As a creative or service-based entrepreneur, you know that you need to register a trademark, but do you know the importance of a trademark?
Your business name is important. We all know it, that’s why we as small business owners spend countless hours, days, weeks, and even months before we finally settle on a name. We pour over websites and YouTube videos that offer suggestions to get the creative juices going. Then, finally, “eureka!” The perfect name. You can’t find it in use, the social media handles are available, and it perfectly describes your business personality. Now what? Is a trademark necessary? How important is a trademark, really? Let’s discuss the importance of a trademark and whether or not you really need one:
What is a trademark anyway?
Sometimes, this part can get a little confusing, but you’ve got this! A trademark is a word, phrase, symbol, expression, design, or insignia that identifies the source of particular products, services, or other goods. A trademark can be your business name, logo, or other branding. If you’ve named and branded your business and have begun to offer services, you already have a trademark.
A registered trademark is different. If you register your trademark, you are given certain federal protections that can be invaluable as a business owner.
Can I Get By Without Trademarking My Business?
Truthfully, many small business owners throughout the country operate without registering their brand, product, or business name. For local small businesses that don’t operate online (or plan to in the future), this may be an option.
Unfortunately, however, even if your company has been around for decades using the same business name, without registering your trademark, you are open to someone registering it first and swiping your name out from under you. So, the answer is, yes, technically you can, but do you really want to?
Unfortunately, however, even if your company has been around for decades using the same business name, without registering your trademark, you are open to someone registering it first and swiping your name out from under you. Click To Tweet
The Benefits of Registering a Trademark?
So what is the importance of registering a trademark? How can it help? Let’s discuss some of the significant benefits of registering your business, logo, or product:
Benefit #1: Once you’ve started operating your business under your name, you do have a few common law protections. However, without registering your trademark, it really comes down to who has the most proof, and it’s up to a judge to decide who gets to keep the name and who has to go back to the drawing board.
If you’ve registered your trademark, the footwork you have to do to prove yourself is much less because you’ve already done the work upfront. You are the presumed rightful owner.
Benefit #2: You’ll have protection from trademark infringement cases. By registering your trademark, you’re ensuring your business is not too similar to someone else’s registered trademark.
Infringement is a severe offense in the business world. If your unregistered business name, product, or logo is too similar to a registered trademark, you are setting yourself up for hefty fines and lawsuits. Also, you could be forced to pay the opposition’s legal fees, all of your profits, and damages.
Benefit #3: On the other hand, you also have the right to hold someone else accountable for infringing upon your business. No one can create something too similar to your registered trademark, either. You have the right to sue them for infringement.
Register Your Trademark Yourself
You don’t have to hire a high-priced business attorney to register your trademark. You can do it yourself, with a trademark class created by a knowledgeable business attorney for small business owners just like you. This trademark is easy-to-understand, i.e., hold the legal jargon, and can be completed in as little as seven days. Can your business afford to start over? You and your business deserve legal protection. Don’t put the fate of your business up to chance! Enroll in The CEO Legal Loft trademark course today.