When it comes to business and trademarking, many would agree with the fact that they are simply clueless. Unfortunately, this fact rarely affects big companies as to them trademarking a new product is second nature. Small business, however, is a different case as many assume because their company is registered then it is trademarked, a fact that they realize that isn’t correct way too late. Brought to you by trademarks australia!
What exactly is trademarking
To trademark your business and get the proper coverage for it, you first have to understand what it is. In a nut shell, trademarking is the protection of intellectual property. Simply put this is ensuring that someone else does not steal your business idea and pass it off as their own; not only does it solely become your idea and able to defend it from the rival business but you can create a sustainable commercial advantage.
Risks of delayed trademarking
As stated earlier many people who own small businesses assume that registration of domain name or business name equates to trademarking. This is not the case; to do this certain steps to ensure that you are not copying another person’s idea is necessary. In registering your trademark, you are taking up exclusivity and thus promise to produce good quality products and offer accountability. Ideally, if another business does infringe on your rights and you haven’t trademarked your product, the result could be lengthy and expensive court process with the possibility of you being forced to rebrand product very high.
With successful business comes strong rivals and counterfeits, unfortunately. When you get to trademark your business, you protect your business from misinterpretation, misrepresentation and bad reputation of a fake product and thus can sue for compensation if it occurs. Trademark registration also ensures that a competitor does not sue you for infringement of rights due to the similarity of products that cause extensive litigation that sometimes forces you into rebranding or goods and services. What is more, you get the right to oppose applications that have similarity to yours that would otherwise threaten your brand
Low security on strongholds
Trademarked goods and services usually bring about the feeling of accountability to consumers. This feeling leads to the growth of good will that thus brings about the opportunity to expand your business. When you trademark your product, you give your business the opportunity to expand without unnecessary worry of competitors. Ideally business with the same business concept that is not registered can co-exist, but if a rival registers theirs before yours, you are legally limited to operate your business in under 20 miles radius hence the need to change name and rebrand if you want growth.
Loss of Financial incentives
Finally, you get to avoid instances where you lose out on monetary benefits. When your business grows so do a number of people, who want to use it to pass it off as theirs. Trademarking allows you to legally stop them from passing of your products as their ideas and thus not use goodwill you have accumulated as theirs. Trademarking also ensures that if others are interested in using your RTM, then you get to earn royalties under a franchise set up that allows you to grow your business