Pros and cons of changing business name

In this post, we’ll offer tips on how to change your business’s name to something that will connect with customers. In addition, we’ll examine the downsides of changing your business’s name, including how it can be a hassle. One of the most common reasons for rebranding is to completely change which market and audience your company is targeting. If you’re known for making, say, electronic toys for children, your brand name might struggle to sell other things if that market starts to decline. It can create a lot of confusion.

People might disagree on a lot of things these days, but there is one place of common ground that everyone has at some level. No oneto go through changing circumstances because change creates uncertainty. Sometimes the reasons are due to expansion, for good reasons, and also for not so good reasons, such as solving an image problem by finding a new name.

When it comes to financing, a name change is not a good idea and should be avoided. If your name no longer suits you then a rebrand can be a very positive move but it should be carefully planned. A few years back the royal mail in the UK changed to Insignia at a very high cost and they eventually just changed it back. So pros: refresh can gain new exposure and allow new market entry. Also, hiring new people who fit in better with longer term strategy helps way too much.

This acts as a big change for an organization. In any case, it’s a risky endeavor. I would like to share the pros and cons of rebranding, after having moved Ben-Lang. For me, rebranding meant essentially, a new name , purpose, look and feel for my blog.

New name Firstly, coming up with. Gives the business a personal touch by associating it with the name of the owner. Limits the potential for future expansion into sewing services, craft supplies, etc. Confusion over the cultural connections to the name.

Marriage, divorce, family issues — needing to legally switch the name of your business adds a whole new complicated layer to the already headache-worthy process of changing your name personally. It could limit your growth. The personal connection that comes along with naming your business after yourself is a great thing. Re-branding can create excitement and anticipation about your improved product or business.

Cons - Those loyal consumers will wonder if your company is under new management, and may worry that your company is unstable. Consumers who are moderately aware of your brand may not make the connection, and think you are a new brand entirely. Change is refreshing.

Over the years I subbed out screen printing but last year moved to a bigger shop and added a press. A change in business structure often means that you want to re-organise the governance structure of your business. Usually, you do this to be more profitable, improve processes and adapt to the changing needs of your business. A business structure is often the first change you make when your business grows. Rebranding is hard.

However, there may come a time when it is financially or professionally beneficial to consider limited company formation. Pros and cons of the sole trader structure. Commercial retail locations are available in many different forms, and each one has its advantage and disadvantages.

There are many factors that impact choosing a location, and selecting the right one will depend on your business , budget, and community.