Wed 6 May 2009
It’s Time to Change Your Business Name—Here’s How
Posted by Megan Dorn under Small Business
Changing your business name is not something you want to take lightly. Your name is your image and your brand. It’s how customers identify your business. Changing your name can cause you to lose your identity in many ways. Any credibility you may have established might follow the name right on out the door.
Nonetheless, there are still a few legitimate reasons to change your business name.
- You bought a business that uses someone else’s name, and you want the name to be a representation of you not the former owner.
- The core function or operation of your business has changed over time and your name no longer represents your products or services.
- The name you’ve been operating under is ineffective and not helping bring in new customers.
Once you’ve decided that a name change is necessary to your business success, the next logical step is to come up with a new one that creates the effect you’re looking for. You’ll want something short, memorable and relevant to the type of work you do. Check out our complete A-to-Z guide to naming your business for some additional tips on creating a new name.
When you’ve come up with a name you think is perfect, it’s a good idea to sit on it for a bit. Let it run its course and then revisit it in a few days to see if you’re still as in love with it as ever. It’s also smart to run the new name by your customers. Find out how they really feel about it. They may love it and help the transition period run smoothly. Or they may hate it and help you to see that your original is much more effective than you thought.
If you’ve picked a name, done your homework on it and concretely decided to go with it, all that’s left to do is make it legal. The specific actions required to change your business name depend on the type of business you’re in. They can also change depending on the state you operate in. The IRS website will help you determine exactly how you’re particular business must go about changing its name.
May 6th, 2009 at 11:34 am
My POV on names is that there are times when you want to go really literal (Bob’s Plumbing), and other times when you want the name to be a bit more esoteric - evoking a feeling rather than telegraphing.
My father started a business in the 1980s called Zanzara. It was a men’s neckwear company.
Zanzara is Italian for “mosquito.” Obviously mosquitos have nothing to do with ties, but the name evokes a feeling of Italy - a very fashionable culture.
So bottom line - your advice about sitting on it is really smart. Think about it … does your business name need to hit people over the head, or conjure up a vibe? Both are fine, but just make sure it works for you.