Business Basics started out as a way to educate would-be and current entrepreneurs on the basics of running a business, and has slowly morphed into a place where we can try to tackle some of the most common questions we get about the ins-and-outs of business ownership. But, after looking through a few old posts, we were surprised we hadn’t delved into a very, very important part of running a business – protecting your intellectual property! To help rectify this, here is the first post in a series looking at IP protection. This week we are going to look at the trademark.
In these tough economic times, it’s important that you carry out all necessary procedures to safeguard your business. Money may be tight but competition is rife, so you MUST keep all cards close to your chest to protect the company’s future.
There are various ways that you can keep your business secure and no we’re not talking about putting up CCTV or an iron gate. Yes, your business should have measures for physical security but today we’re discussing ways to keep your firm financially secure and here are 6 tips brought to you by the team at Real Business Rescue.
Most business owners realize that the marketing slogans, logos, and other trademarks and service marks used by their company are extremely valuable commodities. The amount of time, effort, and dollars that go into establishing these things can add up quickly and pay off huge with a brand that reaches large amounts of valuable customers.
But just like any other asset, these things need to be actively protected in order to keep that money from going to waste.
What Is a Trademark?
First, it’s important to understand exactly what you’re protecting.
Ready to start up your business in 2013? We here at MyCorporation have worked on pulling together a six step guide on how to successfully start up a business. From choosing your company name to selecting your state of incorporation and picking your entity type, we cover all of the basics, ensuring that the start-up process itself is simplified for all entrepreneurs.
As we make our way closer to the end of the alphabet of our ABC’s of small business, we’re tackling trademarks, which can be a name, design, or logo that distinguish a company and emphasize its uniqueness. Trademarks, as defined by businessdictionary.com, are distinctive instead of descriptive, affixed to the item sold, and registered with the appropriate authority to obtain legal ownership and protection rights. By federally registering your business name or company logo, you’ll receive notice to the public of your claim of ownership on that mark with an additional nationwide legal presumption of ownership, and the exclusive right to use that mark on or in connection with goods or services set in registration. And now that we’ve briefly covered the basics on what a trademark is and how federal registration of the mark works to protect your business and brand, we’re going to briefly cover the additional steps involved in trademarking – conducting a trademark search, registering the mark, and filing for a trademark watch.
This week’s letter-based-topic might seem like a stretch since, really, the subjects are trademarks and copyrights – neither of which begin with an r. But putting registered in front of those terms is not just a cop-out that a lazy writer has used to fit with a weekly theme. There are actually very important distinctions between registered and unregistered intellectual properties.
Technically, you do not have to register trademarked or copyrighted property. An unregistered trademark simply needs the little ™ symbol next to it and, voilà, the property is unofficially trademarked. You can even establish a proprietary right to the mark by using it in the market.
The same general principle is also applicable to copyrights. When the United States signed onto the Berne Convention in the late 80′s, it effectively agreed to see an author copyrighting his or her work as an automatic right. That means that, thanks to the Berne Convention, no registration is required to copyright something in the United States.
Guest post today courtesy of Kent E. Seton, founder and president of the Center for Nonprofit Creation.
If you are passionate about your nonprofit charity or business, branding your charity is an invaluable tool that can yield significant economic benefits. Some of the most well known nonprofits in the world, like United Way and the American Red Cross, are charitable entities that are just as well known as brands that do make a profit, like Coca Cola and Nike. How does a nonprofit translate into dollars and cents? Several companies, such as the American Red Cross, have brands so reputable that they license out their trademark to “for profit” enterprises. An example of this licensing in action is a seal of approval – if you go into a grocery store and see a Red Cross logo on a cosmetic item, it has been officially “certified” by the American Red Cross. Each time that product is sold, the American Red Cross earns a royalty. The American Red Cross generates a significant amount of revenue via this model.
For the second installment of our ABC’s of Business here at the MyCorp Blog. B gave us a bit of trouble – we knew we couldn’t lapse into the overtly lazy choice and just use “Business” as our B word, but we soon realized that most of the B’s we could use involve Business in some way. Business financing, Business to Business Sales, Bring Your Own Business (the new BYOB) … and while we love busy businesses, we just couldn’t be seen using the tell-tale B word for this installment. In what must have been one of the weakest eureka moments in the history of blogging, we figured out an important B that DIDN’T involve the word Business – Branding. So, for this week at least, B is for Branding. Continue reading
After starting your business and establishing your initial customers to reach out to, it may seem like there isn’t much to do except wait for the customers to come rolling in. On the contrary, this is the perfect time to start your business down the course for success! One of the most important (and easiest) ways to do this is to register for a trademark for you business name, product name, logo, or company slogan. In comparison to the number of people who open up businesses each year, not many people take advantage of this step but it can really save you in the end. The benefits of registering a trademark for your company name and/or product are twofold: protection of your business and brand recognition. Continue reading
Separating your small business from its competitors is crucial, especially in the current economy. Learning how to successfully brand your business will help you achieve this goal. However, with so many new forms of social media, creating a strategy can be difficult. Consider the following questions and answers to learn branding tips that will help you navigate the sea of online communication and effectively develop a branding strategy.