One question I get asked all the time is: Do I really need to trademark my business name, is it worth the money?
When starting an online business, choosing a unique and memorable name is REALLY important for building brand recognition and establishing your presence in the market AND it can be really tough.
How many times have you sat down with a notebook and jotted off a list of 3 amazing names only to then go to social media or google and see that oops, 3 other people ALSO thought they were pretty awesome and are already using them.
I remember when naming Destination Legal® I literally had a notebook full of 25 names and had my hopes and dreams crushed when I realized the domains were taken and/or someone was already using it in my industry.
The good news is that this is a great exercise and often can lead you to the BEST and most unique name for YOUR business.
But, it doesn’t end there. In the wild west of the online world, legally protecting your business name becomes equally important. Trademarking your business name can provide legal protection and safeguard your brand identity from potential infringement.
Is it worth the investment? (spoiler: Yes, yes it is). So let’s find out and explore the benefits of trademarking your business name so you can decide if it’s right for you.
- LEGAL PROTECTION: Trademarking your business name gives you legal protection and exclusive rights to use the name for your products or services. This is A LOT of power within your industry. A registered trademark gives you a tool to prevent others from using a similar name that may confuse customers or dilute your brand. By registering your trademark, you establish a legally enforceable claim, allowing you to take legal action against infringers and defend your brand identity.
- BRAND RECOGNITION & TRUST: A strong brand is built on consistency, trust, and recognition. Think about the brands YOU love and often buy from, I guarantee that 99% of them own their name.
Trademarking your name helps you solidify your brand identity and differentiate yourself from everyone else talking about their business and programs on Instagram. When clients see a registered trademark symbol (®) next to your name it signifies that YOU are the source of the products or services associated with that mark. This distinction enhances consumer trust and confidence in your brand, leading to increased customer loyalty which often leads to increased sales.
- VALUE & ASSET PROTECTION: Trademarks become valuable assets over time (how much did Facebook buy META for??!), especially if your business achieves success and brand recognition. A registered trademark adds value to your company, making it more attractive to potential buyers or investors if you decide to sell or seek funding. If selling your business or a part of your business is on your radar, a trademark is pretty non-negotiable.
- COST BENEFIT: While trademark registration isn’t cheap (when done correctly, please don’t try out the Zoom or other trademark factories, it isn’t worth it), the long-term benefits often outweigh the investment.
The cost of registering a trademark varies, BUT the expense of protecting your brand is way lower compared to the potential financial and reputational consequences of brand infringement or losing customers to confusion with similar names. If you decide NOT to protect your brand, somebody else could easily trademark the name and then you are looking at a major rebrand costing thousands and potentially a trademark infringement claim against you.
Are you convinced? Trademarking your business name is a strategic investment that can provide some awesome advantages for your brand. From legal protection and brand recognition to market expansion opportunities and asset protection, the benefits of trademark registration are substantial. While the decision ultimately depends on your business goals and budget, it's worth considering trademarking as a means to safeguard your brand identity, establish credibility, and secure a strong position in the marketplace.
If you’re ready to take that step, we would love to help you! Head over HERE to learn more about our full-service trademark package.