If you are a business owner – or considering starting a business – trademarks are an important consideration. While they may seem secondary, they are an essential part of the business because it helps your competitors from profiting off of you while ensuring your best chance of success.
What is a trademark?
A trademark is essentially your brand – a word, name or symbol that uniquely identifies your business. It is a type of intellectual property that symbolizes your business’ identity. Registering your business name for a trademark is different from trademarking your logo. You’ll want to register both your name and logo separately to maximize your protection.
Why is having one important?
Protection for Your Business: Registering your logo will prevent another business from utilizing your branding. If someone does, having that registered trademark will offer you added protection, making it easier for you to take legal action. Additionally, if you register with both the state of Arizona and federal entities, you’ll have protection on multiple levels.
The Potential Cost: If you inadvertently infringe on someone else’s name or logo, you may have to rename your company. This means reprinting everything with your logo on it – such as stationery, signage, and collateral materials. Not to mention, the customers you might lose if you have to change your business name. To top it off, you could also have to give up profits earned from the unregistered mark and/or pay damages and fines. To put it simply, the cost you’ll pay to fix the infringement far outweighs the cost of the trademark.
Your Business Value Increases: A registered trademark is considered an intangible asset for your company. If you decide to sell in the future, having your logo registered could increase the overall value of your company.
As you can see, there are major benefits to getting your logo trademarked – and doing it right away. If you have questions about this or other business planning strategies that can set you up for success, we encourage you to set up a Business Strategy Session with us. We know starting a business can be overwhelming, but you don’t have to do it alone. We have vast experience with the strategies that will help you become successful.