Why your business needs a trademark
A name is one of the most important parts of you. It’s your sense of identity. It’s how you are known for your whole life. Just like you, your business was given a name, and that name will serve as an identity marker for the goods and services it provides. In order to protect its identity, it needs a trademark.
Many people don’t trademark their businesses name or logo, because they feel it will cost too much time and money. However, trademarking your business name can save you a lot of time and money in the long run.
A trademark can be a word, phrase, symbol, logo, or a combination of these, that identifies a company or product while distinguishing it from others on the market. A trademark is essentially a brand for goods and services.
By doing a simple Google search, you will be able to find countless examples of businesses that lost their business or product names simply because they failed to properly register their trademark. Don’t let that be you!
Trademarks are not required by law, but they really should be, and here is WHY:
They protect your business
A registered trademark creates a legal presumption that you have a right to use your trademark and prevent others from using it. Without a registered trademark for your brand name or logo, your business is left open to potential lawsuits from companies who registered under the same name, logo, or design. Your business could be forced to alter its advertised material and brand identity, which could be detrimental. This can be a pricey and time-consuming process, so its best to ensure that you trademark your business name from the get-go! Take Starbucks for example. Everyone knows about their famous drink, the Frappucino. In 2016, a company named Coffee Culture launched a drink called the “Freddocino,” and Starbucks, immediately filed suit for trademark infringement. Because Starbucks had trademarked “Frappucino,” the court decided in their favor.
They tell others you mean business
The most famous brands have trademarks because trademarks give weight to a business name. Could you imagine if companies like Coca-Cola or Google didn’t trademark their brand?
If a business federally registers its trademark, it puts others on notice that its founders believe in the success of their business and that they have something of value. While it’s not something you want to think about, businesses should always be aware of copycats who may try to profit off their ideas. Unfortunately, the more successful you are, the more likely you are to encounter a copycat! The best thing to do is get a trademark early on and claim your business name!
They increase your businesses value
Trademarks make your business recognizable and allow people to associate your business with a name, logo, slogan, design, etc. As your brand expands over time, the value of your trademark grows with it. The larger your business gets, the greater an asset your trademark becomes. Additionally, trademarks allow your business to expand from one industry to another. They also can be licensed, as well as bought and sold. See how much value a trademark holds?
If you’re considering trademarking your business name, don’t wait any longer! An experienced attorney at Innovative Law Group can help protect your business!
