Initially, start-ups want to invest their efforts and resources into resource allocation, productivity, and doing strategic planning for growth, so on and so forth. Among all of these, legal compliance takes the back seat on the priority list. One of the things that add value to the business is intellectual property rights. IPR is a huge umbrella that contains copyrights, trademarks, and patents. Out of which, trademark registration is something that would reap you many benefits. Safeguarding the IPR can help to maximize the profit while also protecting the brand.
Now, let us look into the 7 reasons to go after your business’s trademark registration.
1. Streamlining your marketing efforts
To have the edge over the competitors in the market, especially when it is bombarded daily with new goods and services with better accessibility of the internet and globalization, it becomes crucial to make marketing strategies accordingly. It is like a start-up is becoming a culture in the diversified world. Hence, you want something valuable that can help you to sail your ship in the market.
And you can get this from the trademark. It provides your crucial business recognition via a sui generis logo (to get the logo registration online you will have to visit the governmental portal. You have to fill the form with an attachment of documents. Once it gets approved by an official with its authenticity, you can use the logo from further onwards in your business operations), trademark, mark, or phrases such as ‘just do it.’ It connects the consumers instantly, where your trademark remains in the customers’ consciousness for a long-time.
2. Creating a Brand
Remember to take the trademark as a tool that can assist your business to obtain a distinct brand identity. Since a trademark is any mark or name, it signalizes your mark or brand name may drive some reputation. There are chances that your brand becomes the cynosure of the eyes among the users. This kind of arrangement functions best in the fashion industry, although not restricted to it. For example, showing off an Adidas logo on a t-shirt instead of any other non-identifiable mark.
3. Drive Exclusivity
As it is not feasible to reuse, submitting the existing mark or identical mark as a trademark, your registered trademark must remain exclusive. If you know anyone using it, you will have all the right to sue them legally and ask them to pay for damages. Obtaining your trademark registration is crucial to avoid any potential confusion that might come up among the customers. Your trademark exclusivity works in favour of your business, generating a market reputation where trademark becomes your identity.
4. Allowing your business to expand
When you are undergoing the process of registration, then you can use the ‘TM’ mark. And once it gets done, you can start using the ® mark, which signals that your trademark is registered. Once the whole process is complete, then your trademark is protected. Your business will have flexibility with a registered trademark, as you can expand your business from one industry to another while keeping the trademark protected. In case you are planning to sell your business, a trademark will hold some value while calculating business valuation.
5. Globalizing your brand
If you are contemplating taking your business global, then a trademark becomes a need and must. Also important is to get an import and export registration (IEC) before going global. All you have to do to get it is, submitting the relevant form with the required set of documents to the concerned ministry. Once the authorities verify it, you will get the IEC license.
Obtaining a good brand introduced on a global market has its chunk of boons and banes, mainly because you are entering a new market. Domestic traders require to do so via proceeding with the international trademark system, where acquiring the trademark in the home country is the first step. And once it is done nationally, your company can move forward into the international registration via Madrid protocol.
6. In creating a company asset
Once it carves the niche with a trademark’s brand value, you will experience the business reputation growing with enhancing brand value. Hence, when a business goes through trademark registration as a start-up, you can monetize its value in the foreseeable future, along with ensuring contravention security. Remember, that brand name has to be sui generis and meritorious for a trademark. Hence, it is advocated to do a trademark search before going for trademark registration.
7. Legal prerogatives and safeguards
Your statutory prerogative of a trademark can deliver much more than branding. You can either sell or license your trademark use to any other companies as well, which will give you a monetary benefit in return for the trademark usage. Apart from that, you will have the prerogative to sue anyone who infringes your right to ensure your brand’s exclusivity that can yield huge profits for the business. Remember that obtaining a trademark on the record is not the end of the process. You might want to gather enough proof of its usage to protect it publicly or be prepped to learn the lessons of trademark protection in a hard way.
Conclusion
Obtaining a trademark initially is like investing in a business, which would give you the desired results later. IPR provides the structure to the business to manage it efficiently. It is a distinct identity that helps in advertising, branding, and marketing efficiently. It has a tremendous impact, more than you can ever imagine. Make a strategic plan on how you will use it effectively to get a better result from it.