Your business name may have sounded great when you registered it, but sometimes names don’t stand the test of time. It may be that since you set up, your business has diversified into other areas and your company name is less relevant. Or you have a location-based name which feels limiting to you now that you’d like to branch out geographically. Or perhaps you were never that happy with it, or as time has gone by, you simply feel the need to rebrand or become more modern. Perhaps your brand gets confused with another similar sounding name, or the branding doesn’t make it clear enough what your company does. Or perhaps you have bought a ready-made company but would like to change the name. Whatever the reason for changing your company name, it isn’t a decision to take lightly, so there are a few things you should take into consideration before you start ordering new business cards.
Make a Futureproof Decision
Your company name sets the tone for your business, and if you’re already changing it once you won’t want to do it a second time in a few years. So the decision you make now is an important one. Your company name should be simple, memorable, and futureproof. Read our 7 Tips for Picking the Perfect Business Name to find out how to choose the right name for you.
Ensure Your Company Name is Changed Everywhere
Not only is your name something you should be aiming to keep for the length of your business, but once you have changed it you’ll need to change it absolutely everywhere. That means with companies house, with all the professional services you use, outside your offices or stores, on your marketing collateral, in reports presentations, website, emails, online directories, and anywhere else your name is displayed. It’s no small task, so you certainly don’t want to have to repeat it later. And when you do this, you’ll need to be organised about it to ensure your name is changed everywhere, that your clients and suppliers are aware of it, and that there is no confusion.
Weigh Up the Benefits and Risks
Before you decide whether to change your company name, you should also consider whether the benefits of doing so outweigh the risks. While the benefits may be that your name will be easier to pronounce or remember, or will better reflect your industry or ethos, the risks may be that you lose some of the recognisability or clout you have built up over the years, or that customers may be confused or put off by your new brand if the transition is not made in the right way. To minimise these risks, make sure you have a clear strategy for your business – this brings you back to basics, and helps you to understand why you are changing the business name, and the factors you should consider when deciding on a new one. What was the problem with your old name, and what values and goals should your new name fall in line with? You should also make sure that you take time to think about your new company name and use appropriate resources to put some real effort into this decision.
If you have bought a ready-made or vintage company from Paramount Formations, and are sure of your new name and ready to make the change, we can help. In just a couple of hours you could have a new company name with no hassle. Order online or call us on 0800 0198 698 to find out more.