What Is Trademark?
There are lots of companies, especially SMEs, starting to grow their businesses but many are struggling to protect their brand name. This could lead to others trying to use similar names or logos to attract a portion of sales for their own benefit. But what if those encroaching into your territory provide poor standards of service hence affecting your brand and, subsequently, jeopardising the goodwill of your company. In order to safeguard your brand, you have to trademark the brand of your company.
” Trademark is a sign, mark or logo which distinguishes your products and services from your competitors. It can be represented graphically in the form of your company’s logo or signature. The owner of a registered trademark obtains the exclusive rights to use it. The owner can use it to protect the brand or mark and is entitled to take infringement action against any infringer. Once you have acquired the trademark, it can last as long as you renew it every ten (10) years. “
A trademark can add value to your business because it can be used to protect your market share, for licensing to a third party such as franchisee or selling it outright for a specified value. When you successfully register a trademark, you are allowed to use ® symbol next to your logo.
The benefits of Trademark registration are as follows:
To prevent other merchants from imitating your trademark which may look similar or identical to yours. And it gives you the rights to take legal action against anyone who uses your trademark without your permission.
By holding a registered trademark, it significantly increases the value of your goods or services as potential customers are likely to pay more for the reputable brand that you have built up.
With a registered trademark, more revenues can be generated by franchise, selling, licensing or renting it out to other. It is important to register your trade mark to protect your business and goodwill which you have built up over many years. By registering your trademark, you are protecting yourself from infringement claims and controlling the use of your brand by others.
