Owners of construction management companies are as knowledgeable about business as they are about steel and concrete. However, one area has always been a stumbling block: trademark protection.
Trademarks may lag behind almost every other part of construction management for many reasons. Moreover, competitors may benefit from your reputation and name if you don't trademark your assets.
What could go wrong?
During your trademark application, you'll be requested to respond to trademark office action. In this case, you have to be careful with your actions and seek a legal expert.
Even if it may be difficult, having no trademark for your company exposes you to the risk of other firms infringing on you.
However, you must also ensure that you aren't infringing on the rights of another established firm.
A patent law firm in NYC shares that this can result in serious consequences, ranging from having to stop using your established brand to having to pay damages if you are found to be willfully using an infringing name.
Investigating your intended trademark will help you feel more confident that your construction management name doesn't infringe on an existing one.
Examining existing marks can also assist you in choosing a name that is distinct and unique. The more unique and powerful a trademark, the simpler it will be to enforce and protect in the future.
Are there other benefits?
Have a great image to investors
According to The Economist's research, the brands alone account for more than 20% of the market value of the top ten most valuable brands.
Millward Brown, a market research firm, estimates that brand alone accounts for more than 30% of a company's market value.
So whether you are the only owner or report to a board of investors, brand protection in the form of a trademark registration unquestionably gives monetary worth.
Minimize cyberspace issues
Cybersquatters acquire hosting names to resell them at a substantial profit. This hazard might stall your transition to a branded domain.
Copycat domains with just slight changes to your brand name are another menace in cyberspace, and the same behavior may also be seen in the arena of social media.
The good news is that trademark registration enables you to assert your right to use the mark exclusively, thereby preventing such acts and obtaining control of your internet presence.
Create an edge in recruitment
Around 65% of the preferences and career decisions made by brilliant individuals depend on the organization's brand they are applying to.
A company's capability to attract and retain top talent depends on protecting its personality, originality, and value.
Exercise company growth
Companies that have registered their trademarks have a better chance of expanding their business.
In addition, franchising is a desirable alternative since it allows rapid worldwide development by collecting royalties for practical know-how and brand usage.
Hence, registration of your company's trademark is vitally essential to the success of your franchisees and your company's overall worth.
Discourage rebranding attempts
You might recieve a "cease and desist" letter if your opponent registers a trademark or faces infringement proceedings.
Without a recognized trademark for the brand, your only natural choice may be to rename your company, requiring you to start from scratch.
In addition to losing good brand familiarity, rebranding necessitates expensive adjustments to all promotional materials.
Therefore, the expense and work involved with rebranding are additional reasons why it's never too early to begin preserving your brand's distinctiveness by registering a trademark.
The cost of trademark registration varies by jurisdiction, but it's generally modest compared to rebranding expenses, loss of brand reputation, infringement litigation, and lost revenue.
A trademark registration typically offers protection for ten years, after which you must renew it.
The presence of an expiring trademark, on the other hand, gives you the ability to prolong this time, thus giving you lifelong protection!