When you name your children, you always want to choose something that you believe you (and they) will like for a lifetime. Thankfully, our home staging business name choice isn’t nearly as permanent. It can actually be changed at a later date relatively easily.
So if picking the right company name is holding you back from getting your home staging business started, pick something you’re reasonably happy with and go for it!
Otherwise the weeks and months will continue to tick by and you’ll be no closer to making a living doing what you love.
While we’re on the topic of “big” business decisions that aren’t permanent, did you know that you’re also not stuck with your decision to be a sole proprietorship or corporation (ie: LLC, provincially registered corporation, etc.) ? While this is an important decision too, you can change and adapt later if need be.
Now, I’m not a corporate lawyer or an accountant so make sure you consult with appropriate experts before making any of your own decisions. I’m simply sharing my personal experience in case it’s helpful to you in your own home staging business.
Changing my home staging business name and corporate structure
When I started my first business in 1989 (a marketing communications firm), I was a sole proprietor. I realized after I had to pay my taxes for the first year that my decision to “save money and not incorporate” was the single costliest mistake I made.
I saved about $1,500 at the beginning of my business by not incorporating (it probably costs less now with online services). The other reason I chose that route was because it meant I didn’t have to file two tax returns (one personal and one for my corporation ), which I assumed would be a huge pain.
But I paid an extra $30,000 in taxes in year one. Talk about “penny wise and pound foolish”!
After that, I took the same company name and changed from a sole proprietorship to a corporation (which included adding ” Inc.” to the name. I’ve been incorporated ever since, for whatever business ventures I’ve started over the years. At times I’ve even kept my same corporate name, changing the actual activities/type of business I was in.
At other times, I’ve changed the corporate name because I felt I’d grown out of it.
Six Elements Inc. started as my company that was designing and creating custom home accessories for clients. When I became a home stager, color consultant and interior redesigner Six Elements became my home staging company. I still liked the name and it still fit with my vision of the six elements which I defined as: energy, form, style, design, color and passion.
When I created the Staging Diva Training Program, I registered that as a trademark of Six Elements Inc.
In 2012, I decided to rename my corporation so my corporate name is actually now Voice of Possibility Group Inc. It’s still the same corporation. I just filed a form to change the name of it.
Staging Diva is my home staging training company, Six Elements is my home staging business and both are divisions of Voice of Possibility Group Inc.
All of this is to say that once you have your sole proprietorship, LLC or incorporated company with whatever structure or name you choose, it’s not cast in stone. There are things you can do along the way to update or amend it as your needs and ideas grow and evolve.
Please share your experiences in the comment section. Has the fear of picking the wrong name or corporate structure held you back? Have you ever changed your company name before? Was it a big deal?
Debra Gould, The Staging Diva®
President, Six Elements Home Staging and Voice of Possibility Group Inc.
Entrepreneur and marketing expert Debra Gould has reinvented her life many times—building 6-figure businesses around her passions— and she’ll teach you how to do it too! Providing inspiration and practical steps, Debra has taught, mentored and coached 7,000+ home stagers in 22 countries.