Trademarks are an essential part of any business, but they can be tricky to understand. A trademark is a symbol that distinguishes a product from another product or company. Moreover, a trademark is a powerful asset and a business card to present your company to the world. In Pakistan, many types of trademarks are available to register under the Trademarks Ordinance, 2000.
In this article, you’ll learn everything you need about trademarks, including the Advantages and Disadvantages of Buying an Existing Trademark. This article is for everyone who wants to know the basics of trademarking. Purchasing a brand might occasionally be the quickest route to success. A thorough understanding of what you’re searching for, a savvy method of evaluating what is offered, and an acute sense of when to secure a deal are requirements for buying an existing brand.
Advantages And Disadvantages Of Buying An Existing Trademark
Buying a trademark is a vital part of your business. If you already have a business name, it’s wise to protect it with a trademark. You’ll need to choose a name first to start a new business. Once you’ve selected a name, you’ll need to search for the trademark. Here’s a quick guide to buying a trademark in Pakistan.
It’s crucial to consider the process’s pros and cons before you start. Patents shield inventions and creative creations are protected by copyrights, and a trademark is a little more complicated. Therefore, a company must perform trademark registration.
Pros And Cons Of Purchasing A Trademark:
Trademarks safeguard consumers’ positive associations with a supplier of goods or services. It’s not only the name or the logo; it’s also how the trademark makes you feel and how it makes it easier for consumers to figure out who makes what.
The major disadvantage of purchasing an existing trademark is that it can be challenging to locate one that already captures the impression you’re seeking to make on your target audience.
On the other hand, if you locate and successfully acquire one, you’ll immediately be able to use it against rivals. You don’t need to create a custom suit that is ideal for your company; you can purchase one off the shelf.
First, consider how crucial the trademark is to your company to achieve a suitable fit. Are you planning to establish a franchise based on the licensing of indestructible trademarks? If so, making an effort to start over and establish oneself would make sense.
However, purchasing an off-the-rack trademark might be a preferable option if you’re launching a new, speculative product that urgently has to establish market traction in a crowded market.
If you decide buying an existing trademark is the best action after assessing the benefits and drawbacks, do the following.
Learn more about company registration.
How To Buy A Registered Trademark
Trademarks are a valuable tool for any brand, and they help consumers distinguish your product or service from other competitors. While trademarks are a great way to protect your business, they can be costly to acquire. In this post, we’ll explain how to buy a registered trademark.
Be Aware Of Your Goals
Start by searching the USPTO database by the category you’re interested in since trademarks registered with the USPTO are categorized by their market, such as food, clothing, and services. Another option is to pay a third party to look up trademarks on your behalf.
Think Like Your Clients: Choose A Trademark.
While goodwill is an ethereal idea, your consumers are not. Put yourself in your customers’ shoes when searching for a trademark. Does the mark help you establish the kind of connection you want? It’s a crucial factor to consider because you won’t be able to determine whether the trademark you obtain is appropriate for your company if you don’t have a clear grasp of your business case.
Any trademark you contemplate purchasing must reflect the kind of relationship you wish to have with your clients.
Close The Deal
Now that you know what you need, you have located a brand that satisfies your requirements. What’s its value? Despite its extent and location, intellectual property is still considered to be property with a value. You have choices when it comes to purchasing the mark. The trademark can be licensed in part or whole, or you can pay the owner to assign it to you and own it outright.
Consider buying a dead trademark or one that is about to be abandoned if purchasing an existing trademark is proving to be pricey. Search for one using the Trademark Electronic Search System of the USPTO (TESS). At the very least, you’ll be aware that the trademark’s owner is only getting back what it costs to keep it.
If an existing trademark is a correct match, buying it can save you time and money. If you cannot locate an existing trademark that satisfies your requirements, you could need to consider filing for a brand-new trademark.