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How to Name a Company: Tips and Tricks

Starting a new business comes with countless tasks, and one of the most critical ones is choosing the right name. It’s not just about picking something catchy but finding a name that resonates with your target market and stands the test of time. Did you know that in Australia, over 375,000 new businesses are registered every year? With that level of competition, getting your name right is more important than ever.

Why Your Business Name Is Important

It’s Your Identity with Your Customers

Think about the brands you love. Often, it’s not just their products but the feeling and familiarity their name brings. Your business name becomes your identity, the first thing customers think about when they need your services.

It Tells The Story of Your Business

A great name can hint at your company’s backstory or vision. For example, Patagonia evokes rugged wilderness, perfectly aligning with their outdoor products. Your business name should offer a glimpse into what makes you unique.

It Sets Your Business Apart from Competitors

In a crowded market, differentiation is key. A well-chosen name can be your ticket to standing out and making a memorable impression.

 

Different Types of Business Names

Acronym Names

Think of giants like IBM or HP. Acronyms can make long, complicated names easier to remember, though they sometimes lack a personal touch.

Geographical Names

Using a location can add a strong sense of place, like California Pizza Kitchen. This can work well if your business is deeply tied to its region, though it might limit expansion plans.

Founder Names

Many successful businesses have been built on their founders’ names: The Walt Disney Company or Ford. It’s classic, but make sure your name has brand appeal.

Product Names

Naming your business directly after what you sell, like Pizza Hut or Dunkin’ Donuts, makes things crystal clear. Customers immediately know what to expect.

Wordplay or Compound Names

Modern businesses often use clever wordplay: Taxopia (a popular Australian accounting firm), Facebook, or YouTube. These names can be memorable but also risky if they’re hard to spell or pronounce.

 

10+ Tips on How to Name Your Business

  1. Easy to Spell and Pronounce

Avoid names that require constant clarification. If people can’t say or spell your name, they’re less likely to remember or search for it.

  1. Keep it Short

Names like Nike or Uber are powerful because they’re succinct. Long names can be a mouthful and challenging to brand effectively.

  1. It Should Relate to Your Product/Service

A relevant name gives customers an immediate idea of what you do. LinkedIn makes perfect sense for a professional networking site.

  1. Be Careful with Acronyms

While acronyms can simplify a name, they’re often forgettable. Consider whether the acronym itself is memorable before committing.

  1. Tell a Story

Engage your audience by weaving a story into your name. Take Nike, named after the Greek goddess of victory, symbolizing triumph.

  1. Use a Business Name Generator

Stuck in a rut? Tools like Business Name Generators can spark inspiration, providing you with creative options you might not have thought of.

  1. Brainstorm with Your Team

Sometimes, a collaborative session is all you need to uncover a winning name. Different perspectives can lead to fresh, innovative ideas.

  1. Use Geography If Appropriate

For a locally-focused business, adding your region or city can foster a sense of community. However, consider future growth plans.

  1. Make It Scalable

Think big! Even if you’re starting small, pick a name that won’t restrict you if you expand to new products or markets.

  1. Prototype with a Logo

Once you have a shortlist, try pairing your name with a logo design. This can help you see which name looks the most professional and visually appealing.

  1. Check if It Translates Well with Other Languages

If you plan to go global, ensure your name doesn’t mean something unintended in other languages.

 

What To Do After Naming Your Company

Check Availability (Registry)

First, search the Australian Business Register to ensure your desired name isn’t already taken. Availability on platforms like ASIC (Australian Securities and Investments Commission) is crucial.

Register

Register your business name with ASIC and consider trademarking it to protect your brand.

File for Tax Returns

Setting up a business name is step one, but don’t forget to file for tax purposes. Taxopia can help streamline this process.

Set Up a Website (Optional)

Securing your domain name early is wise, even if you don’t plan to launch a site right away. In today’s digital age, online presence matters.

Need advice on a trust or help with tax planning?

Reach out to Taxopia today for affordable and reliable business solutions. We understand the unique challenges small businesses face and are here to guide you through every step.

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LIMITED-TIME OFFER – GET $100 OFF ON BASIC PACKAGE TODAY!*

You’ve chosen TAXOPIA LITE, a self-lodgment service. Please be aware that tax offices are starting to phase-out DIY paper lodgments and are encouraging the transition to digital.

Don’t be the last one to enjoy hassle-free digital lodgments. Upgrade to TAXOPIA BASIC PACKAGE today with a special limited-time $100 discount* and enjoy the benefits of having our accountants lodge for you.

As a bonus benefit for working with us, you get a lodgment deadline extension period to avoid penalties.

*The discount only applies to lodgments for one financial year. For clients requiring lodgment for multiple financial years, the discount applies only on the first year. all succeeding tax returns after that will be at regular price.

For the LITE Package: Please note that is a self lodgment service and does not include electronic lodgment by Taxopia. One of our qualified accountants will prepare your tax return, but it is your responsibility to print, sign & post to ATO to lodge.

GET $100 OFF ON BASIC PACKAGE

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TAXOPIA LITE is a self-lodgement service. Please be aware that for majority of tax payers, the due date for self-lodged returns is 31st of October.

If you’re self-lodging overdue tax returns, it may put you at risk of incurring penalties from the ATO. We recommend you upgrade to TAXOPIA BASIC PACKAGE and enjoy the benefits of having our accountants lodge for you and get a lodgement deadline extension period to avoid penalties.

For the LITE Package: Please note that is a self lodgement service and does not include electronic lodgement by Taxopia. One of our qualified accountants will prepare your tax return, but it is your responsibility to print, sign & post to ATO to lodge.

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Need a fast turnaround?*

Taxopia’s standard turnaround for this Lite package is three business days. If you require your taxes to be completed faster, we have a premium Fast Lane option available. With this option, pay $220+ GST to get your taxes done within one business day!

*Excludes public holidays, weekends and office closure dates.

A friendly reminder…

Please note that is a self lodgement service and does not include electronic lodgement by Taxopia. One of our qualified accountants will prepare your tax return, but it is your responsibility to print, sign & post to ATO to lodge.

If this option suits your needs, please click below to get started.

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You’ve chosen the Taxopia Lite Package…

Please note that is a self lodgement service and does not include electronic lodgement by Taxopia. One of our qualified accountants will prepare your tax return, but it is your responsibility to print, sign & post to ATO to lodge.

If this option suits your needs, please click below to get started.

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* Sole Trader Package pricing conditions, please take note the pricing excludes the following items; however, these services can be provided for an additional cost.

If any of these exclusions apply to your businesses, please contact us, and we would be happy to provide you with a customised quote.

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* Premium Package pricing conditions ($1300+ GST):

Please note that ALL our plans exclude the following:

If any of these exclusions apply to your businesses, please contact us, and we would be happy to provide you with a customised quote for any additional work.

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* Standard Package pricing conditions ($850+ GST):

Please note that ALL our plans exclude the following:

If any of these exclusions apply to your businesses, please contact us, and we would be happy to provide you with a customised quote for any additional work.

Get started now!

* Basic Package pricing conditions: ($425+ GST):

If you do not qualify for this option, you will need to consider our Standard Package ($850+ GST).

Please note that ALL our plans exclude the following:

Please contact us for a customised quote if you require help on any of the excluded items.

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Company or Trust Tax Return for Accountants & Bookkeepers

* BASIC PLAN ($425+ GST) CONDITIONS:

* STANDARD PLAN ($850+ GST) CONDITIONS:

Please note that ALL our plans exclude the following:

If any of these exclusions apply to your businesses, please contact us, and we would be happy to provide you with a customised quote for any additional work.

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* Premium Package pricing conditions ($1300+ GST):

Please note that ALL our plans exclude the following:

If any of these exclusions apply to your businesses, please contact us, and we would be happy to provide you with a customised quote for any additional work.

Get started now!

* Standard Package pricing conditions ($850+ GST):

Please note that ALL our plans exclude the following:

If any of these exclusions apply to your businesses, please contact us, and we would be happy to provide you with a customised quote for any additional work.

Get started now!

* Basic Package pricing conditions: ($425+ GST):

If you do not qualify for this option, you will need to consider our Standard Package ($850+ GST).

Please note that ALL our plans exclude the following:

Please contact us for a customised quote if you require help on any of the excluded items.

Get started now!

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