How to start a business step by step with trademark!

 

Just by coming up with a startup company concept for a new endeavour, you've already won half the battle. Apart from endurance, cash, and a strong team, effective innovation is required to emerge a clear winner in the war of launching a new firm.

did you know that India has recently surpassed the United States as the third-largest start-up ecosystem? It is inspiring, but it is also worth noting that IBM and Oxford Economics discovered that 90 percent of Indian start-ups fail within the first five years owing to one of the most prevalent factors, namely a lack of creativity. Even the finest Indian start-up company ideas, according to 77 percent of investors, fail owing to a lack of innovative business strategies.

 

Not every new enterprise, out of all the tiny businesses in operation, is destined for success. According to the Bureau of Labor Statistics, just two-thirds of enterprises survive for at least two years, and almost half survive for five years. If you're in the process of creating a new business, examine the stages outlined below:

1.       Detailed market research

As I previously stated, if you've considered launching a new business, you've already completed the first stage of ideation. You now have a clear idea of the type of business you want to create. Your following stage will entail significant study to assist you in bringing your concept to life. The study will inform you whether or not your concept has a chance of succeeding. Here are a few pointers to assist you avoid making mistakes while conducting research:

2.       Market research types

 

Primary research  include acquiring information and data through interviews, surveys, and questionnaires, as well as receiving direct input from focus groups.

Secondary research is looking through data that has previously been published. You may use this research to spot rivals and establish standards.

The study will assist you in extending your view on all important parts of your business, such as your target audience, their wants, and the market worth of your product/service.

3.       Make a business strategy.

A business plan is necessary to guide you from the start to the growth of your company. The business plan is a document that defines all of the fundamentals of your company, such as your product/service, target market, business goals, and methods for achieving those goals. Aside from a business plan, your company should develop other important strategies such as a marketing strategy and a finance strategy.

Marketing plan is one that expresses a clear vision of what you intend to achieve. Your long- and short-term company objectives will also be included in this strategy. This strategy lays out exactly what you want to achieve and how you intend to execute it. For example, suppose you wish to turn your brick-and-mortar retail store into an internet one. Your plan may be to target a new market segment with your items.

Your business's financial plan affects whether or not it will be able to focus on any potential investors.

So, the primary concept is to have a written plan since it acts as motivation, and it will be your driving force to work on the project every time you look at it.

4.       Establish the legal framework.

Consider if your company should be a partnership, a single proprietorship, or a corporation. It's crucial to figure out a company's legal structure before registering it. Not only that, but the way a firm is structured has an impact on how taxes are filed.

If you wish to run your firm fully on your own, you'll need to take on all of the responsibilities and register as a sole proprietorship. A partnership is when you start a business with one or more people. You and your partner will split the gains and losses in the latter. Choose a corporation if you want to create a distinct liability from your company's liability. Your corporation will own property, pay taxes, and deal with legal issues as part of this type of entity. One of the most frequent formations is the LLC (Limited Liability Corporation). As a result, the form of legal entity you choose for your company is totally up to you.

5.       Make a name for your company and register it with Trademark.

This is an important stage since the business name serves as identification and provides value to the company. Also, while picking a wonderful name for your new firm, keep all possible consequences in mind. Once you've decided on a name, check to see whether it's already in use or if it's been trademarked. If you're a lone owner in India, all you need is a bank account to receive payments. If you want to start a corporation or a limited liability company, you must register the name after completing the papers. At the same time, registering the domain name is critical.

6.       Promote your business

Brainstorming ideas for promotional activities will yield better results than you expected. Once your company is up and running, create a marketing strategy that includes jotting down the USP (Unique Selling Proposition) (USP). You're ready to seize the reins of your firm once you've successfully finished the start-up tasks and laid a solid foundation. It's simple to get a sense of the company. Anyone may have an idea, and thoughts appear in one's head every second. However, putting those ideas into action is a challenge. So, if you have an idea for a new business, pull up your socks and prepare to turn that concept into reality by examining the principles listed above. It may appear difficult, but it is far from impossible. Go ahead and do it!

 

LET’S TALK ABOUT HOW TRADEMARK HELP YOU TO GROW YOU BUSINESS

Every company's trademark is a valuable brand asset. They help identify your products and services from those of your rivals in a crowded market by associating them with your company and its reputation.

It's critical for entrepreneurs to develop and defend their trademarks from the outset. Otherwise, you'll be in for a lot of trouble down the line.

Here are five things you should know about trademarks if you're a new business owner.

Your Business Name Isn't Displayed Automatically Your Registered Trademark

You were probably needed to register a company name under which you would be doing business as part of the incorporation procedure.

 

A corporate name authorised as part of the incorporation procedure permits your firm to conduct a business under that name within the province or territory where it was registered, or throughout the country if it was registered under federal law.

You would have required to register the latter as a "business" or "trade" name if your corporate name differed from the name of your firm as it appeared to your consumers.

 

It's worth noting that none of these registrations has anything to do with using your name as a trademark. To claim an exclusive right to use your name as a trademark, you must file an application with the intellectual property office in the countries where you conduct business to register your mark.

Understand your legal rights

In November 1999, Congress approved the Anti-Cybersquatting Consumer Protections Act, which former President Bill Clinton signed into law.

It's Critical to Register

 

 

For some new businesses, trademark registration may not be a top priority at first. Companies may be hesitant to spend the money since they haven't yet built up a reputation to preserve and have limited financial resources. If you've done your homework, you could believe that the common law will defend your trademark.

 

In both Canada and the United States, federal trademark registration is not required for protection. In both nations, you can depend on your use of the mark to establish your rights in the lack of any official registration. However, you should be aware of the numerous benefits of registered trademarks over unregistered trademarks.

It is easier to establish and protect a right to a registered mark, but protecting unregistered marks entails a significant burden, which includes proving the mark's validity and the breadth of the alleged rights.

The expense of registering your trademark will be modest compared to the additional legal fees you'll have to pay if you need to enforce an unregistered mark in the future.

Understand the distinction between trademarks and trade names

The distinction between trademarks and trade names is critical for company owners to grasp. A company's trade name is the name under which it does business. A trade name can only be registered as a trademark under the Trade-Marks Act if it is also used to identify a company's goods and services. If a company uses an unregistered trade name and then wants to register a similar trademark, the registration might be challenged. Even if the trademark is registered, the other corporation may bring a case to have it invalidated by the court.

The case Woodpecker Hardwood Floors (2000) Inc. v. Wiston International Trade Co. is an illustration of this possible difficulty. Woodpecker Hardware was given an interlocutory injunction banning Wiston from using the term "woodpecker" while selling items until the Court rendered a final ruling. Wiston attempted to overturn the order, but was unsuccessful. Both businesses deal in hardwood flooring. Since at least 2000, Woodpecker Hardwood has been known as "Woodpecker." It did not file a trademark application for "Woodpecker."

Wiston was founded in 2009 and continued to operate under that name until 2013, when it registered logos, insignia, and word marks, some of which used the phrase "woodpecker." Wiston was sued by Woodpecker Hardwood for "passing off, or attempting to pass off," their products "in such a way as to induce confusion between their commodities and services and those of [Woodpecker Hardware]," according to the complaint. Wiston's trademark was also declared invalid, according to Woodpecker Hardwood. The investigation was still underway as of the publication of this article.

Before you use your trademark, you can file a trademark application

You don't have to wait until you've started using your proposed mark before filing a trademark application. In the United States, you have two options for filing a trademark application. You can apply for a trademark if you are already using it in commerce or if you intend to use it in commerce.

 

While you can begin the process based on intent to use, once your mark is approved, you must demonstrate use of the mark in order for it to move forward to registration.

In Canada, your filing choices are identical, and you must demonstrate usage prior to registration as of today. In Canada, however, the usage requirement will be abolished on June 17th, 2019. You won't have to present any grounds for filing, and you won't have to show that you're utilising the mark for registration purposes.

 

You may, however, face a request from the Registrar to demonstrate usage of the trademark. A request for this type of information can be made three years from the date of registration.

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