Over the last two months, you’ve invested time and energy into making your product idea a reality. From the infant stages of your idea right up to refining the important details, you’ve worked hard to create an innovative product. Before the big launch, however, there are a number of legal and financial issues to consider. This month, let’s dive into the nitty-gritty legal details all entrepreneurs must know.

The first order of business, legally speaking, is coming up with a unique brand name. Your brand name is the identity of your overall business, so it’s important to take your time here to decide on a suitable name.

Once you come up with a name, this is where the legal due diligence begins. Check online to determine whether your brand name has already been used. This helps to prevent any legal ramifications or ‘copycat’ accusations in the future.

Always remember, ignorance is no defense. Even if you used an existing name unknowingly, it can come back to haunt you later on. To ensure you don’t use a name that’s already trademarked, run a quick search on the United States Patent and Trademark Office’s trademark database before finalizing your brand name.

Here are few extra pointers on choosing your brand name:

• Avoid anything too lengthy. Keep it short, sweet, and unique.
• It should be easy to pronounce and spell.
• Check the meaning of your brand name across other languages to ensure it doesn’t carry any negative connotations.
• Make it visual. Work on a logo or unique way of displaying your brand name, and incorporate your brand colours. This visual element makes your branding more memorable.
• Check whether your brand name is available on social media platforms and as a domain name. Online real estate is precious for a business. Be sure to check and secure that real estate.

It’s time to put on your thinking cap and get those creative juices flowing. Once you come up with the perfect brand name, be sure to do your legal due diligence!

Let’s soar,