A business name is how people will remember and find you when they want to buy. It can be a memorable name that sticks, or your business name could be an obstacle they can’t get past to find you. Renaming your business with seven vital Do’s and Don’ts is a quick overview of important things to consider when it’s time to rename your business.
DO ask friends and family for ideas.
You never know what might spring from one of their ideas. Still…
DON’T be surprised if the “perfect” and “clever” business names friends and family share are already in use in your industry.
With the exceptional ease we have in the U.S. of starting a business and the affordability of trademark protection, available business names with matching URLs are tough to find.
DON’T rely on your employees to come up with a new business name.
Vigorous brainstorming can be a challenge for employees in this setting. That is, everyone has to be on a level playing field and feel free to share ideas. It is too easy for dominant personalities to shoot down suggestions before they make it to the whiteboard.
Even if you work well together, you are often too close to your business to have the needed perspective to see it as your customers and prospects do.
DO budget for a rebranding with your new business name!
Changing your name will touch every part of your business, from notifying the IRS and your business banker, to updating your website and signage. We’ve created a Rebranding Budget Calculator you can download as a tool to help you plan.
DON’T settle on a final name business name without consulting a trademark attorney.
When you have to turn your domain name into a pretzel because your “perfect name” is taken, you ask for trouble. (For example, mybiz.com is taken so you buy my-biz4u.com)
Just because you can get a URL (mybiz4u.com) doesn’t mean that mybiz.com will not come after you.
Receiving a cease-and-desist letter has dealt a blow to many. It comes with a deadline and, even when granted an extension, it is an emotionally challenging time to change your company’s name and brand identity. The good news: we’ve walked through that process with enough clients and can confidently reassure them that they will come out of this with a name and logo that they are proud to promote. (See reason for rebranding #5)
DO bring in a professional to help you rename your business.
That can be a challenge for some to pay a professional to think of a name. However, an experienced team will follow a process that will uncover original, available solutions and enable you to attract your ideal customers as a remarkable brand.
The creative process for renaming your business will at least these six components.
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- Researching to make sure that your name reflects the unique value you bring to your customers.
- Brainstorming with creative techniques that will tease out less common solutions.
- Giving the good ideas the stick-test. Is it memorable? Is it easy to say, spell, read?
- What are the available URLs?
- Is it trademark defensible? Because the name is in use, it may be available for your industry. Or by adding or subtracting elements of the name, it is possible to use a name legally that initially appeared to be unavailable.
- Is it good enough for a presentation? Some agencies will present one idea. We believe that there is always more than one creative solution and will press through to find them (and we’ll usually have our favorite).
This is an example of a name presentation board we’ll use to help guide our clients through the name selection process.
DO collaborate on renaming with your creative agency.
Your creative team will want to explore your brand’s roots, your company’s culture, and why customers are drawn to you and stay with you. You will have ideas to share, and any worthwhile agency will respect and appreciate your contributions. (Yes, that means if a name pops into your dreams in the middle of the night, you need to send it in an email the next day and let the agency team run it through the process.)
Get your business name right!
Changing your business name is a sizable undertaking and these business renaming Do’s and Don’ts will help you avoid common mistakes. We strongly encourage startups to thoroughly explore business name options as the foundation of building their brand. It’s not something you likely want to revisit after you’ve become an established business!
If you think your business name is hindering growth, here are five reasons when it’s likely the right time to change your business name.
