The early stages of establishing your own business require a lot of time and energy, not to mention courage.
You have to ready your requirements and register to different government agencies for your business to operate legally. If you are like the Untrapreneur, the process of actually deciding to risk your career in order to put up your company might be very draining, also.
Fret not! The good news is, you can make it through this phase one baby step at a time!
As for the Untrapreneur, her first small step was coming up with a business name. Here’s the brainstorming process she did, which was inspired – not from a business course – but through her elective in college, Copywriting 101.
1. BIG IDEA
Basically, your big idea is what your company will be – the product or service you want to sell. This answers the question, “What can your company offer that customers will want to transact with you?”
E.g.: A modern printing company that will continue the legacy of a two-generation-old printing press, which took pride in maintaining long-term relationships with rest assured clients that their welfare and image are cared for; thus, materials free of wrong grammar, low resolution pictures, and any error, in general; a printing press that will continue to impress existing clients and give prospective customers the experience of having their printing needs conveniently met ~with a heart~
Jot down whatever words you think can be related to your big idea. You can try to look for terms in the dictionary; check foreign words; get inspirations from mythology, books, films, etc.
Nothing is considered cheating in this step. In fact, you can even ask a family or friend of words that come to mind upon hearing a gist of your big idea.
E.g.: Distor (surname), printing, press, legacy, third generation, ikatlo, tertium, III, trail, impressive, re-order, grammar, proofread, etc.
3. COIN A WORD/PHRASE
Mash-up, mix and match, abbreviate, play with the words you’ve jotted down. Your keywords will definitely help you come up with a name that will best represent your company; perhaps something to remind you in the future why you do what you do.
E.g.: Distor Trail Printing Services, ThirDi Press, ‘Im-Press Enterprises
Some notes to consider:
Unfortunately, your creativity is bounded by some rules if you want to officially register your business name – which by the way is important if you consider broadening your business scope to the municipal level, regional level, national level, or maybe internationally.
According to the Department of Trade and Industry (DTI), your business name must:
- be able to describe the nature of your business;
- be comprised only of “letters, numerals, and punctuation marks that are part of the English and Filipino language”;
- not be purely composed of generic words (e.g., The Printing Press);
- not be descriptive of quality (e.g. Top Printing Press, Best Printing Press); and
- not contain names or abbreviations of any nation, inter-governmental, or international organization unless authorized (e.g. Printing Press PH).
These and the fact that the Bureau of Trade Regulation and Consumer Protection director has the final say whether your business name is compliant with their rules and regulations.
In case the director rejects your first choice of company name, it’s best to prepare at least two other business names as back-ups.
BONUS: UNIQUENESS CHECK
Click here for the online facility where you can check other registered trade names in the Philippines. See if the business name/s you came up with is/are original or resembling with other businesses already existing.
If ever you’re ready to register that creative business name of yours, remember to visit this site again! The Untrapreneur will guide you through it every step of the way.
Good luck! The Untrapreneur is pretty sure you’ll get the hang of it.