration in Ontario, you get to enjoy peace of mind knowing that your label is not going to be duplicated or used by other companies or businesses for their benefit.
2. Gives You Power
Business names are significant and influential. For instance, the business’s name is ‘Redskin.’ For some, it may sound good; but it can also be perceived otherwise. Hence, it would be best to be careful in choosing the business name to register. Remember that it may create either a positive or negative image for your business.
Moreover, registering your business name gives you the power to influence people. You can now use the name to create an impact by educating your audience, raising awareness, or advocating for what your company believes in.
3. Make It Easier For Customers To Find You
It can be challenging to compete with other businesses in today’s marketplace, especially if you’re just starting. As such, you need to distinguish yourself from your competitors. Hence, registering your business name provides an efficient way to grab your customers’ attention and interest and make your products and services stand out.
Customers usually use a business name to know who they are dealing with and their reputation. Thus, your business name is crucial in driving your customer’s purchasing decision.
4. Set Brand Recognition
Registering your business name also grants startups the security of their brand. By registering a business name, you can now set apart your products and services from your competitors and make them your intellectual property.
As a general rule, you need to register your business name so that you can have legal ownership of your brand. You can prevent your rivals from copying or stealing your brand from you by doing so.
5. Lead To Better Partnerships
Businesses look into partnerships for various reasons, such as accessing new audiences, filling competency gaps, and expanding the business. In some countries, particularly in Asian countries, if you want to partner with local businesses, you are required to have a registered business name.
Why? Because they don’t just invest money, but resources as well as their reputation in bringing your products or services to their countries, making it available to their clients and customers. Failure to have your business name registered also means they are vulnerable to rip-offs and local knock-offs because you haven’t protected your trademark.
Moreover, without a registered business name, you may not be able to build a strong connection with your local partners. In contrast, operating with a registered business name means you get to protect your local partner’s interests as well as yours, which results in better partnerships in the future.
6. Protect You Against Copycats & Counterfeiters
You can use your registered business name as a weapon against copycats, counterfeiters, and other competitors aiming to exploit your business.
Today’s marketplace is littered with unfair competition who are looking for unethical ways of using your business name for their own benefit. Business name registration is an effective deterrent against these kinds of people. A variety of solutions are available to the legal owner of a business name for any unauthorized use of their trademark.
7. It’s Considered As One Of Your Greatest Assets
A registered business name can also serve as a catalyst for enhancing the value of a startup as it continues to expand. As such, it’s critical that you use a registered trademark for developing marketing strategies that’ll enhance brand recognition and bring in more customers.
These are the seven reasons it’s necessary to get business name registration for your new business. If you don’t register your business name, then someone else will. Likewise, failure to do so can put your upcoming business at risk.
Therefore, you must secure a registered business name to protect your brand and give you the tools to prevent others from using the same name and exploiting your business.