There are many important business assets for an entity out of which one is intellectual property. Intellectual properties are of many types but today in the present blog we are going to discuss trademarks. It is because trademarks are one of the most important intellectual properties for a business in the market. They help the business to create a brand in the market among the competitors. They help the businesses or we can say entities in building a strong business foundation. It is important to build a strong business foundation because the market is highly competitive these days and if your business is not having a strong business foundation it will definitely lose in the market. As trademarks help in building a strong business foundation, you must protect them.
What do you Mean by the Strong Business Foundation?
Many people don’t even understand the meaning of the strong business foundation although they are in the business industry. As it is really important for your business you must know about it in detail. Here we are going to discuss it from the perspective of the trademarks but there are many other aspects of building a strong business foundation. Under strong business foundation following things will come:
- Proper management of the business
- Keeping proper records of the business and its related transactions
- Must provide security to the assets of the business which includes its intellectual properties
- Must have a reliable team of employees
- Set a good working environment so that people can work with the organization in long run
- Make sure your business companies both the financial and legal are up to date and maintained
- Maintain the proper bookkeeping and accounting of the business
- Financial health of the business must be strong
- Your business relationships must be maintained
Why are Trademarks Important for a Business?
There are many reasons due to which trademark registration is important for the business and out of which one is that they help in building a strong business foundation. Trademarks are a big helping hand to build a strong business foundation that helps the business to grow and develop in the market. They help in building brand which is a key aspect of building a firm and strong business foundation and this is how trademarks are important for a business. It’s not like without a trademark your business cannot grow but somehow it will remain behind those businesses who are having trademarks as an important asset.
Importance of Strong Business Foundation
Some of the key points regarding importance of building a strong business foundation are given below:
- It will increase your business durability and stability in the market among the various competitors
- Helps in the mitigation of the risk which will saves your business against the odd times
- It ensures that your business’s financial health will be transparent and good so that your business can attract customers as well as investors
- Operational efficiency will come automatically once you start focusing on building a strong business foundation
- Adaptability to changes according to the need of the ,market is also important for the business which comes after the strong business foundation
- Make sure your business’s legal and regulatory compliances are up to date because they are the key aspect of the strong business foundation
- Creates brand reputation in the market, which will again helpful in attracting customers as well as investors for your business and trust us both are important for your business
- Aids in the strategic planning of the entity and its business
- Talent attention will be on your business and after that they will retain it with your organization that helps in the growth and development of your business.
- Business will get the confidence of the stakeholders as well as investors
- Long term sustainability in the market is possible after building a strong business foundation
Why to do Trademark Registration?
Because of the following reasons you must do trademark registration:
- It will provide legal protection for your business trademarks
- Gives exclusive rights over the trademark
- Brand identity and recognition comes with the registration of the trademark
- Market differentiation is possible due to this
- It will help in building a strong business foundation
- Trademarks which are registered works as an intangible assets for your business
- Helps in getting global protection of your business identity as well as trademarks
- Helps in getting consumer trust as well as confidence
- Provides protection against the infringement of the trademark
- It helps in the preservation of the goodwill of the business
- Legal disputes can be avoided after getting this registration
- Will work as a evidence in the court of law
- Through registered trademark one can earn money by licensing the same
Process of Registration of the Trademarks
Follow the steps given below in order to register your trademark in India:
- Collect all the required documents before starting the registration procedure
- Prepare the registration application carefully
- Attach all the required documents with the application
- Check the application twice after completing it
- Now on this stage you are ready to submit the application
- Pay the required fees and submit the application for the registration of the trademark
- Now the competent authorities will scrutinize the application and if find everything correct your application will be published
- If no objection has been raised then your application will get the registered certificate and your mark, sign, symbol or logo will registered as a trademark
Why to Choose and Register a Strong Trademark?
Building a strong business foundation is not easy. It takes a lot of hard work as well as smarkwork simultaneously. Every business owner in the market is doing hard work in order to survive in the market but very few are doing smartwork simultaneously. Choosing and registering a strong trademark is necessary in order to build a strong business foundation. Hence before registering your trademark make sure it is strong and different. It will add extra value in your business which will help in building a strong and firm business foundation.
Trademark Infringement Risks and Consequences
Some of the common risks and consequences of the trademark infringement are discussed below:
- Legal action may be taken against the one who infringes the trademark
- Cease and desist order can be sent by the actual trademark owner
- Reputation of the business got harmed
- Infringer may have to pay heavy fines and penalties
- Injunction order may be passed against the use of the trademark
- Financial penalties may result into the loss of profit of your business
- Brand dilution is another possibility of the infringement of the trademark
- Legal battles will attract negative publicity which is harmful for your business
- Product recall or business closure is also possible
- Once everything is shorted rebranding cost will be there which is another financial loss
- Loss of customer trust will hard the revenue of the business
- Reliability and credibility of the business got hamper
- It will become difficult to protect such a trademark internationally.
Conclusion
In order to make your brand popular and business successful in the market it is really important to protect its intellectual properties. Trademark protection is also a part of the protection of the intellectual properties of the business. In order to make your business strong in the market place you need to build a strong business foundation. Building a strong business foundation is not child play. It is definitely a herculean task. In order to protect your business you need to do many things out of which registration of trademark is just one. Also remember that, according to you, a trademark may be a small part of your business, but when you enter the business world then you will realize how strong business trademarks are and what’s their role in building a strong business foundation. Hence in order to make your business entity strong and long run in the market make sure you will take care of every pretty thing that will help in building a strong business foundation.
