Starting a new business comes with plenty of inherent challenges, such as hiring, marketing, accounting and customer service, to name a few. While front of the house operations are critical, just as important is protecting your product or idea from competitors. Especially during the holidays when sales are expected to increase significantly, now is the time to secure your financial future and keep your business unique. In this article, we’ll explore how you can apply for a trademark and get your business going. Most importantly, protect your operation with a NY Business Insurance policy.
Do your research.
Before you can apply for a certain trademark, you have to ensure it’s not already in use. Otherwise, you run the risk of trademark infringement and you’ll have to change your trademark after your business is already up and running. Research the trademark registry to make sure your logo and idea are unique.
Creating a trademark for your business means that you assume national ownership of the product and brand. The sooner you apply for a trademark, the less likely you’ll face competitors. Having a trademark increases your opportunity to attract investors, secure a loan, and can diversify your options for structuring your business, such as licensing out the product or selling it in the future.
Hire an attorney.
Navigating the legal aspects of trademarks can be challenging, which is why it’s important to hire an experienced trademark lawyer. They can provide expert guidance in the research and application process. It’s money spent up front, but hiring a lawyer will minimize complications in the future.
Apply for a trademark.
Once you apply and pay the $325 filing fee, you’ll have to wait a while to get the results back. If approved, you’ll receive a trademark certificate within 8 months of filing. If rejected, you’ll receive a notice explaining why within approximately 4-5 months.
Renew and monitor.
Once you obtain your trademark, it’s time to protect it. Generally, you should renew your trademark after 5 years of operations, then every consecutive 10 years after.
According to Small Business Trends, here’s why you should monitor your trademark:
- The use of your trademark allows you to take action to prevent others from using it.
- It is your responsibility to monitor and enforce your trademark rights.
Failure to monitor can cause the complete loss of trademark rights (regardless of having federal registration).
About The Rubin Group
Based in New York, The Rubin Group provides insurance in most of the 50 states. Our full-service insurance brokerage provides insurance and risk management services to individuals in all income brackets and businesses of all sizes and types. We understand that every client has unique coverage requirements, and we are passionate about providing the ideal individualized coverage for each customer. Each member of our team takes the time to truly understand your situation, the particular risks you anticipate – and the very real risks you’ve not yet contemplated. For all of your insurance needs, contact us at The Rubin Group!