How Trademark Assignment can lead to the expansion of your business?
If you are looking for business expansion, you must bank upon your brand to do so. Your trademark has the power. All you need is to conduct a trademark assignment and transfer the right to someone else, and let two groups work towards the betterment of your brand.
To many, such ideas seem almost alien. And why wouldn’t it? Assignment of your trademark to another is not something you can take lightly. But, when you do it right, it will lead to business expansion. Read More: Model Approval Certificate
Let me tell you how.
What is a trademark assignment?
Trademark assignment is a legal terminology referring to the act of selling or licensing your brand to another. The trademark authority of India allows you to treat your trademark as a commodity. And thus, through assignment, you can tap into the earning potential of your trademark.
But, if your goals are long term expansion, you must tap into that potential with a different perspective; one that can lead to the growth of your brand.
Using Trademark Assignment the right way
Following are the ways to assign your brand that will lead to the growth of your business:
- Develop a good crowd around your trademark: Do not assign your brand name to anyone if you have not earned any popularity yet. Assigning your brand when it has not earned the required recognition is a waste of time. Thus, first, develop a fanbase for your brand. And once you know that you can create value, start looking for those who can help you further your business goals.
- Find the right Trademark assignee: Your dreams of assigning your trademark can turn to dust if you don’t assign your brand to the right person. The right individual can back your brand name with their branding strategy to enhance its value. But the wrong one can lead it to ruin. Thus, look for those who care about your brand before making them a part of it. Read More; P2P Lending License
- Understand the motives of the assignee: Those who seek other brands are often driven by greed. And while there is nothing wrong with following an avarice-filled ideology, it can become damaging if that greed compels the assignees to commit fraudulent acts. Therefore, always familiarize yourself with the motives of those to whom you wish to assign your brand name.
- Create a comprehensive trademark assignment agreement: You assign your trademark to another based on certain terms and conditions. The nature of those points decides the future of your brand. If you are using an assignment to license your brand name to another, discuss beforehand the terms and conditions. Get a trademark attorney to look them over and after both, you and the assignee prospect agree to the terms, sign the agreement.
- Have a good lawyer to help you out: It takes a particular set of skills to draft a foolproof trademark assignment agreement. There should be no ambiguity, no chances of mistakes and no loopholes that either you or the assignee can exploit. Therefore, keep the appointment of a good trademark attorney at the top of your to-do list.
Assignment can lead to Expansion, but only if you are careful
Using assignment as a business expansion tool is something that everybody does, but not all can succeed at it. The difference between those who can leverage assignments and those who can’t is carefulness. Understand all the little details about trademark assignment, create a comprehensive agreement and choose the assignee wisely. The combination of vigilance, care and comprehensiveness will lead your business to grow.
Trademark assignment can help you expand your business. But only if you do it right. Let us look at the tips you can use to leverage assignment grow your brand.