When Should you Change Your Company’s Name?

When Should you Change Your Company's Name?
Change is inevitable, it’s part of the circle of life, so don’t be afraid of it. Things change all the time – so do business names. When you started your business and began building your brand, you probably wouldn’t have imagined things would sourly evolve. So now you’ve found yourself back to square one – brainstorming unique company names. Suddenly, your business isn’t the same entity it was then.

You now have new insight and knowledge you didn’t have back then. Or, perhaps it dawned on you that heading in a new direction is best. Whether you launched 6 months or 6 years ago, things change. It’s a fact, so maybe it’s high time to consider changing your business name.

1. Your Business Name Is Too Small

You started a company that initially focused on one main product. However, now you’ve evolved and expanded your product range. So if you’re still operating under a name that highlighted your first product, you may be missing out on more of your most profitable projects, because people might very well be misled into understanding what your company offers.

2. Your Company Name Is Too Big

Conversely, you may take the opposite root and make the mistake by aiming too big from the get go. It could be you started a business as a general service, offering an array of jobs. However, two years down the line, you’ve decided to specialize and want to capitalize on a particular niche, but your company name is too broad, you’ve narrowed your service or product offerings. Therefore, rethinking company name ideas that reflect your niche is ideal. You want people to recognize and become familiar with your business, one has a name that’s easy to find online and easy to refer to a friend.

3. Your Company Name Is Too General

If you’re 100% set on including what you do in your name, at least make it more distinct or unique. We don’t recommend you to include your trade or product in your company name ideas, but if you must, try something a little more inimitable. Something unforgettable that imprints a mental image in your prospective customers’ minds.

4. You’ve Got a Name that’s Outdated or Irrelevant

This rings true if your company specializes in technology, the whole world changes in a matter of minutes. As time goes by, words and phrases that used to stand for something one decade may become meaningless the next. That’s particularly the case in the online sphere. Time flies. Sometimes you have to change your name to keep up with the times.

5. SEO isn’t going away

It doesn’t matter what kind of business you are; getting found online is important – and often a critical mission. If your company name contains generic words or keywords – or if it’s similar to other businesses in your sector, you’ll struggle to get any real power online. A bland or unoriginal name is like an invisibility cape for a business online. Obviously, coming up with completely exceptional business name ideas is tough.

Granted, you can’t always make it to the top of Google for highly competitive keywords. However, if your business heavily depends on possible customers searching online, you need to do everything in your ability to rank well. If someone knows your company name, and still can’t find you on Google, change your name. Yesterday.

Deciding on your company’s name can be an almost agonizing process. So here at Namerific we get that it can be disheartening when, after your business has been up and running for a while, you begin to think about changing its name. Understandably, ‘fear’ is the reason many resist the urge to change: fear of getting it wrong again; fear of the process of changing a name; fear of losing customers; and of course, fear of change itself. Daunting a prospect as it might be, your focus should be on making the right decision: to change or not to change?

Luckily for you, rethinking your business name doesn’t need to be such a headache, thanks to our useful ticks. Rest assured, Namerific has always got your covered. For more information, click here.

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