If choosing the right name for your real estate investment company feels like a big deal, don’t feel bad about that, it feels like a big deal because it is a big deal. We understand that committing to a company name can be difficult and there is no sense in rushing the process unduly. It is important to get it right as the following article will go on to show. This article will highlight three potential pitfalls to avoid so that you can make the right selection.
Pitfall #1 – Avoid a Name That ‘Over-Positions’ Your Company
You should avoid selecting a name that ‘over-positions’ what you do. A classic (unrelated to real estate) example is ‘Burlington Coat Factory’ who are now not just a coat company but a department store. No doubt they wish that they had thought more carefully about their name at the outset. If they had, they would not have put the word ‘coat’ in their company name. They have subsequently dropped that word from their company name.
The same reasoning can be used when it comes to putting the name of your location in your business name. At first, it may seem logical to use the name of your geographical area in your business name but what happens when you want to do deals in other towns, cities or states?
Lesson: Try to choose a name that works both for your short term and your long term goals.
Pitfall #2 – Avoid Using Your Personal Name
As convenient and logical as it may seem to simply name your business with your own name, here are a few thoughts to consider before you decide once and for all on that course of action.
It is inevitable that to some extent your business will become synonymous with you personally but when you decide to name your business after yourself you are making that, even more, the case. You may want to seriously consider if that is really the direction you want to go. Do you want to be tied to your business to that extent? If you name your real estate investment business after yourself you will create the expectation that every interaction that others have with your business should include you personally. If that does not happen then you run the risk of disappointing those who interact with your business. At first, you may be able to pull this off but as your business grows this will likely become neither sustainable nor desirable.
If you prefer to build a successful business that can ultimately operate without you it would be best to give your company its own distinct and original name.
Lesson: You can name your business using your personal name but be aware of the consequences.
Pitfall #3 – Avoid Choosing a Name That Is Already Being Used
Once you have a shortlist of potential business names that work, research online to check for any existing trademarks or copyrights.
Try typing the name into Google search. Look at possible domain names. What results come back? This process will give you an idea of the number of others with the same or similar name and this will help you to decide if you should go in a different direction and choose another name.
If there are too many other companies with the same name, even if they are not in the same industry, this will hinder your ability to rank well in Google search results.
It is very important that the name you choose for your business also has an available URL that matches that name. You should register your website under a domain name that corresponds to your real estate company name.
Lesson: Choose a company name that is unique enough to distinguish you from other companies out there and that has an available matching URL for your domain name.
If you are like most entrepreneurs, you will have your own thoughts on how much time and effort to put into the process of coming up with your ideal company name.
The key is to find a balance between just choosing the first decent idea that comes into your head or taking so long over it and doing so much research that it prevents your business from getting underway and gathering momentum.
We trust that these few tips will prevent you from making a hasty choice that you might later regret.
Once you do decide on a name that is right for your real estate investing business and you have chosen a domain name your thoughts should turn to an online presence.
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