What are the best strategies for choosing a name for your business? Welcome to Leonard Innovation. My name is Justin Leonard. Thank you for tuning in. Today, I want to focus on three considerations that should be made when choosing a name for your business.

The first consideration that should be made is not to think local. Instead, think worldwide. What will happen is a new business owner is typically going to think in terms of doing something on a local or a small scale level, but what can happen, because of the way the internet and the way we're connected these days, that new business owner can quickly find themselves with an international presence.

So you have to think about naming your business accordingly. Number two: Sometimes circumstances or opportunity can take our business in a trajectory or path that was not originally intended. If that happens, don't panic... all you have to do is create a "doing business as" or fictitious business name.

This is also referred to as a trade name and all that means is the core business that you incorporated or registered stays intact but you don't actually have to change it.

And you can still use a different name to operate under that may be different than the original name.

So all that is, is just a doing business as or fictitious business name or a trade name.

The third tip is to check national databases such as the U.S. Patent and Trademark Office to ensure that the name you want to use is not already taken by another entity. This is worst case scenario. You don't want to be two years into your business, only to have a legal letter be sent in the mail telling you that the name is already a registered brand. That will ruin a lot of plans. So you want to actually double check that the name that you're wanting to use is not already taken.

To summarize, I went over three tips that should be considered when choosing a name for your business. The first is not to think local. The second is if circumstance takes you down a path that was not originally intended, it's okay to use a doing business as name or a fictitious business name. And the third is just to make sure we're checking those registered trademarks that are already on the books so that you don't start operating your business with a name that's already been taken. I'm Justin Leonard. Please visit leonardinnovation.com and sign up for the free mini course. Leonard Innovation is the business school for those who don't come from wealth. Thanks again for tuning in