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How Can You Go About Changing The Name Of Your Business To Help You Make Money On The Internet

May 25, 2008
When you choose a name for your business it's like choosing a name for your child. You get one shot, so you'd better get it right the first time. But that's not necessarily always true. A growing business can change a name with some strategic thought.

Granted, there are justifiable reasons for a name change. Perhaps you bought a business with someone else's name and you'd like the operations' to reflect you. Maybe your operation has changed so that the current name simply misrepresents your services.

Here are some reasons to definitely change a business name to help you make money on the Internet.

Is the name too generic? It may be time to consider a name change if it is too similar to a competitors, or it doesn't get across what you offer. Write down the names of your local competitors and ponder how your name stacks up.

Do you still have low brand equity? A name change can work if your company still had low brand equity, that is, the estimated monetary value added to your brand because people know who you are.

On the other hand, if your local brand equity has grown greatly, a name change could end up costing more than it's worth. Even the smallest business brands its products with its name. It may be better to keep the old name and to say that the company is under new management.

Is the name too complicated? A foreign name, funny spelling or a word length what rivals supper-silly can seem cool early on, but your company is doing itself a disservice if people always mispronounce it or can't remember it. You could be getting lost.

Can you afford it? Changing your company name isn't cheap. You'll have to change your marketing materials, ads, logos, company stationery and so on, and make legal changes if the company is incorporated.

Keep an eye on your functions because an effective name must always mirror the primary focus of your business' activity. With that in mind, give some thought to a fresh name if what you do has changed substantially and a new name would better reflective the change.

Approach a new name change carefully. No matter how immediate or compelling a quick decision may seem, it's imperative to approach the decision of a name change as slowly as possible.

Why you are doing this is to help you to make money with your business on the Internet and if you lose all of your identity you may realize that it's not worth it. So sleep on it for awhile.
About the Author
Court is an expert on how to make money on the internet and also provides internet marketing tips.
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