How to choose a business name – From business idea to brand
What name would you choose for your business? How would it support your brand? In what ways do intellectual property rights relate to name selection?
Choosing a business name is a crucial process. A good business name encapsulates the business idea while capturing customer interest and trust. It helps a company stand out from competitors and is an essential part of a strong brand. These topics were explored in the InnoWebinar led by Jouni Hynynen, an IPR expert, author, and Team Finland’s growth and internationalization coordinator at the Central Finland ELY Center.
The first steps in building a brand
When considering a business name, it is never just about the name itself — you must take into account the entire brand and intellectual property rights. So, where should one start when making branding decisions?
Let’s start from the very beginning: behind every business there is a story and motivation. The key question is, what inspired you to become an entrepreneur? For some, the spark comes from a desire to work independently and on their own terms, for others, it arises from a new product or service idea, and for some, the goal is to establish their own factory, as Hynynen illustrated with a real-life example.
While it is essential to recognize your motivation, it is also worth considering how central that motivation should be when choosing a business name and building a brand. According to Hynynen, motivation can be a valuable part of branding, but it can also lead the process in the wrong direction. Entrepreneurs often focus too much on themselves, whereas a more effective approach would be to put themselves in the customers’ shoes. Customers are generally not interested in the entrepreneur but in the brand itself.
So, what exactly is a brand? Hynynen explains branding from five perspectives. First, a brand consists of associations — it has an identity that differentiates it from competitors. Second, a brand is built through communication — how it sounds, looks, and what it promises. Third, it is shaped by customer experiences and how well they align with the brand’s messaging. Fourth, the brand includes a visual identity, which should reinforce the overall brand message. Lastly, Hynynen highlights pricing — whether the brand positions itself as affordable, premium, or somewhere in between compared to competitors.
Even if a company currently operates only in the domestic market, branding should consider global aspects. Hynynen shared an example of a Finnish company that received an opportunity to supply products to a U.S. retailer. However, this promising opportunity fell through when it was discovered that a company with the same name already existed in the U.S. and could block the Finnish company from entering the market. In such cases, businesses may need to rebrand entirely, causing extra work and potential confusion among existing customers. Thus, when building a brand, it is essential to consider international markets from the start.
Brand-building requires significant effort, so it is best to begin before officially establishing a company. Crucial choices are made at the founding stage, and they can be difficult to change later. Thorough background research and planning help avoid unnecessary costs, intellectual property infringements, and setbacks like the one in our example.
Choosing the right business name
When selecting a business name, many questions arise. Should the name reflect the entrepreneur or the customer? Should it be based on technology or the product? Is the trade name the same as the business name? Should the name be descriptive or entirely invented? Is the focus on the company’s brand or individual product brands? According to Hynynen, a structured approach can help narrow down options. One method is to set clear criteria, create a list of potential names, select the ten best options, and check which ones are available for registration.
A business name is also linked to a company’s logo, trademark, and slogan — each of which plays a crucial role. These elements should complement each other. Take Finnair as an example: its logo is a visual representation of the Finnair name. Its trademark is a stylized “F” shaped like a wing, and its slogan is “Home for the Evening”.
How to protect a business name and brand
Once a business name and brand are carefully thought out, they must be protected. This means registering a trademark and securing relevant domain names and social media handles. Design rights can safeguard the aesthetic elements of the brand and products, such as icons and product designs. Additionally, new technical solutions should be patented before being publicly disclosed.
Trademark is a mark that connects goods or services to their producer or provider. A trademark can be:
A word (e.g., company or product name)
A design (e.g., company logo)
A slogan or
A combination of these
Design Right protects the appearance of a product. It can be applied for to protect, for example:
Fabric or wallpaper patterns
Icons
Logos
Product designs (e.g., a lampshade or car dashboard)
Buildings
How to know if you’ve chosen the right name?
A clear decision has been made on whether the trade name and the brand name are the same or separate.
The brand’s verbal and visual identity aligns with the business idea, and its availability has been verified.
The brand name is selected so that it can be legally protected through trademarks, business name registration, and securing domain names and social media handles — considering all potential export markets.
The brand name has been secured with key domain extensions such as .com, .fi, .eu, and .org.
Written agreements regarding copyright ownership have been established with relevant professionals, such as advertising agencies, designers, photographers, graphic artists, and musicians.
Would you like to learn more about intellectual property rights? Check out upcoming courses and training sessions at the Innovation Centre.
Also, explore the IPR training programs offered by the PATLIB network.