Have you made the life changing decision to become a business owner? One of the first steps is registering a business name - but how do you get it right?
Choosing a memorable, functional and relevant name for your new brand or business isn’t easy. Not only should you consider a title that accurately reflects the services or products you provide, but also the technical stuff to do with your overall branding (i.e a name that’s somewhat SEO friendly so that consumers can actually find you). After all that, there’s nothing worse than settling on a firecracker business name - only to find that someone else has already thought of it first.
Before you start the process of registering a business name, ensure that you’ve settled on a winner by double checking the below -
Does your business name accurately reflect your business as a whole?
Are there any other companies with similar names to yours?
Are there websites or social media handles that have already taken your desired name?
Have you checked the ASIC Business Name Availability portal?
Are there any existing trademarks on your desired name on IP Australia?
Have you asked for any feedback from existing customers or even your friends?
If you don’t have any potential roadblocks that have arisen from the above checklist, then you’re ready to legally register the name of your new brand or business.
The Technical Side Of Registering A Business Name
In Australia, you are legally obligated to register a business name if:
You include other words with your name, such as Joan Smith Party Hire or John Smith & Sons
You are trading under a name that is different from your own legal birth name
You are operating a company (Pty Ltd) and want to trade under a different name to your company name.
Before you start spending money on signage, marketing materials, uniforms or even name tags, ensure that the business name you’re looking to display is accurately registered. Thankfully, the process is quite simple and only takes a few steps to complete.
Know Your Structure - When you register for a business name, you’ll need to select your business structure, such as whether you’re trading as an individual or partnership. Ensure that this has received a great deal of thought and attention prior to registering a business name.
Get An ABN - Your ABN identifies your business to the government and is tied to all sorts of taxes, including payroll tax and goods and service tax (GST). Thankfully the process is simple and free, and you can apply online through the Australian Business Register (ABR).
Register Your Name - Register your business name through the Australian Securities and Investment Commission (ASIC), and only costs $35 as of 2020. You will receive a record of registration when you register or change a business name, or when an owner's name changes.
Consider Trademarking - While not required, trademarking provides many benefits - but legal security is the most important. This gives you exclusive rights to a business name, slogan or logo, meaning copycats negatively affecting your reputation or income can be challenged.
Display Accordingly - You'll need to display your business name somewhere visible at every place of trading that is open to the public. You should also have your business name and ABN on official correspondence such as quotes, invoices and receipts.
Where To Source Help With Registering A Business Name
If understanding your finances or the in’s and outs of business finance isn’t your strong point, then it may be reassuring to know that you’re not alone - particularly if you’re setting up a new business for the first time. In fact, many businesses (big and small) enlist the services of an accountant and business coach in order to free up their time, while knowing that their financial obligations are already taken care of by the professionals.
What you choose to invest in or shy away from as a business owner can have a domino effect that ripples through your entire team - so are you confident in your financial choices?
At Muro, we are more than just accountants - we offer our clients strategic business advice and ongoing support to help them reach their business and financial goals, and offer the services of both an award winning accounting firm and business coaching services. Get in touch with us at Muro today to ensure that you’re on the right path for success as we head into 2021.