Screening Out Names Similar to Yours and Your Competitors'
The next issue that needs to be studied is the nominal similarity. This similarity can be in the name itself or its suffixes and prefixes, or it might even be created by manipulating the written form of the name.
If there is a name similar to your intended name, within your geographical area and in the same guild and industry you work, remove it from the list.
But if it is within your geographical area, not in your guild, keep it on the list.
If the name exists in your guild, but it is not within your geographical area, still keep it on the list of assessable names. The people whose business is larger than the local and provincial level will determine their geographical area by the same criteria. Geographical area refers to the entire area where you physically do business. The geographical area of a grocery store is the neighborhood where it is located, but a manufacturer of corn snack operates within a country or even an area more extended than that.
The target market’s geographical area in countries such as the US that are federally administered also differs from other countries that are integrated (because of trade laws).
Remove Names Similar to the Competitors’ Names
As mentioned, the company name and the business name are two different names. In fact, what you are introducing to the market is your business name; therefore, here we focus on the business name.
If there is a significant similarity between your suggested name and the competitors’ names, remove that name from your list of suggested names.
If there is a competitor with the same name as yours outside your geographical area, it cannot be used and you had better remove it. Because your company may grow in size and expand beyond that geographical area; in such a case, if the competitor’s name has been registered as a brand, you will not be allowed to operate in that area, because there will be the possibility of work interference and you might be sued.
Such messy situations might cost you a fortune in the future so you need to carefully consider what you do. Therefore, consider the case that your business may enter that geographical area in the future. With this in mind, remove those names that are similar to other names in another geographical area from the list.