After lots of hard work, you have developed a product you are proud of and one you can grow your business around. However, if you have not thought about filing for a trademark for your product, here are 5 reasons why you may want to choose this route.
You put in a lot of effort and extremely long hours to come up with a product you can be proud of. Therefore, you should not let other people, especially competitors in your industry, swoop in and use if after it was you that put in the hard work.
Filing for a trademark for your product will provide an almost immediate reward for the work you have done. In doing so, you are the only one able to use the work that you have created. This will force other parties to put the work in to develop something unique or face the consequences of using yours without permission.
2. Protection from others
You put the time in to come up with a product you can build your brand around, something that allows you to stand out from others in your industry. This has probably cost you some money and man-hours and as a result you want to protect your investment as best you can.
Trademarking your product is a great way to protect it from those looking to ride your coattails and use it to their advantage. When you file a trademark, you are placing a barrier between you and the parties that may wish to use your product. In doing so, you are making it harder, if not impossible for anyone to use or imitate it for their intents and purposes.
3. Avoid a bad reputation
Your reputation is important. You need to have a good one that people can trust. Otherwise, they will not have faith in your products and services as well as your ability to meet their needs.
The product you develop aids in developing your brand. This is because people will attribute it to your reputation. When other parties use your product for their own objectives and subsequently sustain a poor image and give bad customer service, people may relate this to your company instead. As a result, your company will suffer greatly. Filing a trademark will deter less reputable companies from attempting to use your product.
4. Protect yourself
Even though your intentions were good, you may develop a product that is too similar to that of other companies. In doing so, you would be putting yourself in a position to be sued for copyright infringement, costing you a fortune in compensation and legal fees.
Part of the trademark process is researching other products and comparing the one you have made to them. As a result, you are provided with the opportunity to see if your product has already been designed or if it is too similar to ones that have already been copyrighted. Doing so will prevent you from trademarking a product that will cause you to face legal action later on.
It is perfectly understandable to develop a product and want to be the only one to use it. However, there may come a time where you are approached by parties who want to use your product.
Filing a trademark gives you the ownership of the product you have developed but gives you full authority to provide permission for others to use it for their purposes. If you decide to do this, you can benefit from royalties that these parties need to pay you in exchange for being able to use what you have developed. As a result, you will be provided with extra revenue to use for personal purposes or to grow your business.