Well over half of all Americans have dreams of opening their own business at some point in their lives, but choosing the best name for that business can be one of the biggest hurdles to overcome. In fact, choosing the wrong name can cost the entire success of the company, or a $180,000 over 8 months for small business rebranding. Let’s explore choosing the way for naming your business.
Some of the things that a bad business name says about your business are that you lack the self-awareness necessary to get additional opinions before choosing a name. It could also tell consumers that you lack attention to detail and your business is unaware of current cultural considerations. It also could indicate that your business either lacked the motivation or the skill necessary to get through the difficult naming process successfully.
Two of the most famous rebrands are Pete’s Super Submarines, now known as Subway; and Weight Watchers, now known as WW. Pete’s Super Submarines required a rebrand as it kept getting misunderstood as “pizza submarines”, and Weight Watchers rebranded to reflect a cultural shift toward body positivity.
Along with the cost of legal fees, such as updating trademarks, patents, and copyrights; and the cost of rebranding websites and promotional materials, rebranding can also be bad for business/customer rapport. Consumers tend to gravitate toward the familiar, and rebranding can sometimes cause them to take their business elsewhere. Learn more about naming your business in the infographic below: