How to Successfully Change Your Business Name

There are a lot of reasons for deciding to change the name of your business. Changing your name signifies a refresh and opens up new possibilities for your business. If you’re considering changing your business name, keep reading for tips to help you get the most out of your decision.

Consider Your Budget

Changing a business name can be expensive. Fees for changing your business name range from about $20-$150, so it’s important to check with your state to see how much you need to budget for this change.

Another option is to register a DBA (“doing business as”). A DBA allows you to work under a new name without legally changing your business name. Using a DBA means that you won’t need to change your name on bank accounts or licenses, but it also means that you may lose liability protection and tax benefits.

Along with considering the above expenses, there are some hidden costs that are really important to know. Changing your name may mean redesigning your logo, website, and other marketing materials. Make sure that you consider all expenses to avoid surprise fees and keep on track.

Stay Organized

In order to successfully change your business name, organization is key. Take the time to break down your decision-making process and outline your goals. This can be very overwhelming, so here’s a downloadable a checklist to help you get started.

Strategize Your Name

When changing your business name, it is important to really consider what you want to communicate with this change. Keep it simple, positive, and unique. Take another look at your goals and think about how your new name can help you achieve them.

Make sure to do your research into competitors to determine how you can make your business stand out. Your new name should be easy to pronounce and communicate what makes your business different than its competitors.

Communicate the Change

Now that you’ve done all the hard work of changing your business name, it’s time to implement it. 

If you decided to legally change your business name, make sure that you update all licenses and permits. This needs to be done on the federal, state, or local level as necessary for each permit or license.

Next, talk to your employees. It’s important that they understand why your business is taking a new direction and support this change.

Lastly, it’s time to talk to your customers. There are many ways to make this announcement. Despite going in a new direction, you should stick to whichever form of communication that you usually use with clients, customers, and stakeholders.

Make sure that you communicate your business name change in a positive manner. Be sure to highlight its benefits to promote excitement about this decision.

When deciding to change your business name, you need to be well informed about the process. You can take this leap knowing that there are safeguards, such as small business insurance, that can help you make this change with peace of mind. Check out the infographic below for more tips to consider as you begin a new era with your business.