When starting a business, many entrepreneurs overlook an important early step: Registering their trademark. This can protect them in a lawsuit, provide constructive notice of their ownership, and create a brand that stands out.

An increasing number of people decides to start their own business. If you belong in this category of individuals, you need to consider whether or not you need to register your logo, slogan, or company name, depending on a number of factors, especially when trying to keep start-up costs to a minimum. The cost of registering your trademark, however, pales in comparison to the losses you may incur if you do not do so.

Trademark registration increases the value of your company

Using a trademark helps you brand your business and provides a way for customers to instantly recognise your product or service. A registered trademark is an intangible asset that is valuable to your business. If you ever intend to sell the company, having a registered trademark is likely to set the sale price higher.

Better protection

Trademark registration effectively prohibits third parties from trading identical or even similar goods or services while using identical or confusingly similar branding. Is this to say that if you don’t have trademark protection, copycats have free rein to mimic and use your branding? Although this is not always the case as businesses can acquire rights to a mark simply by using it, unregistered rights do not provide nearly as much protection as registered trademarks.

What can be registered as your trademark?

In general, any combination of words, names, and/or symbols that you use to identify or distinguish the products or services you sell can be registered as a trademark. When used to identify a service (for example, ‘Alphatech’), they are referred to as service marks, but in general, the terms ‘service marks’ and ‘trademarks’ are interchangeable. In addition to the mark, other aspects of your products or services, such as product colour or packaging, may be protected.

It is wise to register your trademark in order to protect yourself from an infringement suit, to add value to your company, to alert competitors and the general public of your rights in your own brand, and to strengthen the legal protection of your mark. The cost of registering a mark is minimal when compared to the potential cost of not registering and the benefits registration will bring to your business.

Should you wish to find out more, do not hesitate to contact our team at info@paraschou.com.cy.