The sad truth of owning a business as a new business owner or entrepreneur is that starting businesses have a limited overhead and can be quite risky. In order to progress, your business requires a brand name and logo for it to be marketable to a larger client base.
However, with your efforts and time, your business can grow into something significantly large and allow you to amass a significant amount of profit from it. Here are four reasons why you should protect your business with a registered trademark:
Trademarks protect your property from being stolen and use by others without your knowledge and consent under law. Once you have a trademark, competitors can’t use the name without legal repercussions. This allows you to enjoy all the benefits that come with the right to exclusive use of your brand name and logo.
Much like real, physical property, trademarks can be bought, sold, borrowed, and even rented for a certain amount of time. The key thing to note here is that you can gain all these profits without having to worry about losing your brand.
Here are a few other advantages that come with registering for a trademark:
These advantages, and more, can be accessed fully and exclusively when you apply for a registration for your trademark.
Registered trademarks are granted a protection of ten years provided that you declare your intent to use them for your products and services in the industry.
The downside of being use-based is that that you can’t simply sit on this trademark. However, the good news is that as long as you keep using it and renew it regularly, you can essentially make a profit off of the brand name and logo for as long as you want – maybe even forever!
Brand loyalty is a pattern of behavior among consumers where they become committed to brands, making several instances of repeated purchases over the span of an indefinite period of time regardless of convenience or price.
What you should take away from this is that having a registered trademark for your goods and services not only allows you exclusive rights to use indefinitely, but it also means that you have a loyal customer base for your goods and services that will bring in revenue indefinitely.
Depending on your efforts, this customer base can expand. Not only will this bring more revenue for your business, but this also puts more value on the brand that can transcend the physical assets of your company. Some of the most popular examples of this are Coca-Cola and Nestle, among several other brand names that you see in the supermarket, such as Unilever and Procter and Gamble.
Brand loyalty is the first step to a successful business, but once you’ve established it, you need make an effort to maintain it. In a market that’s obsessed with discounts (especially in Singapore), keeping brand loyalty in your customer base means asking for customer feedback and taking this into account to provide for high quality goods and services.
As Singapore is a signatory of multiple conventions and global agreements with regards to the protection and encouragement of intellectual property, the Singaporean government is expected to keep up with international standards.
This means well for business owners, entrepreneurs, creators, artists, and even inventors who are looking to protect their intellectual properties, as the application process is now really simple and cheap.
The downside of applying for a trademark registration still remains: there may, and will, be a lot of paper- and legwork involved. Thankfully, all these benefits are now more accessible than ever. There are also many businesses in Singapore that specialize in offering high-quality services to make sure that you secure your brand name, and they are willing to do it for a reasonable price.
What are you waiting for? Sign up with us and access the full benefits your business brand can bring you now!