Listen to episode 210 now
We’re talking about trademarks. They are an incredible part of your business. Here are the five things you need to consider before having your trademark registered.
Have a unique name
You have to make sure the name of your business is really unique. To do that, you have to do multiple searches to ensure someone else hasn’t already claimed that name. If your name is unique and it has value, trademark it!
Protect the brand
You’ve spent a lot of money developing your brand. You have to protect it! This becomes especially important when you’re getting ready to sell the business. A trademarked brand seriously increases your value!
Getting ready for a franchise
When you sell a franchise to someone else, you’re selling your brand and your system. And your brand really is your registered trademark. And when people are buying franchises, think of McDonald’s and KFC, they’re buying the brand. We’ve had cases in the past where people have decided to franchise but haven’t been able to register their trademark. It cost them a lot of money!
Getting ready for a sale
If you’re wanting to exit is by selling to another company. So in any sale, the prospective purchaser is going to be looking into how you operate. One of the first things they will look for is whether or not there’s a registered trademark.
There are a lot of brands out there and copying them is pretty easy. Some people just have no filter and no ability to actually stop themselves from stealing other people’s good ideas.
More about this Show
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.