Five PRO tips before changing the company's name

Do you wish to modify the name of your firm? It's definitely not a piece of cake! The process of altering a company's name entails major change. The name of a private limited company may need to be changed for a variety of reasons, such as a change in the business's aim, a change in management, rebranding, and so on. With the agreement of the shareholders and the Ministry of Corporate Affairs (MCA), a private limited company's name can be changed at any time.
Changing your company's name is rarely the first option. When you prepared your company strategy and launched it, you presumably imagined you'd keep the same name forever. But, there are situations when a new business name is the ideal option. Here are some of the most typical reasons for thinking about a new business name...
- Your company's name no longer accurately reflects its operations.
Companies evolve and develop over time. Some company names are versatile enough to withstand this expansion. Some are not. If your company has outgrown its name, it may be time to consider renaming and evolving your identity.
Nellie Akalp, entrepreneur, author, and small company specialist, explains: ‘It is natural for a firm to expand, evolve, or change direction over the course of its existence. The name you choose early on may no longer be appropriate for your company's market, operations, or brand personality.’ Not all modifications necessitate a new company name. Some, though, do.
- Your company name is not distinctive
Your company's name should be memorable. It must be distinct and support your company's overall brand identity. Generic titles like "Publication Services" or "Expert Tax Accountants" will not help you stand out from the crowd. And they're not particularly memorable. Consequently, even if you provide excellent service, well-meaning clients may misspell your name when asked for referrals. Perhaps they might not remember anything at all.
Your word-of-mouth marketing will suffer as a result. Your web marketing will suffer as a result. Customers will have a difficult time finding you if you are one of ten variations of the same generic business name. They don't want to browse through a full page of search results to locate exactly what they're looking for.
- Concerns about trademarks
There are times when more than one company has the same name. Alternatively, the names are so similar that they could be the same. When this occurs, one of those companies would almost certainly receive a cease-and-desist letter requesting that they stop using that name. And it's easy to see why: your company stands to lose a lot of money if someone else uses the same name as you.
It is critical to preserve your company's name so that you may manage the message about your brand and avoid sharing revenues with a competitor.Check out What Small Companies Need to Know About Trademarks to learn more about how to properly register and protect your business name.
- Make it simple to pronounce and spell
This should be self-explanatory. Your company must be easy to find online in the age of Google and the Internet of Things. In this sense, a business name that is easy to say and spell will be beneficial.
- Begin with your brand
Your company name should be an extension and representation of the spirit of your brand. It should represent the public image you want your company to project. Begin by considering your brand.
- What does your company do?
- What does your company stand for?
- How does your company differ from competitors?
- What is the personality of your brand? (Intriguing, solemn, formal, playful, aggressive, and warm)
- What is your unique value proposition?
Take your time and think about what your brand is right now. You were familiar with your previous brand, so you may be tempted to rush through this process. Don’t. After you've developed your new brand, come up with names that support the key elements. If a name isn't meaningfully related to your brand, remove it from the list.
Renaming your company is not only renaming; it is also re-branding. Figuring out the real brand story you want your audience to identify with your company is an important part of a successful rebranding process. Because your company name is such an important part of your brand, you must consider how your new name relates to the brand story.


