Starting out, many entrepreneurs do not think about registering their intellectual property. Others think it is not worth spending the time and money. After all, whenever you start a business, money is extremely tight; whatever isn’t directly helping you keep the lights on isn’t essential, right?
Unfortunately, this line of thinking is a common mistake made by first-time business owners. Don’t be the business owner who makes this mistake. There are many reasons why registering your business’s intellectual property is essential to a sustainable enterprise.
- Registering your business’s intellectual property ensures others cannot profit from your creativity. The most common types of intellectual property protections are patents, trademarks, and copyrights. Depending on what exactly you are looking to protect, you might use one or more of these classifications. Whichever type you choose, registration means you can receive monetary damages from those who use your intellectual property without permission.
- You can exponentially grow profits. With a strong, protected brand, you have the freedom to use your business’s materials without fear of someone diluting or infringing on your intellectual property, which protects current and future profits. Another way you can see your profits soar is by licensing. In Licensing, you give others the right to use your brand in exchange for money (royalties or licensing fees, for example).
- A protected brand is an effective brand. To have an effective brand, customers need to associate your logo, slogan, and other distinctive marks with your exceptional products or services. It takes time and effort for your brand to sink in. This is nearly impossible to do when other companies are using similar marks that infringe or dilute your brand.
- The cost to register your intellectual property is often less than risking the market without registering. Are you reluctant to spend money on something without immediate, visible results? Don’t be deterred by the costs. It can be much more expensive to have a drawn-out court battle that determines who the rightful owner of your intellectual property is. You also risk having to completely start over with your branding, which is extremely expensive.
Any entrepreneur who is serious about growing and sustaining a successful company needs to thoughtfully consider any property that needs to be registered as intellectual property. Concerto Law is well-equipped to help you figure out the best options for ensuring your business and your creative assets are protected. Call our firm today to request a consultation.