Pros and cons of changing business name

In addition, we’ll examine the downsides of changing your business’s name, including how it can be a hassle. Should You Change Your Business’s Name? Pros More Fitting to Your Business. When you’re launching a business , it’s difficult to clearly picture what the future of your brand will look like.

It’s possible that your business takes a different path than what you planned for.

Many entrepreneurs choose a name that’s way too generic in order to accommodate such deviations. Sometimes the reasons are due to expansion, for good reasons, and also for not so good reasons, such as solving an image problem by finding a new name. When it comes to financing, a name change is not a good idea and should be avoided. You will be required to pay for the cost of the petition to change it. Buying an off the shelf company comes with many benefits.

You can change the business name , but it may not be a good idea. Changing the business name comes with its fair share of consequences.

Target a different demographic. Rebranding your business can redefine your target to a new one. It can also help in expanding your customer base. More customers mean more revenue and your business will grow in no time. A few years back the royal mail in the UK changed to Insignia at a very high cost and they eventually just changed it back.

So pros: refresh can gain new exposure and allow new market entry. Firstly, coming up with a new name was challenging. I was looking for a name that had to with entrepreneurship, was catchy and short.

All the obvious good names that I found were taken. With the help of some friends, we finally came up with “EpicLaunch. See full list on epiclaunch. In order to be more successful I decided that I had to redefine the purpose of the blog.

EpicLaunch wouldn’t be a random mix of posts, instead articles on online businesses, entrepreneurship and social media geared towards young entrepreneurs. Logically, to add to the excitement of the transformation I decided to improve the look and feel. I decided against changing the principal design and instead slightly improved it with new features.

Moving the blog itself to the new domain namewas an absolute nightmare.

Day after day, I went through different complex tutorials and none of them seemed to work. Well so far I could tell you that in my case it has been. EpicLaunch has grown, there are now much more readers joining every day, there’s a dedicate hardworking team of regular contributors, people love the new bran and it’s now in good position to expand. After so much time and frustration? Remember rebranding your business is not a process that you want to go through unless you have a really good reason.

I recommend that you invest a lot of thinking initially about your brand and name in order to avoid having to fix it later on. Gives the business a personal touch by associating it with the name of the owner. Limits the potential for future expansion into sewing services, craft supplies, etc. Furthermore, it allows you to prosecute and get compensation from imposters trying to dupe the public using your business name. Even if you clearly announce you’re the successor business to your last one, a certain portion of your customers will be guaranteed to ignore or miss that information.

If your offerings have become outdated due to market changes, you may need to expand into a completely new demographic, or emphasize a change in company mission. It could limit your growth. The personal connection that comes along with naming your business after yourself is a great thing. In any case, it’s a risky endeavor. I would like to share the pros and cons of rebranding, after having moved Ben-Lang.

For me, rebranding meant essentially, a new name , purpose, look and feel for my blog. Businesses are required to register their legal name with every state in which they conduct business. However, many business entities also choose to file for a fictitious business name —also known as a doing business as (DBA), trade name , or assumed name —for a number of different reasons, including brand awareness and marketing or advertising strategy. Especially if you have built up a reputation under a certain company name.

If you changed from said name , your customers or future customers could be confused and any other brand recognition you had built up would be thrown out the door. Monogramming home goods, personalizing decor items and making dinner reservations all become easier.