Are you thinking of changing your business name? If so, this article is for you. In today’s competitive marketplace, it’s more important than ever to have a name that accurately represents your company and its products or services. But coming up with the perfect name can be tricky.
Here are some tips to help you choose the right one for your business.
Even when you are planning to change your name, you know what you want. The same applies to a business name. The clarity in your thoughts should take centre stage when changing your business’ name.
So, decide on the kind of name that best suits your company, products and services. Is it formal? Is it fun? Is it serious, or is your business targeted at a specific age group or industry sector? Once you’ve established the overall direction you want to take, you can generate a new business name appropriate for your company.
Keep it Simple
A good business name should be short enough to remember but not so short that it doesn’t capture the attention of potential customers. Keep the new business name relevant and unique so potential clients can instantly identify with your products or services.
A common mistake is using names that are too complicated. Remember, a business name should be easy to pronounce and spell. Perhaps this is the main reason you’re considering changing your business name in the first place. Moreover, make sure that your new business name has a rhythm to it.
When you are done picking a new name, it is recommended to search if someone has already used that business name. If yes, choose something different because it could lead to copyright infringement and legal problems. Some places where you can check for other names usage – Google search, USPTO, and social media sites.
You can also consider consulting with your attorney to get more ideas about trademark and IP rights.
You may want to get feedback from other people before publishing the new business name in the market. Figure this out – do other people like it? If you find any issues with the meaning or design, address them first. Getting input on your new business name can help decide whether it will help in a better brand recall for your company or not.
Change Company Domain Name
Company Domain Name plays a vital role in building a successful online business. Most companies rely on their website to connect with current and potential customers. So, always make sure that the new company domain name is available for use when you choose a new business name. It’s also advisable to check if your new domain name precisely portrays your business’ values.
Update Your Statutory Registers
Next, you need to update your statutory registers and inform your Registrar regarding the changed name. Several documents are required by a company to be registered under the Companies Act 2006. If you fail to maintain the correct records for your business, you may face a penalty of up to £5,000.
Don’t Use Sensitive Words
When you’re developing a new business name for your company, specifically avoid using sensitive words. According to the new Google Adwords policies, businesses can no longer use sensitive keywords. In fact, using sensitive words can also land your business in trouble from various offline institutions.
Let Your Customers Know
Inform your customers about the updated business name through a press release or an email. You can also post this on all of your social media accounts to ensure that they don’t get any surprises in future.
Changing a business name is never easy. However, certain business situations make it mandatory for some business owners to choose this option.
Following these simple steps can help you come up with a new business name that has the potential to increase your brand value and generate higher ROI.
Disclosure: This is a featured post.