Managing a business involves several responsibilities. As a business owner, you might notice you are regularly working with other departments such as accounts, marketing, customer service, and more. Proper collaboration between the departments greatly improves your production line, leading to increased sales and revenue. However, there’s one sector that most business owners need to remember. The security of your company, and no, it’s not about alarm systems and other safety measures.
As you start a business, it’s your goal that it’ll become a successful and valuable asset in the future, and one of the best ways to protect it is by registering your trademarks. Many aspects of your business can be protected by trademarking services, safeguarding the uniqueness of your brand.
The following article outlines what you need to know about trademark registration. You will learn what a trademark is, how it might benefit your business, and more.
What’s A Trademark?
A trademark refers to a unique and recognizable word, slogan, insignia, logo, or phrase that identifies your goods and services and differentiates your business from your rivals. In other words, when the target audience sees your trademark (logo or name), they’ll associate it with your brand. Hence, it will be easier to distinguish your business from competitors, increasing chances of conversions and boosting revenue.
When you register a trademark, you will acquire the legal rights to own it, and you can utilize it to boost your profit margin. However, registering a trademark can be daunting, especially if you’re a newbie. First, you must conduct a comprehensive search and analysis to get a registrable trademark.
Follow all the set requirements and steps when applying for a trademark, guaranteeing a successful process. Once you have a registered trademark, you can use it to your advantage and maintain an upper hand in your chosen industry. However, you can utilize the available trademark services to simplify the registration process, saving you considerable time and money.
How Can Trademark Registration Benefit Your Business
The following are ways how trademark registration can benefit your business. They include:
- Attract And Retain Strong Talent
As a business owner, it’s important to understand that getting a strong talent can be challenging and costly. It might be hard to acquire the much-needed group of talents, especially if you’re a startup, affecting your expansion efforts.
However, if you register your trademark, it might be easier to maintain a positive reputation. This is because you’ll be saved from legal issues in the future. Strong talents are inclined to work with you if a business maintains a good public image. Additionally, it’ll be easier to retain the workforce for the longest time possible, saving you from costly turnover processes.
On the other hand, not registering your trademark may expose you to legal issues. This may destroy your public image and increase the chances of downtime, making it hard to attract strong talent. You’ll have costly recruitment and training if you’re always changing your workforce.
- Nationwide Priority
This is another benefit of trademark registration. Some businesses have operated for several years and developed a positive reputation, and in the process, they create a form of trademark protection through common law rights. However, it’s important to understand that this trademark protection only applies to the local market. Hence, if you try to expand your business to other markets, you might come across a similar but already registered mark. In such a scenario, you risk legal action taken against you, which might cost you money and destroy your public image.
However, by registering your trademark, you’ll gain legal priority nationwide. Hence, it’ll be easier to explore new markets without infringing on other businesses. Additionally, it’ll be easier to take legal action against a business copying your registered trademark. Thus, you’ll use the mark to your advantage, regardless of the location, maintaining the competitive advantage.
- Attract Investors
Most business owners aim to have a production line that’ll expand in the future. But this goal will require a considerable amount of money. If you don’t have that money to invest in your business, you might be forced to invite investors to fund the expansion. However, it’s important to understand that attracting investors is challenging and can be harder if you have unregistered trademarks. If you have unregistered trademarks, you might compromise your competitive advantage and reputation, reducing the business growth rate.
However, registered trademarks create a sense of security. It’ll be easier to boost and maintain your competitive advantage, eventually helping the growth of your business. It’ll be easier for investors to fund your business as they’re sure it won’t be affected by trademark infringement.
- Asset Creation
Trademark is a type of intellectual property (IP). Registering it will become one of the company’s greatest assets, improving the value of your business. A registered trademark can be sold, franchised, or contracted, increasing your income channels.
Once it has become an asset, you can use it to your advantage. The target audience will create a connection with your trademark such that when they see your mark, they associate it with your brand. This might be more beneficial if you want to diversify your products or services.
- Utilize Online Sales Platforms
Technological advancement has revolutionized how customers interact and engage with brands. In the modern era, customers are utilizing e-commerce technology to shop from the comfort of their homes.
However, such online sites also pose the risk of copycats and knock-offs. It’s easier for a brand to copy your products or services, which might destroy your reputation in the long run. Registering your trademark will make it easier for customers to distinguish your online brands from other copycats, increasing your revenue.
As mentioned above, registering a trademark may play a huge role in protecting the uniqueness of your brand and increasing revenue. However, the process of registering a trademark can be overwhelming, especially for a newbie. For this reason, it’s important to ensure you’re equipped with the necessary know-how to simplify the process.