It is the age of entrepreneurship and start-ups, and every new business owner dreams of becoming the next unicorn. They set up every aspect of their venture with optimism, nervousness, and excitement. However, choosing an appropriate name for their new venture is a challenging task. There are many factors to consider when choosing a name, as it is the business’s first introduction to the outside world and is its foundation for branding, marketing, and goodwill. Commercial value of a business name Besides being the company’s identity, the name of a business also helps increase the cumulative value of its tangible assets, such as brand names and goodwill. Apart from representing the company, the name is crucial in building new and long-lasting relationships with potential customers and other stakeholders. A good relationship develops brand loyalty, which is keen on increasing revenue and profits. Hence, when naming a business, while it can be based on emotions and sentiment, owners should also consider the future commercial value it can generate. Mistakes to avoid when naming a business Here are some of the common mistakes business owners should avoid while naming a business: 1. Not considering legal implications When selecting a name for one’s company, it is critical to conduct comprehensive research and select a name that has not been registered or trademarked.