Your business is growing and you’ve been hearing the buzz about registering a trademark all over entertainment blogs.
You also know people who have had their trademarks stolen and it’s something that lingers in the back of your mind. Some days you think, “That’s never going to happen to me”, and then you go in your Facebook Group and see that it happened to one of your cohorts.
In this post, we are discussing why it is so important for to register a trademark for your business’s name because many times it’s put on the back burner. There are many benefits that business owners don’t realize they receive after registration. Business owners know how important the legal aspects are, but don’t know where to start or how to grow their business.
But today, you’ll find that the sooner you file your application, the better so you can take advantage of these benefits.
1. You have ownership rights
This is THE #1 reason to register a trademark. Having ownership rights means that you actually own the name (in the case of word marks) in association with the product or service that you sell. Being the owner of a registered trademark allows you to enforce your mark against any infringers (see more about this below).
You also know that when you trademark a business name, it is officially yours and that you aren’t infringing on someone else’s mark. Building a brand on a name that belongs to someone is costly. It can result in shutting down your business, excess attorney fees to defend a lawsuit, and damages because the other party will take action if you get caught.
2. Use of the (R) symbol
The registered symbol informs everyone that your mark is registered and that you are ready to defend it against infringers. When you use the registered symbol, you are claiming rights as the owner of the trademark. The registered symbol can be used whether you’re on the principal or supplemental register.
You are only allowed to use the registered symbol after the TM Office approves your TM. If you use the registered symbol before approval then your application is in danger of denial because it is illegal to use that mark if your mark is not registered.
3. When you register your trademark, you have the ability to sue infringers in Federal Court
Once you register a trademark, it is your duty and responsibility to defend it. If you are not defending your mark, you are risking dilution. If your trademark becomes diluted, it does not have the same type of protection as it does when you first registered your trademark. In a nutshell, dilution occurs when someone uses a famous mark in a manner that blurs or tarnishes the mark. The easiest way to ensure that no is infringing on your mark is to monitor your trademarks (link).
When you decide to sue your infringers, the Federal Court presumes that you own the mark, if registered. This means that you have less to prove in court. If you win your case, then you can be awarded the following:
- Court order (injunction) that the defendant stop using the accused mark;
- An order requiring the destruction or forfeiture of infringing articles;
- Monetary relief, including defendant’s profits, any damages sustained by the plaintiff, and the costs of the action; and
- An order that the defendant, in certain cases, pay the plaintiffs’ attorneys’ fees.
4. When you register a trademark, you own a valuable asset
Trademarks are one of the most valuable assets of your business. As you continue to grow, your trademark gains value. Brands like Apple, Coca Cola, Google, and Netflix have brands valued in the BILLIONS due to the brand recognition they’ve acquired. Once your brand is earning more and more recognition, other companies are going to notice you.Trademarks are one of the most valuable assets of your business. As you continue to grow, your trademark gains value. Brands like Apple, Coca Cola, Google, and Netflix have brands valued in the BILLIONS due to the brand recognition… Click To Tweet
You can license your mark to another company to use for collaborations. A license is when you allow another company or person to use your trademark to make products or conduct services under a trademark licensing agreement.
Another way that you can use your trademark is to sell it. There are plenty of companies looking to acquire names that they love and have built their brand on, but you have the trademark. If you are no longer using the mark and have no plans on using it, you can sell and assign the mark over to that company. In the end, either of these strategies means money for your company. When you invest in your trademark, there’s many things you can do so that it earns money for you.
5. Use it for foreign trademark filing
Remember that filing your trademark in the USA only gives you exclusive rights in the 50 states of the USA. But you can file your trademark in other countries which many companies do for strategic reasons before they even file in the US, but that’s another story.
If you have your US trademark registration, you can use your US trademark registration as a basis for filing in another country. The Madrid Protocol allows you to seek registration in any of the countries that have joined the Madrid Protocol. You can file a single application, called an “international application,” with the International Bureau of the World Property Intellectual Organization (WIPO), through the USPTO.
Final thoughts on the benefits of registering a trademark for your business
There you have it, the 5 reasons that you need to register a trademark. If you have a name that you want to trademark, but aren’t sure that it’s up to par, then snag the trademark freebie below. It’s a guide that helps you understand the trademark process and mistakes to avoid when picking a name and filing an application.