Reasons to Consider a Business Name Change
If changing your business name is a major decision that should not be taken lightly, there are seven key reasons to consider this change:
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Lack of Copyright Protection: Your current company name cannot be protected by copyright, hindering effective branding and revenue streams.
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Consumer Perception: A name change can refresh the brand and show consumers that the company is evolving with the times.
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Relevance and Brand Equity: Generic company names can be hard to remember and may lead to a lack of brand equity.
Why Change Your Company Name
If, like this cybersecurity company, you find yourself with a name that no longer suits the organization, you have two choices: change your name or redefine what the name stands for. Here are a few questions to ask when deciding whether to move ahead with a rename.
Considerations Before Changing the Business Name
- A resolution to alter the company’s name must be approved at a board meeting.
- The new name should be approved by the directors before contacting relevant authorities.
- Make a shortlist of business names to ensure backup options in case of conflicts.
Key Considerations for Changing the Business Name
- Strategic Approach: Have a clear strategy in place before rebranding.
- Market Perception: Ensure the new name resonates with your target audience.
- Impact on Initiatives: Analyze how a name change will affect key business initiatives.
Risks and Benefits of Changing Your Company Name
Changing your company name can be delicate and should be handled properly. Organizations like Swyft Filings can assist in the process. It’s important to evaluate reasons and benefits, including how your current name limits or inaccurately describes your company, the memorability of the name, and the brand equity associated with the name.
Considerations After Changing Your Company Name
If your business relies on customers finding you online and your current name hinders that, changing your name quickly is advisable. A recognizable and searchable name can significantly impact your online visibility and accessibility.