What are some of the things you should consider when changing something major in your business? Here’s some basics around changing your business name.

You might be changing your business name to more accurately reflect your service offering today. Or maybe you bought the business a few years ago and inherited a name you really don’t like. Or maybe it’s just time for a refresh.

Whatever the reason for changing your business’s name, there are a few things to consider.

Some questions you can ask yourself include:

• Is there a trademark issue with the name?
• Is the old name no longer reflective of my business?
• Are there too many other businesses with my name or a variation of my name?
• Is my name confusing?
• Is the name insulting in a market I want to branch into?

“If you answered ‘yes’ to any of these questions, it is probably worth changing your business name. If this is not the case, take the time to reconsider. By changing your business name, you have the potential to lose the brand awareness you have already built,” Joy says.

“Working to get this back again is no easy feat. You still might want to update your brand, but consider if a logo or maybe colour change would do the trick instead of a brand new name.”

“This ensures searchability when Google lists your website in their search results.

“I also recommended holding off on a name change until you have ensured that no one else is using that business name as their registered business name, as a domain, on your preferred social media platform or as part of a patented brand name.

“Another important thing that often isn’t considered is the likelihood that people will remember your brand name. If it’s too long or intentionally misspelled, businesses will have trouble appearing in a Google Search,” Steph says.