When you think of business assets, you may be thinking in terms of cash, accounts receivables, inventory, equipment, and PPE (property, plant, and equipment). If you have not considered your brand as an asset, it is time to change your mindset. A trademark is a valuable asset that helps your business grow through brand recognition and can significantly increase the value of your business in the event of a sale of the business.
Here are 5 advantages of registering your trademark:
- Exclusivity – A federal trademark allows you to operate your business exclusively under that brand name nationally, preventing any other company from using that trademark, or anything confusingly similar to that mark, if they have began using it after you. It is a powerful tool that can protect your rights if another company is infringing on it.
- Creates brand identity & recognition – One of the most powerful marketing aspects of a trademark is to be able to send a message on the attributes, reputation, products, and culture of your business without saying a word. This translates to any language without barriers. Just think of the “Swoosh” or the “Golden Arches”. This kind of recognition leads to you trademark being easily remembered. In today’s marketplace, this leads to higher traffic which improves your ranking and ultimately leads to more customers.
- Makes your business attractive to potential employees – When you think of trademarked brands that come to mind immediately, they usually come with positive vibes. This in turn promotes peoples’ desire to want to work with that business, which can also lead to higher employee retention.
- Cost effective – For as little as $350 you can register a trademark. Maintenance of a trademark registration is similarly cost-efficient and is only required once at the 5 year mark and then every 10 years from the date of registration.
- No Expiration – As long as you continue to use your trademark in U.S. commerce, your trademark never expires. Can you imagine that Coca-Cola was trademarked in 1896?
In summary, trademarking your brand provides your business with an essential asset and provides it with opportunities to enhance its marketing. Taking that all into account, it is important that you do your due diligence to ensure that you are not infringing on another individual’s or business’ trademark. If you are interested in registering your trademark, we can help and answer any questions you may have regarding the process. Call our offices for a consultation.