Investor · Saint Louis, MO · Member since 2016 · 5 posts · 1 vote
I've spent weeks comparing names on the MO secretary of state site along with GoDaddy & it seems almost all the names are taken! I'm brand new at this, I'll be starting out doing virtual wholesale deals nationwide in the United States & I really need some help. I thought I wanted Nationwide or National included in the name, then I wanted to add wholesaling, then a couple of people told me not be make it very specific, just a general LLC will do. I want to make sure people know what I'm doing, Am I making this more complicated than it is?
I don't know where are you on your business right now, but many business books warn us about getting tangled on this starting things like picking a business name or picking a website design that will cause us not finding deals or doing actual business.
You can always change the name later, or come with an alias (or doing business as).
As for website, it is very common for online retail websites (not major company like Amazon, Target, or Walmart) to have multiple websites but actually run by the same company. You can have one sure for your company, one for your wholesaling business, and one for your property management business.
It depends on the type of business you want to do and where you are located. For instance, we buy wholesale property in NJ so I have We Buy Houses NJ LLC. We use that to buy property through assignment deals mostly. I also have Eltemawi Realty LLC that I would use to hold property to rent. If you are just starting out try something that is not too specific, like Trinity Holdings or Optimum Realty. Once you get busy and you have to worry about tax structures and having working entities vs entities you use for branding you can think about having specific names. Also try to think that you want to have your website and entity be similar. That is hard but do your best.
Thanks for your input Rajae. I'm going to do virtual wholesale deals all over the United States, but I live in St Louis. I was thinking maybe something that started with Gateway (obviously for STL) or National or Nationwide, so people will know I'm looking for deals anywhere as long as the numbers make sense.
LLC name approval can be tricky. For example, we found that New York didn't like "properties" to be in the name unless the company was for licensed realtors or a property manager. So in New York we dropped "properties" and added "NY" to our regular business name. In MO "Gateway" would be really popular so migrating away from that may help. Sometimes mixing the order up can help you use a name you want (instead of wholesale properties, make it properties wholesale) or you could try US instead of national or nationwide. Another clever option could be "coast to coast" instead of national or nationwide. Play around with alternative words or alternative order and you'll get a name you like or at least can live with. You can also go very generic. A colleague named his business after the first home he purchased with just the street number and name (e.g. 123 juniper enterprises, LLC). I agree it's nice to have a name that makes it clear what your business does, but you can also have a really creative name (or a really generic or even boring name) and then just ensure anywhere you post/print the name that you include a tagline that tells what you do. Good luck!
I just finished selecting a name and man was it grueling! It takes time but when it comes you will know it. Web domain is key to match your name. That is the biggest problem I found. Try looking up some articles on good names and web domains. Also they have domain name generators that might get you closer to a name.
I went with something generic rather than have my name in it in case I ever wanted to sell the business. I don't think I will, but its good to leave options open.
I don't know where are you on your business right now, but many business books warn us about getting tangled on this starting things like picking a business name or picking a website design that will cause us not finding deals or doing actual business.
You can always change the name later, or come with an alias (or doing business as).
As for website, it is very common for online retail websites (not major company like Amazon, Target, or Walmart) to have multiple websites but actually run by the same company. You can have one sure for your company, one for your wholesaling business, and one for your property management business.
I think you are making it too complicated. Don't worry about picking the perfect name. It doesn't exist. Pick a name that represents the kind of person you are and the kind of business you want to be, not one necessarily about real estate.
Build your brand and identity around your name. That's what will make an impression on people. Not how catchy your company's name.
Even more importantly, if you are brand new at this, why are you looking to wholesale virtually? St. Louis is an excellent wholesale market. Consider learning the fundamentals in your own backyard before you trying someone else's. Just a thought.
Thanks for your input Loch. I'm sure it's a combination of overthinking & trying to find a name that hasn't already been taken! If I'm lucky enough to find a name available on GoDaddy, then it's already been taken on the MO secretary of state site, or vice versa. As far as virtual wholesaling, I'm also including St Louis. In fact, I'm working on my local area first.
Thanks for all your ideas everyone, I really appreciate it! I would reply to you individually, but i don't see that option on my phone. Another issue! lol! I told myself today was the deadline for figuring out a business name. I'm losing money everyday I spend not finding deals! I'll be sure & post the name when i have one confirmed on both sites. I hope you all have a great weekend! :)
@Tonya Lucas, I went through the same thing and then I just used my name and added Enterprises, LLC. But when I realized I was doing different deals I came up with a couple DBA; doing business as. I finally came up with The Kolorful Nvestor and that name fits me and my personality like a glove! I hope this helps!
I've been through this twice and for what it's worth, I'd say your name likely means more to you than it does to others. Ultimately you have to comfortable with and proud of your name to the extent that it's synonymous with you/your identity. I think that the more it relates to you, what you do and why you do it, the more you'll say it and get it out there.
How to do it? List your priorities, your reasons for being in the business and your "why" and then brainstorm business names that capture all the things you list. Mind mapping helps with this as well.