When we set up a business we dont think much about where it could end up, or what the potential is, until its probably too late. Building a business is like building a house, if the foundations and the structure are strong, then you would hope that it is worth more to a potential buyer.
Securing your brand with trade mark registration is one of the most important business steps to take prior to starting your business. The law defines a trade mark as a sign used to distinguish the goods and services of one trader from those of another. A trade mark can be a logo, words, device, colour and even scents, sounds and movements. Your logo or name is what makes your brand recognisable but in order to own it as an asset, you must register it. Registering your brand as a trade mark will give you right to exclude all others from using your brand for the goods or services for which it is registered. It also makes your brand an asset that can be sold, licensed or secured.
A trade mark registration is valid for 10 years renewable indefinitely. Trade mark fees are quite low in comparison to rights you gain as a trade mark owner. I don’t know about you, but securing your brand sounds like a lot more money in your pocket when it comes time to sell, licence out or franchise your business compared to someone that doesn’t have their brand effectively protected or recognisable as an asset of their business.