I already have my business up and running. I am getting a lot of negative response because of the business name "Dude Undies". Now its like starting over from the beginning and I have no clue on another name. Mind you I only have 1 week to either renew the name or pick another business name.
I work with clients on rebranding all the time. It's a challenging process, because it does require so much creativity. But your target market can guide you - more on that in a minute.
Since you're under a time crunch, I took a couple of minutes to look at your web site to try to understand exactly what you meant by "1 week to renew the name or pick another business name" - I realized quickly that your domain is coming up for renewal.
So the question is actually that you're not sure whether you should renew the domain name you own or buy another domain and rebrand.
Here's the deal: you should renew the domain either way. Domains are cheap, and a little research indicates that you already have sites linking in to your existing site and enough traffic that if you don't renew this domain, all of that pre-existing work will be lost entirely, and I don't think you want that. :)
Renewing the existing domain not only gives you a little "thinking space" for the rebrand, but you'll also want to redirect the DudeUndies.com domain to the new web site once the rebrand is complete, so you don't lose the relationships you've built under this brand.
Now, to turn the attention to the rebranding itself...rebranding is difficult because it requires enormous creativity - that's why companies are paid big bucks to do it for others. It's not easy. But with the right guidance, it can be done, and can be guided by a full and complete understanding of your target market.
Since you're getting a significant pushback on the branding, you know that a re-brand is necessary, and I frankly agree.
I'd be happy to talk through the process of re-branding and how I can guide you through it to get the best result. But you have more time than just one week. :) Renew the domain and then let's talk about next steps.