Acquiring a trademark is an easy way of protecting your business from the competition. A successful trademark application will also increase the sale value of your business. This is because a successful trademark application acts as an effective asset-protection tool that potential buyers or investors can take advantage of. The following are trademark tips that will come in handy in helping you get the most out of your trademark.
Be aware of common law trademarking rights
When choosing a trademark, it is important to ensure that you do a comprehensive search. This includes scouring the official database archives, using trademark online tools to make searches, checking industry publications, and even going through domain search engines.
Unfortunately, this is sometimes not enough to ensure that the trademark that you settle on can't be challenged in future. This is so mainly because it is possible for one to gain trademark rights under common law, especially if they have been using it for a long period of time.
Going after a trademark whose effect can be limited by common law rights will diminish the value of the trademark. It can even make it possible for your trademark to be challenged. There is also the fact that you may have to spend time and money on litigation. You may have to invest in re-branding, especially if the owner of the common law rights is in a related industry.
Don't ignore online properties
Domain names are usually dished out on a first-come-first-serve basis. If you settle on a trademark, make sure that you secure domain names that are related to the trademark. This will reduce brand dilution that may occur when related domain names contain misleading information.
There is also the fact that once someone else acquires the domain name before you do, you may have to spend a lot of money to get the name back. The additional costs of making such an acquisition can be avoided by simply securing domain names that are related to your name as soon as you decide to make a trademark application. Doing this will come in handy when negotiating with potential investors or buyers simply because you will be providing them with superior trademark control — both online and offline.
Taking the above steps will boost the effect that your trademark will have on your small business's brand. It will make it easier when it comes to defending your trademark and improve your negotiating position when seeking an investment.