One fact about trademark registration is that there are many benefits to owning your trademark.
In this post, I’ll be busting the trademark myths so that you know the truth about trademark registration and how it will help your business.
1. Copycats are going to copy regardless, so trademark registration is pointless.
Yes, I totally agree with the statement that copycats are always going to copy. But with a registered trademark, you can send a cease and desist letter or file DMCA takedowns with social media companies like Facebook and Instagram.
There’s a mindset issue that arises if you don’t think it’s worth protecting your brand. Why start a business, if you’re ok with anyone copying you?If you’re willing to defend your trademark, then trademark registration will always be worth it.
There are so many benefits to registering your trademark. For example, with a registered trademark, you get national ownership rights and the presumption that you own the name if you have to go to court. Not only that, but you also have confidence that the registered symbol will deter other companies from trying to copy. Don’t get trapped into believing this trademark myth because you’ll be missing out on opportunities with investors, especially if you’re expanding.
2. Trademark registration is easy and I can do it by myself.
First, you need to know how to do a proper trademark search. Without a proper trademark search, you’re risking trademark infringement and application denial. Not only that, but a registered trademark owner can also send you a cease and desist letter, and possibly demand money from you for infringing on their trademark.Without a proper trademark search, you’re risking trademark infringement and application denial. Not only that, but a registered trademark owner can also send you a cease and desist letter, and possibly demand money from you for… Click To Tweet
The application looks easy but you also have to make sure that you’re sending in the correct specimen that meets Trademark Office standards.
Certain requirements must be met depending on whether you sell products or services. Additionally, you need to be choosing the correct class for what you sell. Doing either of these incorrectly on your application will result in a denial letter, that you’ll have to correct.
3. I need to file trademark applications for EVERYTHING in my business.
No, just no.
Unless EVERY single product in your business is making bank, then you don’t have to trademark everything. At that point, you’re wasting a lot of money. If you are a high 6 figure or million-dollar corporation, then, by all means, get your Taylor Swift or Kardashian on and trademark everything. But if not, it’s best to choose the products that are making you money.
If you have no intention of keeping the names or logos, then hold off on trademark registration.
There’s a whole lot of maintenance that you’ll have to keep up with if you file a trademark application for everything in your business. It’s admirable that you think everything you create is genius, but it’s best to be intentional about registering your trademarks.
4. I can’t afford it.
Ahhhh… the one I hear quite often when I’m talking to a potential client. This is one of the trademark myths that can be resolved with a little bit of mindset work. I believe that someone can afford what he or she wants to afford. It truly depends on what is important to you.
At the beginning of my business journey, I couldn’t “afford” a business coach, but I came up with the money. Unfortunately, I didn’t do enough research on this coach, and it was a bust. But it was something I wanted and felt I needed to progress in my business. The lesson I learned was to do more research and ask the right questions.
If your business is important to you, and you couldn’t bear changing the name or doing a rebrand, then there are a few options to look into for investing in trademark registration.
- You could use a credit card and pay it off.
- You can ask your attorney to put you on a payment plan (I offer them and most attorneys do.)
- You can budget and save for it. I’m a huge fan of Profit First. I now save for my investments so I can pay in cash and not skip a beat on paying bills.
If protecting your business name, logo, courses, and whatever else is important to you, then you’ll find a way to get the money for it. Don’t go in blindly and make sure you ask the right questions. You’ll find a list of the questions to ask in The CEO Legal Kit.
And remember, trademark registration is an investment that will grow in value. It’s the long game, not the short one when registering.
Now that I’ve debunked these trademark myths, you can make a better decision on registering your trademark. Make sure you grab the step by step trademark process roadmap below. This roadmap discusses what to expect when going through the trademark registration process.