While you may want to pick a simple company name that says what you want to do, like 'MLM Home Buyers', this name may not work well in all environments. For example, banks are not always fans of real estate investors or investing companies. At first you may think 'who cares what the banks think, I care what my customers think'. But keep in mind, the banks are the ones who are you are going to have to convince to give you business lines of credit and loans, so you need to make sure your name is one they will be fond of and look upon favorably.

Next, it's a good idea to make your business name clear and concise. Choosing a name that mentions what you do in the title is an easy way to advertise while getting your name out there. Names such as "Rob's Mobile Grooming Service" or "Rick's Lawn Care" are very simple, to the point and let the client know what you have to offer in a no frills sort of way. Banks also seem to like this 'straight to the point' approach to business names.

Before you solidify your business name, toss it around with people you know, to see what they think. You can start this process with family and friends, but then should move beyond them. You should try to toss your name ideas by those who are also in business. Ask them what they think of your name choice. If you have a few name choices ask them to help you narrow them down to the best one and to give you their thoughts on each of them.

Be willing to take criticism. Many people will ask for the advice of others and then when given advice other than what they wanted they become angry and rude. If people give you negative thoughts about your business name idea, you need to take that information and really think about it. If they see something negative in your name choice, other potential customers may also see the same problem.

Now you have to make sure the names you are choosing are ones you can use. If they happen to already be registered with your state (or federally if you are planning to serve customers outside of your state) you may have to knock those names off your list.

Your state should have an area you can search in the business regulation department. Federally, you can go to the Trademark Electronic Search System (TESS).

If you get through this process and your choice is still available, congratulations, you may just have selected your new business name.

Pat Gage, The Opportunity Creator, and a leading expert in the field of business credit has helped a number of clients target his specialty - starting, expanding, and growing their businesses through his trademarked 10 Steps to Money System. The Opportunity Creator is not only a sought after business credit coach, but also a national speaker. For more information visit http://10steps2cash.infusionsoft.com/go/0/rightnow/