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What
are the benefits of securing trademark registration?
So you
have developed a great name for your business or product? A
great logo to represent your company? How will registering the
trademark help you and your business?
BE IN CONTROL OF YOUR NAME
♦By
registering a trademark, not only are you given exclusive ownership
rights, you also have the right to control the use of your name. If
someone else begins using it, you have the right to tell them to
stop. If someone else wants to use your name, you have the right to
license the use in a manner that suits you.
MAKE MORE MONEY
♦Following
on from above, if you choose to license the use of your name to
someone else, you can charge a fee. For example, if you chose to
franchise your business you could charge additional 'royalties' for
the use of the name and/or logo. This fee is normally
negotiated between the two parties. So, you could be generating
further income while someone else does the work.
ADD VALUE TO YOUR BUSINESS
♦A
trademark is a sellable asset, just as real estate property is. By
registering your name, corporate logo, slogan etc as a trademark
you add value to your business straight away. So, when you retire,
if you choose to sell your business (or even before hand), if the
trademark is registered you will most likely be able to sell for a
higher price.
BE PROFESSIONAL
♦Many
people realise that the ® represents a registered trademark. By
being able to use this symbol, others are deterred from 'ripping
you off', and view your business as being professional as it is
visually obvious you have followed the correct processes and you
are serious about your business.
OWN YOUR NAME EXCLUSIVELY
♦Once
your trademark is registered, you are given exclusive ownership of
that name, logo or slogan etc. A business or company name
registration DOES NOT provide you with exclusivity. It allows
you to trade with the name. Trademark registration is the
registration required to tell other people to 'cease and desist'
use of your name.
OWN IT FOR EVER
♦Once
registered, you can own your trademark indefinitely. It will not
expire unless you fail to meet the renewal obligations every ten
years. However, remember you must use your trademark. If you do not
use it in the first 3 years, another party may request it be
deregistered for non-use.
STOP PEOPLE FROM BRINGING INFRINGING PRODUCTS INTO THE COUNTRY
♦By
owning a trademark, you may make an application to customs so that
they can keep an eye out for people importing products under the
same or even a similar name, presuming their product is related to
yours. You cannot stop persons in an unrelated industry.
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