Although this may seem like one of the easier steps to setting up your business, it’s actually quite difficult.

Think about it – the first thing a potential customer will hear or see about you is your company name.

This is before they find out about your product or service, or any other information about you as a business.

Ever hear the expression 'you never get a second chance to make a first impression'?

Your company name is the very first step to earning the respect of your clients and other associates, whether they work for you or are buying from you.

It also marks you out from your competitors.

Therefore, it’s important to get this right from the start in order to save you from further hassle down the line.

The name you choose will also affect how you develop your brand, another crucial ingredient in the recipe for business success.

You need to come up with a name and a logo that will be memorable, so you stand out from the crowd of competitors.

Make sure they are original, recognisable, and easy to remember. Try to make sure it reflects the type of business you are in so it is informative to potential clients, too.

However, it’s also important that you actually like the brand you create – remember, you will have to say it every day in the foreseeable future, as well as be surrounded by it on stationary and on your website.

It’s best to take some time to experiment with different ideas rather than just go with the first thing you can think of.