Should I rename my family business?

Discussion in 'Growing and Managing a Business' started by vincentjl, Nov 13, 2011.

  1. vincentjl

    vincentjl
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    Hello. I have a family architectural drafting business that I am trying to revamp, prepare & hopefully go bigger for when the economy improves. My biggest questions right now are,
    1. Should I change the business name from our first and last name to something more...professional (Something like) Green Tree Drafting & design for example?
    2. Does having a Hispanic surname (as a business name) "turn off" potential customers? I hate to say it but some customers may consciously or subconsciously equate Hispanic with low quality.
    Although we do have a great reputation and 40 years experience using our Hispanic surname as the business name.
    Yet, changing our name may be a good reason to contact old customers to announce and promote our new, non-surname business name. Thanks!
     
  2. Shahrier

    Shahrier
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    Can you inform me of your current name?
     
  3. band

    band
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    Why Samsung maintain simple logo instead of change to a more professional logo?
     
  4. vincentjl

    vincentjl
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    vince lopez design.
     
  5. luch

    luch
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    If your company has already established a good reputation in your industry, then maintaining your business family's business name may work to your advantage. On the other hand, if it hasnt really made a dent into your industry, you'd have less to lose when you re-brand your family's business.
     
  6. mvh

    mvh
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    Hi Vincentjl, as luch said, if the business already has a good reputation associated with the name; then don't change it. Otherwise, if want to change it, there are many articles (on the web) on how to choice good names/logo/color schemes. They are mostly guidelines; but here are some tips that I know of. Keep the name descriptive of the type of business that you are into, try and make the name useable in a sentence; i.e: {"Google" it}. Maybe consider moving away from the Hispanic name and more towards a common/neutral language/culture name. You can also Google "List of company name etymologies" for some interesting insights/ideas.
     
  7. PakDe

    PakDe
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    vincentjl You may consider rebrand your business , not changing its name....

    How? by Measure Your Total Market

    That is the most important thing you can do as a business owner, Silverstein says. "Many companies measure a narrow representation of what their market is." He cites for example, in targeting its soft drink, Coca-Cola measured its share of colas; meanwhile, Pepsi was watching Aquafina and buying SoBe, Gatorade and Tropicana. The real measurement for both companies is their market share of beverages, Silverstein adds. A good approach is to devote ongoing study in two arenas, within your industry and outside it. How has the market changed in your industry? Is your product or service still relevant? That's the moneymaking question.
     
  8. td2011

    td2011
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    It's probably a good idea to go with the times and trends to an extent. I think it can be very damaging for business when they seem dated and don't spend money on revamping websites.
     
  9. NewRealms

    NewRealms
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    Vincent,

    You've got some great advice here so far. The rebranding is crutial. I don't think
    your Hispanic name will take away from your future business. Does you business
    have a tag line? What do you want to specialize in?

    RICK
     
  10. vincentjl

    vincentjl
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    Thanks for the suggestions and input. I have already done quite a bit of website and logo development (using the family name), so changing everything to a new & unknown name may be making things more difficult then it needs to be. We are also well know within the community the last 10 years with my family name, and 40 years before that with my father's name, so I believe keeping the family name is best & more personable at this point. Business is extremely slow in construction (we design & draw building plans for room additions, bathroom remodels, new homes, etc.) So I'm focusing on updating the business (advertising, internet website & presence) for when the economy imroves. Thanks again.
     
  11. Shahrier

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    I suggest Vince Designs or Vince L. Designs if you think some people will not buy your product because of the name.
     

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