Factors to Consider Before Changing Your Business Name
To minimise risks, make sure you have a clear strategy for your business. This helps you understand why you are changing the name and what factors you should consider when deciding on a new one.
You should consider changing your business name if it does not meet criteria like being memorable and differentiating or if market conditions affecting your business have changed.
Importance of Your Company Name
Your company’s name casts the first impression on customers’ minds. You can target audiences with the name you choose.
Reasons to Change Your Business Name
Often a bad name causes poor performance of an otherwise good business. While still young, rebrand with a new name to improve growth. Good reasons to ditch a bad business name include the name not representing current business focus. Rebranding is expensive so take this into consideration before changing names.
Conclusion
Sometimes changing your name is wise, not always. Have a strategy before starting rebranding. Publicize the rebrand and keep existing customers informed. The company name relates directly to you so use your name if appropriate.
Is it a good idea to change my business name?
Many companies change their names to stand out if they suffer from confusion when people mistake them for a similar name or logo. Your new name should be easy to spell, say, and remember.
Companies change names to fix mistakes, respond to industry concerns, or target new audiences.