If you are in the process of choosing a new brand name, product name or strapline, make sure you factor in a legal clearance check BEFORE you launch.
Without one, you are leaving your company exposed to potentially costly consequences.
Whereas in the past, a company trading under a name in Surrey for example was unlikely to become aware of another company trading under the same name in Yorkshire, this is not so now that almost all businesses have some form of internet presence.
This makes it MUCH easier for other companies to notice if you are using their name….with potentially devastating effects on your business.
Here are 5 reasons why a legal clearance check should always form part of your pre-launch checklist:
- Earlier Trade Marks. A legal clearance check is the ONLY way to determine whether your chosen name is free to use and will not be infringing someone else’s earlier registered trade mark(s).
- Legal Action. If you use the same or even just a SIMILAR name to someone else’s registered trade mark in relation to the same/similar products or services, they may decide to take legal action against you. This could result in you not only having to stop using your name, but also having to pay compensation for infringing their rights. This could be a huge expense compared to the modest cost of carrying out a legal clearance check.
- Re-Branding Costs. Clearance checks are a small expense compared with the cost of re-branding if you discover that that your name is not available. If the results of the check are negative you can change your name BEFORE you incur stationery, packaging and marketing costs which may otherwise be wasted.
- Effect on your Business. Aside from the costs involved with re-branding, if you find your name is not available after you have begun trading it may have a detrimental effect on your business. If you have to cease trading under your existing name you could lose customers used to searching for you under a particular name. Let alone all the time and energy that you would have to divert from your usual business activities to carry out the re-branding exercise.
- Trade Mark Potential. A legal clearance check will also give you a good idea of whether your chosen name could be registered as a trade mark in the countries in which you are trading. A registered trade mark is a useful asset which can not only help you to prevent others using your name, but it may also be sold, assigned, licensed or franchised for considerable value in the future.
The Big Ideas Legal Company has a proven track record of many years’ experience of carrying out legal clearance checks for clients of all shapes and sizes across many different business sectors.
Contact us on 07551 585783 or firstname.lastname@example.org to schedule your clearance check today.