By , Peter Gasca
Published May 03, 2016
Rebranding -- where a business chooses a new name, symbol or design in order to develop a new identity -- is one of the most difficult and uncertain business decisions entrepreneurs face. In addition to overcoming the loyalty and nostalgia of your founders, the name and brand modification you make could potentially destroy years of accumulated brand equity.
Related: The 8 Must-Follow Rules for Rebranding Your Company (Infographic)
There is also no magic formula that tells an entrepreneur when and how to rebrand. As evidenced by a number of recent rebranding strategies that failed miserably, even large companies with the staff and resources to implement such an effort sometimes fail to get it right.
So, what is an entrepreneur to do when he or she believes it is time for a transition? Plan.
One such company that recently went through a successful rebranding is HireOwl, an online marketplace that connects businesses to talented university students who take internships and help with freelance marketing, graphic design, market research and content creation projects.
HireOwl was founded by John Lidington, a former Harvard University student who paid his way through college with freelance jobs. Upon graduation, Lidington saw a need to facilitate students' career starts; so he created a marketplace to match businesses to young talent, while allowing students to benefit from the attractive wages and flexible scheduling freelancing allows.
Although he initially named his effort HireU, Lidington quickly began to sense that the name did not fit; early this year, he set out to rebrand his company. Though initially confident in the decision, Lidington and his team were not without their concerns and doubts during the transition, which ended this past July.
"Now that our rebranding process is complete, there are many reasons we are very happy with it," explains Lidington. "Of course, our new brand better reflects our evolution and plans moving forward, but we were also happy that the immense amount of consideration and planning we put forth made the entire process very smooth and successful."
If you are considering or moving forward with renaming your own company, here is a checklist Lidington recommends that will help you make the process as smooth, efficient and budget-friendly as possible.
As you consider and plan your company's rebranding strategy, it is important that you notify your most important stakeholders, including clients, vendors and partners, of your plans to change. Send those notifications before you make the change, so they do not create any surprises for them or make their jobs any more difficult.
Related: Volkswagen Faces the Most Onerous Rebranding Challenge In History, Again
Once you have narrowed down your list:
As you bring others into the process, keep in mind that you will receive a wide variety of opinions. It helps, therefore, to consider what you're doing as more of an exclusionary exercise, so you'll find reasons you may have missed for omitting names altogether. Also, don't get bogged down trying to find the "perfect" name. Ultimately, your brand is what you make it.
As happens with any list, you'll think of other tasks and steps specific to your business and industry that need to be considered. In the end, the lesson is that rebranding can be a very effective tool for growing your business, but it should be given a great deal of consideration and planning in order to make it successful.
What other tips do you have for entrepreneurs considering a rebranding? Please share your tips with others below.
Related: Don't Brand for Now, Brand For 'Then'
https://www.foxnews.com/us/the-ultimate-rebranding-checklist-for-entrepreneurs