Do you want to initiate a new business soon but wonder what to name it? The latter part takes considerable mind space and time to figure out the best choice. But automated or customized suggestions offered by specific tools or platforms have made your job easy. A well-conceptualized site can even check your options against the existing names to help you avoid spending unnecessary energy on this. Hence, if you have an idea and want to give it a proper form, start with finding a name. Focus on the niche, business style, and more to understand what suits the personality of your company’s product and services.
A trustworthy business name creator can surely help. However, this doesn’t imply you have done your job. You have to think about the trademark issue next.
- Insights about trademark
You can apply for a trademark for a selected company or business name to prevent others from taking advantage of it. Remember, generic or descriptive words may not be trademarkable.
Simultaneously, you should ensure that no one else uses the exact name or has applied for it. You can get this information from USPTO’s electronic search mechanism for trademarks. Trademark Electronic Search System (TESS) requires some familiarity for easy navigation. So, get some knowledge about it. If your business name is brandable and there is no other obstacle, apply for a trademark. The application can get accepted or rejected. Multiple factors can lead to the rejection of an application, such as an incorrect filing process and ignorance about the significance of trademark symbols like TM, R, etc. Hence, stay prepared.
- Cost of trademarking a business name
The United States Patent Trademark Office (USPTO) helps you with this process, allowing you to protect your online property from competitors, who can try to use a similar name to eat into your growth. Approval of the application will enable you to use the R symbol in front of the business name. Nevertheless, the process involves a cost. Factors like how many trademark applications you make and the number and types of products and services that need registration may affect the pricing. You may have to spend anywhere from USD$250 to USD$750 if you use USPTO services.
Generally, one application allows only one request submission for a trademark. If you use an electronic system for this purpose, you must pay USD$250 – USD$ 350 per filing. The paper-based approach can cost as much as USD$ 750. Remember, none of these application charges are refundable. Plus, there will be a renewal cost after the trademark’s expiry. The electronic method can feel cost-effective as you pay USD 300 compared to a paper application, which can cost around USD 500. Some experts opine that one must keep a buffer of USD$600 – 3,000 to cover additional expenses in this area. Many things can go wrong in this stage because of inadequate knowledge. Avoid these risks by upgrading your understanding of the trademark system. Plus, it’s a critical step for your business’s survival and protection. That’s why you cannot take any chance here.