THE COST OF RE- BRANDING continued part 2
Having to re-brand can be more easily avoided with the registration of a legal trademark from the very start of the establishment of your business.
Small Businesses in Court
In another example, business owner James Christian wasn’t so lucky. His online business “A-Sashi Vitamins” was destroyed by infringing on Nestle’s brand, and they owned the trademark for “Musashi”: a dietary supplement range.
Although Christian was unaware of the similarities between his business and Musashi, his lack of knowledge and ignorance about trademarking did not stand up in court. Not only did he lose his $200,000 business investment, but he was also forced to pay court costs to Nestle and ultimately declared bankruptcy. To read more about his story go to https://tinyurl.com/ya5nwe7x
Both A-Sashi and INTAUS Group are examples of the immense damage and devastation of a trademark dispute.
Time and Energy
The sheer cost of re-branding is only shadowed by the time and effort required in doing so.
The sudden cessation of your brand can be a considerable disruption to a business, including having to build up loyalty around the new branding, as well as explain the change to all customers. For those in the middle of a legal dispute, there may be limitations on a company’s activity, which affects the financial and customer service aspects of a business.
The effort of creating a new name, logo and marketing plan can be time-consuming. Specialists must consult, research conducted, and new trademarks put in place.
For a new business, it’s worth considering the solidity of its foundations. How thoroughly has a name and logo been researched? Is there a possibility of infringement on someone else’s trademark? Is there a larger company who may object to the use of such a name?
As seen in the cases of A-Sashi and INTAUS, it’s not enough to set up a domain name and create a marketing plan. A lack of groundwork in setting up a business may cost thousands of dollars, if not the company itself.
A registered trademark in Australia is a worthwhile investment. It provides a much larger degree of legal protection in the business world, and with the help of a trademark expert, you can find a business name, service name or product name that is UNIQUE and has not been used or trademarked in Australia.
Looking at the figures, the daily cost of a trademark works out to only 45 cents per day or a little over $3 per week. The peace of mind provided for such a low cost is immense, compared to the enormous cost of legal fees and re-branding.
Seriously Trademarks are specialists in the field of trademarks and can help you with trademark registration, protection and other questions surrounding this field.