5 reasons why trademarks are important to businesses and startups
Trademarking your Intellectual Property (IP) early is important. It is a necessity for effective branding and can help customers in distinguishing your brand from others and eliminate commercial misunderstanding. It is important that business people have an understanding of why trademarks are essential assets.
Here are five top reasons why trademarks are important to a business.
- Trademarks Create Immediate Value
Trademarks provide value beyond the primary area or activity your business focuses on. They increase in value over time as your business grows. You can use your trademark for marketing strategies to increase brand awareness and attract more customers. Trademarks can also lead the way for expansion to other products and services such as from eye ware to personal care or clothing.
Trademarks are property asset, and just like real estate that can be bought and sold, or used as collateral, they can be used to secure a loan to grow your business. Similarly, trademarks can be licensed to other companies like franchising.
- Trademarks Give Businesses A Geographic Advantage
Registering a trademark gives you the right to market and sell your products in a certain geographic area. This can either be local, statewide or nationwide. When you register your name, slogan or logo in the region, no other business can use your property assets in that region.
A good example is the Burger King company. The fast-food restaurant company cannot open restaurants within 20 miles of the original Burger King in Mattoon, Illinois fast food store that’s not related to the national giant as it has local protection.
- Trademarks Last Forever
A trademark will not expire as long as you are using it and renewing it occasionally. Some of the most recognizable brands in the world have trademarks that are over 100 years old. Pepsi-Cola, for example, was first registered in 1896 and Mercedes was registered in 1900. Other trademarks that are more than 100 years old are Pabst Blue Ribbon, Carnation Condensed Milk and Nabisco Cream of Wheat.
The good thing about trademarks is that you can trademark different types of things. These include names, numerals, devices, photographs, sounds, shapes, color combinations, graphic, and smell. Even common words can be trademarked as well.
- Trademarks Can Prevent Huge Financial Waste
Trademarking your property asset early on in your business can help prevent legal problems in the future. Trademark infringement, name imitation, product/service imitation and other legal issues relating to trademarks can potentially cost you millions in disputes and litigation. In addition, you’ll have to take time to change your brand like cards, website information, and marketing campaigns.
- Trademarks Are Cost Effective to File Through Spengler & Agans
Trademarks are a bargain to file and obtain. Spengler & Agans, for instance, charges a flat-rate trademark filing fee of $975. The lawyers thoroughly search the United States Patent and Trademark Office database, file the trademark and respond to all queries raised during the filing process.
In addition, the USPTO charges just $275 to register a trademark.
Trademarks not only offer legal protection but they also make it easy for customers to find you. This differentiates you from the competition and grows your reputation, helping your business scale heights.
