Starting a new business comes with lots of challenges when there are so many aspects to sort and organize. One of the most critical facets is designing a logo that matches the company’s mission and objectives. While taglines and slogans can change over time depending on the current marketing strategy you’re using, the logo becomes an identifying symbol for the business. It’s how customers discern the name and brand as an enduring standard for the products and services they can purchase with complete confidence. Considering the importance of this symbol, you’d want to safeguard it with trademark registration.
Understand the Value of the Trademark as an Asset
Your company brand name and logo constitute a trademark that is valuable Intellectual Property (IP) which you must protect. Savvy entrepreneurs understand the importance of trademarks in business since they can influence customers’ buying decisions. A logo is a robust communication tool that conveys the company’s reputation. Spotting the symbol evokes powerful emotions and messages associated with the products and experiences using them. Like when customers think crispy fries, juicy burgers, and a tall glass of soda each time they spot the Golden Arches of the McDonald’s brand.
Trademarks Speak a Universal Language
A great example is the Apple logo, an apple with a bite missing that symbolizes quality, high-grade performance standards, and innovation. Buyers in every corner of the globe can pick out iPads, iPhones, laptops, and other products simply by identifying the logo regardless of their native tongue: Spanish, Chinese, Swahili, and Russian. That’s the kind of impact and success you would want for your company. As a startup owner aspiring to take their company to global levels and markets, you’d plan for future success by registering the trademark.
You Avoid the Risk of Infringement
With millions of new ventures mushrooming across the globe, creating a unique logo and brand name isn’t all that easy. Applying for a trademark ensures that you don’t accidentally infringe on an existing or similar-looking symbol. Not only does your new company run the risk of plagiarism lawsuits, but you might end up using a logo that customers mistake for a competitor. Avoid this possibility by filing an application for a trademark as soon as you’re ready with a great design. You’ll contact the United States Patent and Trademark Office and pay the $275 fee to acquire complete rights to a valuable identifying mark for your company.
You Ensure Lasting Support and Customer Loyalty for Your Brand
Once you establish your trademark and earn customer loyalty and support, you’ll ensure long-term success for the company. You can release new products over time and be assured that they will be received well. Brands often capture related or unrelated markets simply by establishing confidence in the minds of their buyers. Take, for example, car manufacturer Honda that has successfully captured the lawnmower industry or high-quality chocolate and candy maker Cadbury’s foray into the instant food sphere with mashed potatoes. Let’s try another. Samsonite, the maker of high-end luggage, bags, and travel accessories, stepped into the clothing line. Even if your new range of products isn’t that successful, you can liquidate it and get an excellent ROI simply because of the brand name.
Your Trademark Could be a Source of Funding
Owning a recognizable trademark can get you funding when you’re ready to expand the business. Banks and investors are more open to funding companies that have well-known logos and brands. Licensing the trademark to third parties for a limited time can also earn you revenues. Associating with a well-known, reputable brand can prove to be a valuable marketing tool for new startups down the line. Over time, a trademark can acquire adequate value to become a standalone entity. You could also partner with other well-known brands to release new lines of products that buyers might find interesting. Nike+ (Apple & Nike), Uber & Spotify, and BMW & Louis Vuitton are great examples.
Use Your Trademark for Successful Social Media Marketing
Using trademarks on social media platforms can gain you a valuable web presence. Considering that customers use brand names to search for products and services on the internet, they are the best way to help your business stand out and be apart from the competition. Since social media platforms typically have trademark policies to prevent misuse, you can safely use these channels for marketing your new venture. Most importantly, an identifying logo can distinguish your company from others sporting similar names that may confuse customers.
Registering the trademark of your new startup is one of the first things every entrepreneur must do. Remember that simply registering the domain name is not enough; you must take ownership of the trademark, which can prove to be a valuable asset as the company grows into a recognizable name.
Need more tips for starting your business? Check out these 10 Best Online Business Ideas You Can Start On A Budget as well as the 5 Things you need to do before starting any business.