10 Reasons You Should Trademark Your Business Name
Contributed by Alli Elmunzer, Founder & CEO of Influencer Legal
You probably know what a trademark is.
Maybe you’ve thought about getting one, but you’re not sure if you need it, or you’ve just put it off to focus on other things.
The most common question I hear from women business owners is, "Why do I need a trademark, and how does it help me?" This is a good question because trademarks are serious business. It's not only a significant financial investment (especially when you work with an attorney) but it’s also a serious commitment on behalf of your business.
Filing a trademark is a long-term commitment to your business. If you're going to file a trademark (which takes 8-18 months), you're putting a stake in the ground as a visionary leader, claiming to yourself and the world that you're "in it to win it" (not just "playing CEO").
Registered trademarks have the obvious benefits of "no one else can use my name," but there are also many other advantages of trademark registration that you might not even realize.
CHECK OUT MY TOP 10 benefits to registering your trademark:
Exclusive
rights to use
your trademark
This is the one everyone knows about, and it’s also arguably the most important. Having a registered trademark means no one else can use the same name or even a name similar to yours when selling something in the same class of goods. This is an amazing asset for your business because the blood, sweat, and tears you put into building your business will ultimately be protected.
2. Social
Media rights
The problem with social media handles is that anyone can get any name, as long as it was available at the time - including your business name. There is nothing more frustrating than having your business name associated with some random account that is inactive or completely unrelated to your business. The good news is, most of these social media sites have procedures in place to stop name infringement and will make the person who owns the account under your name stop using it. However, as you might have guessed by now, they will ask for your registered trademark number that is filed with the USPTO.
3. Avoid infringing
on someone else's trademark
Part of the trademark process will include an extensive search before you file your application to ensure you aren't infringing on someone else's trademark. There's nothing worse than spending time, money, and effort building your brand only to learn that you're infringing on someone else's trademark and you have to change your name.
4. The burden of proof to show first use isn’t on you
In the US, we give rights to people and companies that were using the name first, not to the person who actually filed for the registration first. Kind of crazy, right? This might make you ask yourself, “So, what’s the point in even filing?” Well, here’s the point: Let’s say you have a registered trademark, but someone claims to have been using the name first. It’s their job to prove that, not yours. Trying to prove first use after someone else already has a registered trademark is an uphill battle that you don’t want to be on the other side of!
5. Prevent the import of counterfeit goods
If you sell physical goods, you know how important it is to maintain the quality and integrity of those goods. So, nothing would be more frustrating than finding out counterfeit goods are being produced and imported into the US that are a knockoff of yours. When you have a registered trademark, you can record it with the US Customs and Border Protection to stop the import of counterfeit goods.
6. Establishing foreign registration
Should you decide that you want to expand your brand and take it worldwide, having a registered trademark will help you. Having a US registered trademark can be used as evidence and leverage for obtaining a trademark internationally.
7. Use of the ® symbol
Having a registered trademark means you get to use the ® symbol in association with your goods and services. This puts others on notice that your mark is actually registered, and not to even think about copying it in any way, shape, or form. It also gives your brand authority in the eyes of consumers.
8. Brand Protection and Goodwill
A registered trademark will not only protect others from not infringing on your brand, but it also serves to protect the goodwill you have built with your community. Spending time to be known in an industry and then having to change your name is sure to cost you more than just the price of a rebrand. You have to spend time making yourself known again under your new name and brand, which is a waste of your two most precious assets: time and money.
9. Status and Exclusivity
We all like to work with brands that give us the feeling of status and exclusivity. When you proudly display the ® association with your name, you are giving customers just that. Working with a company that has invested the time and money to protect its brand implies working with a company that is reputable and cares about protecting itself in the long run.
10. Exiting or Raising Investment Money
You may not consider it now, but you never know if you might want to sell your company down the line or take on outside capital through investments. Having a registered trademark is an asset to a company looking to do either of these because intellectual property is a major part of a brand. Any investor or buyer will take a good hard look at what you actually own in your business and what can be transferred. Investors and buyers want to invest in a business that can’t be infringed upon and lose its brand or goodwill, so your trademark makes your company much more valuable.
If you’re ready to trademark your brand, or want to learn more about how I can help you protect your business, visit www.influencerlegal.co or set up a free 15-minute call.
About Alli Elmunzer
Alli Elmunzer, Esq. is an attorney, entrepreneur, and podcast host, whose mission is to legally empower entrepreneurs to protect their businesses so they can confidently grow them.
As someone who has grown multiple businesses over the past 14 years, she's successfully navigated the unpredictable world of law and entrepreneurship.
She started her first company in 2009 while working as an attorney. After successfully growing that company and subsequently launching another, she eventually started her virtual law firm Influencer Legal after seeing the profound need from other small business owners for legal guidance, education, and access.
Alli is passionate about helping entrepreneurs build successful and legally protected businesses. Listen to her podcast, the Inspired Entrepreneur, browse free resources on her blog, or follow her on Instagram, @attorneyalli, where she shares legal tips to her 11.5K+ followers.
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