Centuries ago Shakespeare quoted that a rose with another name will smell as good as a rose, concluding name doesn’t matter.
Centuries ago Shakespeare quoted that a rose with another name will smell as good as a rose, concluding name doesn’t matter. But this is the 21st century and digital marketing is booming like never before. If you wanted to increase your business’ values, there has not been a better time. Here arises an exceptional case, what if your own business’ name is a roadblock in your success? If that’s the case for you, or at least you think it’s the case for you, then give this post a thorough read.
Why and How to Rename Your Business?
You are that much wise that you know you cannot change your company’s name out of a mood swing, so let us see why you need to rename your business.
- Irrelevancy- You started your company as a website developing one, and now it is fully into digital marketing, content creation, and all the diverse kinds of stuff, so now your name no longer suggests what your company does. This is the primary reason for changing your company name.
- Confusion- If your company’s name seeds confusion in your potential customers’ minds, then you need to immediately change your company’s name. If your company’s name has a spelling that can be easily misspelled or is too complex, then you should consider getting a simpler name which is easy to pronounce and easier to remember.
- Too mainstream- If your company’s name is too predictable or too simple and does not reflect any uniqueness, you need to change it right away.
Now that you have known why should you rename your business, you must be wondering how to do it? Well, you need not worry about that too, because the following are all the answers to your stressed questions.
- Keep your brand into the vision
While you plan to rename your business, you should be fully conscious that you don’t make the same mistake which is forcing you now to rename. You do not want to find yourself thinking about rebranding for the third time. So keep the motive of your brand in your mind when you start the process of renaming your company. When you look for company names for sale, you need to think of as a customer, if a customer would like the name you choose, then go for it.
- Avoid complexities
Again, you do not want yourself committing the same mistake you did before. This time, go for a name that is easy to spell, simple to remember and as clear as crystal.
- Be Unique
The idea of your customers getting lost in the maze of the same-sounding names is troublesome for almost all the entrepreneurs. So stand out from the rat race and give your company a unique name, but be cautious, don’t confuse unique with complex, try to keep the name short and sweet.
- Legal Issues
Renaming a company isn’t just a creative task, but it’s a legal and ground-level one. You need to check several things on your list :
- The name you choose should be free from any copyright issues, check your name’s legal status with the United States Patent and Trademark Office.
- Tally the best domain name which goes well with your brand name.
- Update bank account information, tax invoice titles and such things that showcase your business name in government documents. This step assures total legal security for your new name.
Reasons To Rename Your Company
The reasons that suggest an idea that you should rename your business are several, depending upon your growth and vitality.
- Your company has a generic name
Generalizing is not a good thing when it comes to business, and generalizing your name for just one service/product you offer from several different services and products is a mistake. This way, your potential customers will only recognize you for the service your name generalizes, which will impact your net revenues negatively.
- A delusional image in the market
There may be many companies like yours that use the same software or offer the same kind of product, and all these companies, including yours, often use initials with their brand name that creates a delusion in the mind of a potential customer.
- Poor brand image
‘Every saint has a past and every sinner has a future.’ You shouldn’t be suffering because of a mistake you committed years before. That was a mistake and now your brand reputation’s graph is going down quarterly, no matter how hard you are trying to provide better services. In this case, changing your brand’s first impression is the only way to gain positive limelight again.
Should you rename your business?
That’s for you to decide. If the problems listed above are continuously poking your growth rate, then it is suggested that you rename your business. Being stagnant with a name that no more interests your potential customers and shareholders are like bad arthritis, just avoidable.
Leap at change, and work wonders with your new brand.