Most new entrepreneurs spend time considering how to name a small business prior to starting it. Once they select a name, they often think that they'll keep their company name permanently. However, the business name you choose might not be the right name for your company in the long-term. Due to this, many business owners decide to rebrand.
If you're just starting a business, you can take your time picking a catchy business name that encompasses what you offer. However, if you're ready to change the name of your existing business, it can get a little more complicated.
Pro: Your New Name Could Be More Aligned with Your Brand
Con: Rebranding to a New Name May Confuse Your Customers
Pro: You Can Target a Different Demographic With Your New Name
Con: Rebranding Can Be Expensive and Complicated
Pro: You Can Leverage Your Experience
Con: It's Hard to Go Back To Your Old Name If You Regret Your Decision
Conclusion: Consider Your Business's Future Before Changing Your Name
There are countless stories of success and failure when it comes to companies changing their names. In some cases, choosing a new business name can help a company grow. How-ever, other times it can be an expensive, time consuming mistake.
Ifyou're considering renaming your business, you likely have good reason. Just be sure to do your research and weigh all the possible pros and cons first.