It’s March. And for some business owners, nothing has changed but the name of the month. For others, the new month means the beginning of a new season, as winter finally draws to a close. Preparation for the months ahead must be made as the needs of most customers will be changing along with the season.
In some cases, entrepreneurs may consider a complete overhaul. Change is good, right? So maybe taking your business in a completely new direction is needed if things haven’t panned out the way you expected. But then again – doing so would require a ton of money and time that is hard for most of us to afford.
Perhaps, a simple name change would do the trick. In fact, this seemingly small but major change could be just what your company needs if you need a boost in business. According to Jeff Wuorio of Microsoft.com, “What’s in a name? Everything — particularly when it comes to your business.” Not so small a change, after all, huh?
A name change is certainly not a solution for all businesses. In fact, it rarely is. But as Wuorio points out, in many cases there is a justifiable reason for a name change. It’s important that the name of your business somehow accurately reflects your brand of services. So approach this decision carefully. To help, Wuorio offers some tips.
1. Be sure of your reasoning. Never change your company name simply because of boredom, he warns. Carefully consider the reasons that you wish to change your company’s name. Think of both the pros and cons of what such an identity change would mean for your business in the long run.
2. Understand what it entails. Remember, a name change means a clean slate. It is literally starting over. You will need new signs, business cards, stationary, sales materials, bags, promo gifts and don’t forget your website! Consider all of the costs that all of this can run you.
3. Make sure you can use it. Keep in mind that the business name that you’re considering may already be in use. Be sure to find out if you are potentially infringing upon any registered trademarks or copyrights with your name choice. Wuorio suggests that you look it up “on the Internet registry if you hope to have an online presence with the new name.”
4. Run it by customers. It can’t hurt to let the people who support your business in on the decision. You may even want to go so far as setting up focus groups or conducting interviews to see if the proposed name will fly with your client base. Consider what they think about it by requesting honest feedback. This should be a big help.