A trademark for the business can be a word, logo, slogan, or any type of design that serves as the brand identifier. The symbol for company distinguishes products of a business from the competitors in the same marketplace. According to international laws, companies can register their colors, tastes, and sounds like a trademark.
Importance of Trademark
Startup owners and business enthusiasts spend years establishing brand identity. The last thing you would ever want is someone copying your product design or logo. Business names and logos are the very first factors that trigger human memory about the products and details. Business laws urge business founders to register the trademark for company. Here are the top reasons why you need to understand the importance of trademark.
Create Immediate Value with Trademark for Business
Brand value is an important factor for business growth. Your trademark or logo is associated with every business aspect, from packaging to the product design. If competitors start copying the same brand identity, it can be fatal for your business.
If any business wants to expand its operations and production, owners need to realize the importance of the brand name. Imagine the Apple brand without the logo. Whenever customers see the Apple logo, they know the company behind the product.
Avoid Huge Financial Waste
Imagine investing millions of dollars in marketing, social media campaigns, and business websites. As the business starts growing, you receive a legal notice from another company for copying their logo. You will pay millions of dollars in order to avoid any legal penalty. You will have to update your entire network in case of a trademark laws violation. The best is to hire an attorney to search for similar logos and trademarks. With small changes, you can register a unique trademark.
Trademark lasts forever
There is a defined shelf life for intellectual properties like patents and licenses. Drug companies are allocated licenses to sell medicines for a limited time. Unlike all of these intellectual properties, the trademark is registered forever. The business life is the life of the trademark.
Trademark is Prerequisite for Banking
Businesses need financial support and loans to expand business operations. Most of the businesses won’t approve loan applications with a registered trademark. DBA or “doing business as” does not offer the same kind of legal protection as a trademark.
Brand Name Visibility with Trademark for Business
Registering a business name is a good professional practice. If another business tries to use the same concepts or names as your business, you can stop it in a legal way. Trademark is the legal way to mark your territory in the business world so that you can grow as an established brand in the marketplace.
If your competitors or other business try to copy your trademark or offer confusingly similar products, you have legal rights to protect your business. Business laws and regular local authorities offer legal assistance in case of trademark theft.