When a business enters any respective market, it is prone to unlimited challenges. From acquiring the right resources to getting customer attention, everything is a huge task. However, where it is vulnerable to multiple challenges, it also has uncountable opportunities waiting for it. All it has to do is dig in the right places to have hold of golden chances.
Following the idea of opportunities, a business actually gathers many assets (tangible and intangible) in order to fulfill the gap it has identified and to bring something new to the market. Some of the most important tangible assets are machinery, building, and inventory. These assets bring huge revenues to the business and allow it to meet and create market demand.
However, on the other hand, when it comes to intangible assets, the two most important elements are the business name and the logo. Carrying it forward with the benefits of a business name, the first and foremost thing is the recognition of business by people. It is that unique identity every business needs, just like humans need one to be known for who they are.
Secondly, it brings most revenues to the table and in fact, it creates value for the business to stay in the market. It also opens chances of expansion in regional and international markets because of the trust developed between the business and customers. Moreover, it brings monetary benefits upon completely or partially selling the rights at any point.
Trademarking the Business Name
With such engaging benefits, a business name is usually the asset to be targeted by competitors’ threats the most. However, there is a way to be saved from these threats and make a business sustainable by trademarking the business name. Trademarking is the process of legally registering an asset. It simply gives a business the opportunity to be unique from the rest of the competitors.
If you are wondering how to file for a trademark online, then do not worry anymore, it is a simple process. All you have to do is go to the official trademarking website of your region, check for the feasibility of your business name, and if it is unique, then fill the registration form. Nonetheless, for further clarification of the reasons on why you should trademark a business name, keep reading this article.
1. Lawful Ownership and Right
Being open to threats like competitors’ strategies is the worst thing a business has to go through. There will be competitors who will want to defame or put down your business name. You have to save the business from misery by preventing it from competitors who can claim the name to be theirs. Therefore, it is necessary to trademark the name. Trademarking will make all the rights of the business reserved to you only. You can do any legal activity such as franchising with a legal business name.
2. No Threats to Brand Value and Identity
The most important thing that makes a business a brand is the USP. Every business that claims to be a brand has a unique selling point that differentiates it from the rest of the competitors. However, in a lot of cases, a business name could be that differentiation point. Therefore, when you trademark the business name, it gives you the authentication of being a reliable and credible brand. It adds value to the brand identity and gives you the freedom to market your offered products easily.
3. Preservation of Uniqueness
Trademarking the name of your business will also make your business preserve its uniqueness. It means that no one else can ever copy or take your business name without your consent or proper sharing of rights. If any other business tries to copy your name, you have the right to file a case against them or take any legal action against them. A trademark is a sign that the name belongs only to your business.
4. Security and No Infringement Claims
Infringement means to be stuck in a legal claim over unlawful authorization of any asset that the competitor claims to be there. There are cases where a business has been running for decades without trademarking its name and some fresh business would take over the name just by getting it trademarked first. They then claim to be the rightful owners which is legally right.
However, in such cases, the previously running business has to let go of the name. Therefore, if you want to avoid any infringement claims, then trademark your business name without wasting a second.
5. Easy and Useful Expansion of Business
Any business which sees profitable growth has the urge to spread more and expand into other markets. A trademarked business name helps them do it without any issues. You have the power to move anywhere you want by using the value the name has created in the industry.