Getting a trademark is very important for a business. Unfortunately, many business owners do not take the effort to get the necessary trademarks, either because of a lack of knowledge of the benefits trademarks offer, or because they think it is a waste of money. Such assumptions are very wrong. Below, we look at four reasons why you should consider applying for a trademark.
Protection Against Infringement
The biggest benefit of a trademark is that it gives you legal protection against any infringement of your registered trademark. Once you are approved for a trademark, you have the full authority over it. You can use it on any product or a service, whether it be sold under your company or in someone else’s name. No one can use your trademark without your approval. And in case anyone is caught doing so, you can not only approach the court to stop them using your trademark but can also file a case and receive monetary compensation.
Valuable Asset
If you think that trademark filing is just an expense, then you need to brush up on your accounting skills. Once you receive a trademark, it is considered as an intangible asset under accounting standards. As such, it will be shown in the asset column of your balance sheet. And just like any other asset, the value of your trademark can increase over a period of time. As such, you can also sell it at a later date for a higher value.
Build Consumer Trust
The general consumer is far more likely to trust a product that is trademarked rather than the one which does not have a trademark. As such, if you are starting a business where there is intense competition, it is better that you trademark your identity. By doing so, you not only present your product as trustworthy but can also differentiate it from the competing products which do not have a trademark.
International Benefits
Having a trademark in India can also give you a basis for applying for the same trademark in other nations. In fact, India has already committed itself to the Paris Convention for Protection of Industrial Property. As such, you can easily apply to expand the legality of your existing trademark in countries which have signed the agreement.
So, what are you waiting for? Apply for a trademark as soon as possible and benefit from the incredible advantages they offer. But ensure that you do a proper search of the trademark before your file in an application.
And if you need help with searching it, check out services like the trademark search by QuickCompany, which offers a quick way to ascertain whether a trademark can be registered. They will do a thorough search against a huge database of more than 1.8 million companies and 2.8 million trademarks, ensuring that your trademark application will have the best chance of being approved.
Author, Freelance writer