At some point, businesses like Apple, Louis Vuitton, Pepsi, and many others were unknown. Those huge names today weren’t always what they are now. But, currently they are some of the most recognizable brand names in the world, and it’s going to cost someone else millions maybe even billions to try and imitate them.
If you’re a startup, read a trademark registration guide for entrepreneurs. It’s vital that you register for a trademark. Why? Take a look at the reasons below:
For Brand Recognition
A trademark is an asset for your company. Even if you’re still a startup, it gives you the security that your brand is yours. It distinguishes your products or services from others and acts as your claim on the name like it’s your property, and you’re telling everyone, especially your competitors, that it’s yours and they can’t steal or copy it.
A trademark is one of the things you need to have to succeed in business. When you have it, it’s easier for your customers to find you. It’s a representation of your brand, and it comes with your company’s reputation. The customers associate it with your values which could affect their decision-making when it comes to purchasing from you.
It’s An Asset
Your trademark is one of the greatest assets you can have for your company. It can increase in value over time, especially if your startup continues to grow. Use your trademark for your marketing strategies to help enhance brand recognition and attract more customers.
Once your startup gains some positive reputation, people will associate your trademark with how you run the company. You can use your trademark for the following ways:
- Expand your business into other products or services.
- License it to other companies, like in franchising.
- Acquire a business loan using the trademark.
- Sell the company when it gains more value.
Prevent Legal Issues in the Future
Securing a trademark early on in your business helps prevent future legal matters. It’s going to potentially cost you millions when another company sues you because of a trademark. You’ll also have to deal with changing everything you worked hard for like your campaigns, business cards, and website information.
The two things where you can protect your company by registering your trademark:
- Imitation of Your Name
By registering your trademark, you’re protecting your brand from people who want the same brand name as you. If you hadn’t secured your trademark, you might end up getting sued by the people who registered the trademark first. - Imitation of Your Products or Services
When you have a trademark, you own the intellectual property rights of your products and services. You’re set apart from imitations that have less value than what you originally made.
Attract More Employees
Having a trademark means you have to keep up to maintain a positive reputation. When your company has a good image, people are more attracted to work with you. Hiring can be a quick task because you’ll have a flow of applications appearing on your desk.
As a startup, you’re going to need more employees if you’re planning to expand your business. Of course, you need the budget, too, that’s why you also use the trademark to get a business loan. With more employees, you can tend to more customers which can help your business grow.
It Can Last Forever
Your trademark can last forever with only occasional renewal. There is nothing more long-term and permanent than a trademark. A lot of the most reputable brands today have been around for decades, and they’re not going away for a long time.
Here are some tips for you when you’re coming up with a brand name to trademark:
- Do your research first. Research some brand names you’re planning to use before trying to register it because it may cause your application to get denied.
- Try to think of something unique. Using words that you made up is the safest and strongest kind of trademark you can use. Because you thought of it, no one will be able to argue that you copied it from someone.
- Avoid genericide. Defend your trademark to prevent it from getting lost in common dialogue. The next worse thing after getting sued for your trademark is when your brand becomes generic like Colgate for toothpaste and Kleenex for tissues.
Final Thoughts
When you decide to start a business, you should include registering for a trademark in your priority list. It’s something that could make you a successfully well-known company or a failure that imitated a different and more successful one. Secure yours as soon as you can, so you can reap all the benefits and avoid huge financial loss in the future.