Sometimes we think of names as more permanent than they really are. Many businesses go through successful name changes that help them grow, and it may be time for your business to do the same. Some reasons to change your business name may include:
- a poor public image associated with your current name
- your current name is too complicated or too long
- what you do as a business has grown and changed
- ownership has changed
- your current name is culturally outdated and irrelevant
Do not change your name if it currently has strong brand equity.
If people have a positive association with your name and brand, trying to change it could end up costing you more than it’s worth. If a name change would confuse your customers and cause them to leave your business, it may not be worth it. If it is working, keep it.
Check with the U.S. Patent and Trademark Office to make sure the name is available.
You will also want to see if the domain name is open to facilitate a change in your website. Doing both of these things is a great way to ensure that your new name won’t cost you in legal fees.
If you have decided that a change is needed, but don’t know how to manage the process, we have a list to get you started.
- Think about how much you want to dissociate or associate your current name with your new name. If you are trying to distance yourself from your previous brand, you will want to consider a new logo to go with your new name. If you want customers to associate the new brand with the old name, consider using the same logo or similar colors or images to help with the transition.
- Notify the Secretary of State of the name change. Many states have an online form that you can fill out, and most charge a fee to register a new name. This is also a good way to make sure your new name is not in use somewhere else in your state. If you previously filed a “Doing Business As” name with your local government, you will want to go through this process again for your new name.
- You must also notify the IRS of your name change. Make sure that all bank loans and leases reflect the new name. Look into the requirements for a new EIN (Employee Identification Number). Often you don’t need a new EIN when you change names, but there are exceptions. You need to understand what is required in your state for your type of business.
- A new name may mean a new domain name and a new website. You need to evaluate the success of your current website to determine how much it should change.
– If you are using a Facebook page, changing the name is extremely difficult and starting a new page could cause you to lose subscribers.
– Check to make sure the new name is available on Twitter.
– Don’t forget about updating your LinkedIn, Instagram and Pinterest sites as well.
– You also need to change your business name on Yelp and Google, so new customers can find you.
– Don’t forget the paper parts of your company: letterhead, business cards, paycheck, etc. - Create a timeline to guide you and your customers methodically and intentionally through the process. A little planning goes a long way in keeping your current customers. Let them know the change is coming, and then keep them updated through the process. Your timeline needs to take into account the legal deadlines you will have as well. Make sure your employees are aware of the timeline as well, so they can help customers during the transition.
If you know that it’s time for a change, contact Riley & You to help make the change go smoothly. We can help you find a perfect name and logo for your company that accurately reflects your brand. We can also help evaluate your old website and create a new one. No matter where you are in the process, contact us today.
