The last place you want your business to be is in the spotlight.
That’s what a lot of people are thinking, when they look at how they are changing their name.
But according to a survey of more than 1,000 Australian businesses, that isn’t the case.
Read more”People are finding it easier to change their name if they have a small business,” says John Smith, a Melbourne-based freelance marketing consultant.
“And that’s not necessarily a bad thing.
People should feel comfortable changing their names, as long as they’re not changing the entire identity of the business.”
Smith says the survey found more than half of Australian businesses are considering changing their business names in the near future.
It’s the same story across the world, according to research from the National Institute for Business Research.
“The UK is actually doing this in the last two years,” says Adam Smith, CEO of Businesses & Entrepreneurs Australia.
“People think if they do that, the country will change, and they should really be asking themselves: ‘What’s the impact on the environment?'”
While it’s common to have a business name change, Smith says it’s not always as straightforward as you might think.
“There’s a lot going on behind the scenes, so it’s difficult to really make any decisions on a personal level,” he says.
“But I do think it’s important to recognise the value that people get out of having a small businesses name.”
So, what is a small firm name?
There are a lot more than just the usual names that you might have in your business, says Smith.
“For example, a small company is a company that can be run as a sole proprietorship,” he explains.
“A small company also means you’re a company which is a limited liability company, meaning you’re not going to be subject to any kind of other laws or regulations.”
If you’re just starting a business, you might be less worried about your business name, Smith adds.
“You can also get the business name and brand off your name as well,” he points out.
“If you have a company name that is used by your parent company, then you might need to consider whether that name will be more suitable for a new company.”
And when you’re changing your name, you’re also changing your brand, says Stephen Smith, founder of A Little Small Business Australia.
While there are no laws against changing your business’s name, there are laws against the use of trademarks, Smith points out, and you can’t just change your brand without the consent of the trademark holder.
“So if you’re trying to do that and you’re worried about the trademark law, then there’s a bit of a grey area,” he suggests.
Smith says there are a few reasons why you might want to consider changing your firm name, but not all of them are financial.
“It’s more about the perception of the brand you’re building,” he adds.
“You don’t want to be seen as trying to get people to use your name when you have to change it because you might get a backlash.”
So it’s likely that if you decide to change your business names, you’ll want to look at a few of the best alternatives.
Read the full survey on Business Insider.