Setting up business in the UK: the importance of company’s name and logo
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The article was published in the newspaper “Angliya”, 21 July 2016
Author: Darren Bull, Senior Accountant at Red Square London
Welcome back, I hope you enjoyed the first part of this article explaining the first two stages of starting a business: market research and business plan and business structure. Now we’re going to look at the next 2 stages, these are crucial parts to starting your business venture although most people don’t give these points the full consideration that they are due. My name is Darren Bull, and I am the senior accountant here at Red Square London. I will briefly take you through the next 2 key stages, namely choosing the perfect name for your business to creating your logo and building your brand. Laurie Evenson-Goddard and I are on hand to guide and assist you through any of the key stages if you have any questions, here at Red Square London we are only a phone call away.
So you have done your market research and decided what activity your business will undertake, you have agreed which structure your business vehicle will use. Now the next step is to choose your business identity, onto step 3.
- How to choose the perfect name for your business
Choosing a good company name is important. It’s essential that you strike the right tone with your business’ name. More importantly, successful companies do not just have good names; they develop a strong brand identity and in time, brands can literally sell themselves.
Often, the name of the business has personal meaning to our clients. However, even if this is the case, it has to reflect the nature of the business in some way. If you structure your business through a limited liability company, you need to remember to check the availability of a name first. This check can be performed at Companies House. Some names are simply not allowed to be used as company names.
So you have a name great but that’s only half of it, think of a big brand and I bet you can think of an image that goes alongside the name. So let’s get a logo to help build your brand and get you recognized in your chosen market.
- Create a logo that properly represents your business
As developing technology helps the average consumer access information quicker than ever before, it’s never been more important to communicate a lot about your business in as little time as possible. One great way to do this is by ensuring your logo properly represents your business.
Your logo has the power to do so much more than simply make your business look professional. It can tell a customer about the industry you serve and the products you sell. A good logo can also convey the personality of your brand, which in turn can build a customer’s emotional attachment to your business – important for retaining loyal customers.
Before you start designing your logo a good idea is to wright a mission statement maybe just one line that captures your business ethos. For example, here at Red Square London our mission statement is: Russian speaking lawyers for you, your family and your business. We have different professional to assist with all of your legal and business needs. Once you’ve produced a logo that embodies your company’s mission at a glance, make sure you trademark it to protect it from use by other companies. However, it is not always necessary to register your trade mark. In some cases you can insist on its protection as well as your mission statement’s protection simply to indicate that it is your trademark and you do not allow its use by anyone else. Here at Red Square London we can do this for you and take this worry away to leave you free to concentrate on your business.
So we now have the start of a business: we have a business concept, a vehicle to facilitate the concept, a name for the vehicle and a logo to build the brand and get us noticed. But running a business is far more than selling a product or service for a profit. There are many behind the scenes activities that people don’t take into consideration like hiring staff, running a payroll system, producing statutory accounts at your yearend, paying tax on your profits. This is where a good accountant can help run your business and remove the burden of administrative mundane tasks. So how do you choose the right accountant? Well I will take you through this in the next article but again if you cannot wait then get in touch with us at Red Square London and we can help you through these traitorous times.