Your business logo and name are your company’s unique symbols of your brand and reputation. It’s also what consumers use to distinguish you from other businesses and your competition. And by registering a trademark you can protect your rights to your brand and prevent others from trademark infringement. If you’re currently not sure whether you should initiate the process, first check out these five reasons why registering a trademark can be beneficial to your business.
Increase Brand Trust
The purchasing decisions of consumers are highly influenced by trademarks. Your brand and image capture customer attention and build trust that leads to sales. Without a trademark, customers may not be able to find you and will struggle to distinguish you from your competitors. Plus, your brand and trademark are the first things customers will search for online when looking for your products and services. Without a trademark, you risk your competitors getting the upper hand on market share.
Own Legal Rights
In Canada when you register your trademark, you gain exclusive rights to use it for a period of 15 years, with the options for renewal afterward. Your trademark is then protected from misuse by law through legal title. And by registering your trademark with the Canadian Intellectual Property Office, there is official evidence that you own that trademark. If someone wants to dispute it, then they will have to prove they own the trademark, not you.
Avoid Trademark Infringement
You don’t want others using your company name and branding, otherwise known as trademark infringement. But it can easily happen, especially since anyone can register a domain name online. Cybersquatters are common threats to your business if you do not have a trademark. These are people who buy up domains that use the existing businesses name and then sell them back to the owner for a large sum of money. By registering your own trademark, you ensure your brand cannot be vulnerable to cybersquatters.
Own a Valuable Asset
Your trademark can be bought, sold, licensed, or even used to help you secure a loan. And as your business and reputation grow, your brand becomes more valuable. There may come a time that other businesses may even wish to purchase your brand and for a very attractive price.
Attract Employees
Employees are attracted to brands that have good reputations. You can simply improve your employee retention rate by having a recognizable trademark that people are familiar with and grow to trust.
Registering a trademark can promote branding of your business, leading to increased sales of your product and services, along with providing protection from trademark infringement. If you’re still unsure if trademarks are right for you, seek advice from your financial advisor at The Beacon Group of Assante Financial Management Ltd.
