There are many reasons you could be thinking about changing your business name, or even coming up with one to begin with. However, a business name change could be the first step in creating a great brand experience—an essential part of maintaining your consumers.
Once you decide you officially want to change your name—and you’ve gotten all the steps straightened out—you should brainstorm. Many successful companies are actually acronyms. For example, GEICO stands for “Government Employees Insurance Company.”
Make sure the name also communicates your company’s mission and purpose. For example: the car company, Tesla. Nikola Tesla was a Serbian-American scientist who invented the alternating current system of electricity (among other things). The company name both pays tribute to Tesla, and conveys their purpose: clean energy and electricity (which was Tesla’s original dream).
We’ve provided a lot of information in our infographic—everything you need to know about changing your business name. When changing your business name, it’s important to consider the legal ramifications and fees. You also need to make sure the name has not already been taken. You’ll have to notify your local and/or state government as well as the IRS.
Before changing your name, you might want to put out a survey or a poll that helps you understand how your clients feel about your company’s name change. Then, make adjustments as necessary. Once you change your name, make sure you update all your company information, including the website for your business. Additionally, you’ll need to inform your employees (as well as provide them with the company’s rationale behind the name change). Finally, it’s time to inform your customers and clients about the changes you’ve made, and you’re all set!
If it seems overwhelming, don’t worry. We made a downloadable business name change checklist.
Disclaimer: The opinion of Insercorp Water Cooler Bloggers are of their own and do not reflect the official position(s) of Insercorp LTD
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