What’s in a name? Well, when you’re in business for yourself, just about everything. Your branding is hugely important to your business – and that starts with your company’s name.
Changing your business name is automatically a big risk. You’re losing any positive brand recognition you may have already built, and you may end up confusing your customers and upsetting your investors. However, companies big and small still do it.
Here are three potential reasons it might be time to change your company’s name:
Your business is moving in a new direction
Like Facebook’s change to “Meta,” some companies change their names because their goals and market have shifted. If you started out with a single product but have since expanded your line into related areas, you may want your brand name to reflect the movement.
Your business name is causing brand confusion
Maybe you got a “cease and desist” letter from another company with the same name – or maybe your company keeps getting mixed up with a brand that doesn’t exactly have a stellar reputation. Sometimes, the only expedient thing to do is simply to rebrand.
Your brand name is outdated or insensitive
“Eskimo Pies” were a grocery store staple for a long time, but you need to buy an “Edy’s Pie” now – for good reason. The casual racism that was so common in the past is toxic, prompting many companies to reconsider their branding to reflect their changes in values. You may have even inadvertently used a term in your brand name that has taken on new meaning through slang, social media or current events.
Whatever the reason you’re thinking of rebranding, it’s wise to consider all the legal ramifications – along with your options. Having sound legal guidance is wise.