Let's go ahead and get the obvious out of the way here - changing your business name is a costly, potentially high-risk and complicated process...but! Sometimes it is also a necessary hurdle to overcome, on the road to longevity and success.

How long your business has been in operation under the one name is directly related to how disruptive the process of a change may be.

Changing a business name will affect marketing materials, both in print and online, bank accounts, websites, business cards, email addresses, domain names - the list goes on.

Some of the tips to consider are based on the legality of the changes and others are to simply ensure a smooth transition.

First establish the reason for the change. Is your name too generic? Too complicated? Too niche? There is only one wrong reason to change a name and that is unsubstantiated boredom! Make sure there is a solid, justifiable cause for the undertaking ahead.

Consider how easy / difficult it will be to rebrand. Name changing will always cause you to lose a few customers along the way, but decide if that loss will equate to greater gain in the future. Perhaps just touting "new management" under the same name could provide the desired result instead?

If a core functionality of the business has changed, modifying your moniker may be necessary.

Once you have established that a name change is the right move, run the proposed name by customers and take note of their feedback.

Conduct due diligence to make sure the name is not in use or that it is not too similar to anything else in your industry.

Remember to check on the availability of relatable domain names for website changes as well. Also check on the trademarks involved.

Make a list of key branding strategies that will accompany the roll out of the new name and reorganise the budget, as this name change is likely something that was not planned for.

At this point, consider recruiting a branding or marketing / PR specialist who can take the lead on the complicated task of reintroduction.

Always cover your legal bases. Consult with us to ensure that your structure is set up correctly and tax information is handled appropriately.

Well thought out and meticulously implemented name changes often turn positive results, but this is one area in which cutting corners will inevitably cut profits.