5 Reasons Why Trademarks Are Important for Startups
The most important thing for a startup is its brand identity. Imagine putting in a ton of hard work, working 24/7 to establish your business, and even bringing in some business, but having to do it all over again because you didn’t register your startup for a trademark. Generally, startups are already strapped for cash, and this mistake costs fortunes.
To avoid the same fate for your startup, you must register your company’s name, logo, marketing materials, and product names with the U.S. Patent and Trademark office. Let’s look at five reasons why trademarks are important for startups.
It Creates Brand Recognition
Once your desired name is available to the trademark, you should get it registered as soon as possible so no one else can use the name. You can also use the registration symbol that distinguishes your identity and makes you stand out among other already established businesses once you have registered.
Portrays a Trusted Image for Employees to Join
Startups usually face problems attracting valuable employees because the business is not stable and has yet to build its reputation. Having a registered symbol beside your company’s name attract better qualified and valuable employees.
Moreover, whether you are in the process of hiring employees or have hired them already, you might need the resources and expand your budget. The trademark increases the chances of a startup getting a loan from the bank.
Increase Damage Claims
You might unknowingly copy another company’s trademarked name or their designs, which can lead to a lawsuit against your company and a hefty settlement amount. Having your company registered in the first place ends the chances of your company facing a lawsuit.
Moreover, if you had your company registered and someone infringes your startup, it is easier to prove who the imposter is, and you can demand hefty settlements for the damages.
Gives a Sense of Autonomy
A startup is a little fish in a pond filled with Piranhas. Not only will you expect your competitors to steal your potential clients, but you will also struggle to make yourself heard, especially if you have stepped into an already dense market. A trademark act as protection against other companies stealing your unique ideas and all sorts of blows.
No matter how trustworthy you sound, the clients feel more comfortable with trademarked startups. Therefore, the trademark gives your startup a sense of autonomy and makes your position firm in the market.
A Trademark Is for Life
Registering a trademark is a one-time process that keeps contributing to your company’s value, protects your brand, deters competitors, and provides other benefits of trademarking for life. You will only be required to renew the trademark after a defined period. If you want all that for your startup, trademark your company now with a reputable service provider.
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