The value of a trade mark for small businesses.
Amongst the uncertainty as a result of the Covid-19 pandemic, small businesses were sure to take a hit of the repercussions. In the third quarter of 2020, confidence is slowly rising, however what about all the businesses which are starting up now? Or the ones which wish to rebrand? This short guide can help you assess the value of a trade mark for those circumstances.
Symbol of identity:
- The name, logo, phrase or symbol which you chose to represent your business will be a huge aid in allowing the consumer to identify your business with your offerings, whilst also enabling for the distinguishing from other, potentially similar small businesses.
- A distinctive trade mark will also enable consumers to recognise your brand in a crowded place, amongst lots of other choices. Building your brand’s reputation is a crucial aspect if you wish to expand your business in the upcoming future. Therefore, securing the correct intellectual property rights will enable for consumers to associate your company branding with your company’s reputation.
- The registering of the trade mark you wish to use should be a top priority for the first steps in your business. Until you have securely trade marked your name, logo or other, any competing business, whether in the same industry or not, can use your branding as their own. This leads to issues such as consumer confusion and no legal rights for an infringement claim. Nevertheless, it may be that the trade mark you wish to register is already in use or is awaiting decision. The best thing to do is complete a name search to see if any competing marks clash with what you wish to protect. If not, be sure to register as soon as possible.
If you have any queries regarding the above or require assistance with a trade mark, please do not hesitate to get in touch with our expert team at the Trademarkroom today.