The Truth About Trademarks!
If you have a business then you need a trademark. That’s it. That’s the blog! haha. No but seriously, a trademark is probably one of the most important assets for your business. I recently did a blog on intellectual property which I suggest you read if you are new to trademarks and intellectual property. If you have already read it, or you are ‘seasoned’, then let’s get into the truth about trademarks!
LET’S TALK ABOUT IT
A trademark is a type of intellectual property or “mark” that identifies your business. It can be a word, symbol, phrase, or design. There are various things that can be and should be protected through a trademark.
Things that can be trademarked includes but are not limited to:
- Business names
- Business logos
- Slogans
- Phrases
- Product names
- App names
- Stage names and so much more.
Having a trademark will essentially give you both enforcement rights and bragging rights against anyone in the country. Once you register your mark, there is no one that can use your mark or anything confusingly similar to it.
You want a trademark because when building a brand and making money, you don’t want anyone to come behind you and steal everything you’ve worked hard for.
Imagine building a six-figure brand and going viral. Believe it or not, there are people known as “IP thieves” who pry on those who don’t protect their brand and all that encompasses the brand, including slogans and logos. What those people would do at that point is immediately conduct an IP search and discover that your brand is not registered. They will immediately file for a trademark using your slogan, logo, or business name, then hold it ransom for you to buy it from them. Oh and lets not forget, you have to cease using that “mark” now because you no longer own it. Basically, you snooze you lose.
I know today there are a lot of hustles going on. To some people, if a business is just a hustle then they don’t care if they have to start from scratch because someone stole their name. BUT, if you know you are working towards something and building a legacy, a timeless brand, and/or generational wealth, then protect your investment. Your investment isn’t always money. It can be time, research, personal sacrifices, and so much more. You want it to matter, so make the smart business choice.
Having a federally registered trademark will put you in a position to stop those people and ultimately have your attorney send them a cease and desist letter.
- A Cease and Desist Letter basically says, “Aht Aht. You can’t do that. It’s mine. If you don’t stop, you will have some problems, and you don’t want these problems.”
A trademark will last as long as you are using it in commerce. “Commerce” just means it is being used for goods or services. Also, as the owner of the trademark, it is your responsibility to “police” your trademark. This means it is up to you or the attorney you hire to conduct periodic searches to be sure no one is infringing on your mark. If they are, having a federally registered trademark gives you the leverage you need to put an end to their unauthorized shenanigans.
Honestly, I see so many people who want mass success but aren’t willing to do what is necessary to get there. You will need intellectual property protections, proper contracts, and a good team comprised of at least a lawyer and CPA or tax professional. Let’s make our money work for us and not the other way around. Lets do business the right way. That is truly the fastest way to the TOP!
I have heard about and seen deals fall through due to one business not having a proper business structure or having the right intellectual property protections in place. Certain partnerships, mergers, and acquisitions will require this. Those that don’t, will likely offer you less $$$ than you would have gotten, had you had these things secured. Secure the bag guys and gals. SECURE THE BAG!
That is it. That is all. Love y’all and thanks for the support.
Talk soon! Oh, and Happy Spring! 🙂
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