Choosing Your Limited Company Name
How to Choose Your Limited Company Name
There's a lot that goes into setting up a limited company for contractors, but one of the most important things you'll have to do is decide on a name. It might seem like a simple and straightforward task - after all, how hard can it be to name a company you know inside out? - but choosing the right limited company name is a key part of developing your business' identity, and it can have an impact on your future success.
At Go Limited, we know that a limited company name needs to be memorable, meaningful and reflective of the products or services your business offers. We also know how hard it can be to find the perfect fit. This is why we've stepped in to help.
Why Choosing the Right Name for Your Limited Company is So Important
There are a lot of businesses out there, but choosing the right name could be all it takes to ensure yours stands out. Your company name is likely to be the first thing people see or hear of you, and first impressions count in business. Your limited company name immediately gives potential customers an insight into your business, they instantly form an opinion. If chosen well, it can help you to stand out, make a statement and differentiate yourself from competitors.
A memorable and relevant name can build trust and credibility, but a poorly chosen name could leave people confused, increasing the chances of them taking their business elsewhere.
Choosing the right name is important when you're setting up your limited company, but that's not where the importance stops. Everything about your company, from your brand identity to your marketing strategy, will use the name. When you're designing a logo, you'll use your company name. When you're building a website, you'll use your company name. If you get it right from the very beginning, you can use it as your business' foundation, basing everything else on it.
Help Choosing Limited Company Names for Contractors
Before diving into naming your limited company, there are a few things to consider.
There Are Words and Phrases You Can't Use
There's a lot of freedom when it comes to naming a limited company, but there are a handful of words and phrases that you're not allowed to use. There's a chance that using them could mislead customers, which you don't want to do. For example, you can't use the words 'Royal' or 'Bank' unless you have permission to do so, and the same goes for 'University.' You also can't use words such as 'National' or 'British' unless you can prove that your business is what you're claiming it to be. If you do want to use words and phrases that aren't usually allowed, you need to get permission. If you don't, you're likely to find that your company name is rejected and you're back to square one.
It's also important to avoid terms that are deemed to be offensive or inappropriate, including offensive language and discriminatory words. The government has created a long list of words to avoid when you're naming a limited company, and it's worth checking it out before you finalise anything.
It Can't Be Too Similar to Existing Companies
With so many companies out there, there's a chance that another business already has a name that's very similar to yours. You need to choose a name that's not too similar to another business, as you run the risk of consuming customers otherwise. This means names that aren't too similar visually, but also phonetically. There's also the risk of running into legal disputes over branding and intellectual property, which can be costly.
When you set up a limited company, you'll need to register it with Companies House. If your chosen name is too similar to another registered company, you might be asked to choose another one. To help, Companies House has a limited company name checker for you to use.
It Needs to Be Reflective of What the Business Does
You should choose a name that's somewhat reflective of what your business does, or the industry that you work in. A good company name helps customers to understand who you are, what you do and what you have to offer. You need to find the balance between a name that's memorable and aligns with what you do, without being too long or generic.
It's also a good idea to think about marketing at this stage, especially if you're planning to use search engine optimisation (SEO) to engage with customers. Think about what people are likely to search for when they're looking for your products and services, and see if you can incorporate that into the name. For example, if you're a contractor who provides accountancy services, consider including words such as 'accounting', 'accountant' or 'accountancy' in the name. This tells people what you do, but it also includes commonly searched terms.
You Should Try to Get it Right First Time
You can change limited company name at a later date, but it's a lot of hassle, so focus on getting it right the first time. The name of your limited company is what you'll base everything on; digital marketing, brand awareness, business identity and word-of-mouth referrals. Changing the name means starting from scratch and then spreading the word to customers that you're going to be shaking things up.
A company name determines the perception of your brand, your values and your reputation. A name that resonates with your target audience can help to build trust and credibility, and a name that's disconnected could have the opposite effect. Plus, it's easier to create a strong marketing message when your company name aligns with your business' mission and goals.
Changing Your Company Name Later Can Be Stressful
While it's possible to change your company name at a later date, doing so can be a stressful and costly process, not to mention damaging to your reputation. If you've built up a loyal customer base, a rebranding - which you'll need to do if you change the name, as logos, websites and marketing materials will all instantly become unusable - could confuse them, impact brand recognition, even reducing the trust they have in your brand.
For businesses that rely on SEO or already have established branding, a name change might even impact your search rankings. Changing your company name can also impact your legal contracts, advertising materials and online presence, so it's not something to be taken lightly.
Though choosing the perfect name for your limited company may take longer to begin with, getting it right the first time will save you time, money and stress down the line.
Top Tips for Determining Suitable Limited Company Names for Contractors
Check Domain Name Availability
Regardless of the industry that your business is in, you're probably going to rely on having a strong online presence to achieve success. To do this, you'll need a website. Before you register limited company name, check to see if the domain name is available. Having a consistent brand name for your business and website helps to boost brand recognition. Though your domain name doesn't have to match exactly, having them completely mismatched can be confusing.
Get Feedback from Others
Once you've narrowed down a few name options, it's a good idea to get feedback from others people, especially from people that fall into your target demographic. Feedback can help identify potential problems that you might not have noticed - for example, if it's similar to another business that you haven't heard of? - and it offers fresh perspectives that you might not have considered.
Think About Longevity
Your company name should stand the test of time, so avoid buzzwords that are going to be forgotten about in a few years’ time. It's tempting to choose something trendy, but these names can quickly feel outdated. It's important to pick a name that will still be relevant in 10 or 20 years’ time.
Consider International Implications
If you plan to take your business to the global stage, you'll need a company name that works internationally. Think about how the name will be viewed in other countries, by other cultures. A name that works in the UK might not work everywhere, so it's always good to check, especially if any of the words used mean something else in another language.
Consider Future Growth
A lot of businesses choose to add a location into the mix - for example, 'Business Advice London' or 'Best UK Contractors' - and this works well for SEO, but it can be problematic when your business starts to grow. If you want to expand into other areas, avoid names that are too specific as this could hold you back. Choose a name that's broad enough to accommodate any future changes.
At GoLimited, we know that choosing the perfect name for your limited company can feel daunting, but it doesn't need to be. By following our advice above, you'll soon find a company name that ticks every box for you and your customers.
