What is the Cost and Timeline to Trademark a Business Name?
If you’ve ever seen a “™” or an “®” following a name or logo, you’ve encountered a trademark. These symbols tell everyone that these words and drawings can only be used by a specific company for marketing its products or services. Trademarking is incredibly important in the business world as it helps to define the product being sold and the ideas that are associated with it.
Somewhat similar to the patenting process, getting a trademark involves registering your intellectual property with the government. It can be a time-consuming process that involves a significant amount of paperwork, but getting one will pay you back in spades as you create a unique brand for a product that can’t be co-opted by your competitors. Fortunately, LendThrive is there to help you grow your business with capital for future expansion.
Let’s take a closer look at what a trademark is and how much it costs to trademark your business name.
What is a Trademark?
The Nike Swoosh, the name Coca-Cola, and McDonald’s golden arches are all trademarked words and symbols. These symbols and words instantly identify the brand, what they sell, and the culture they’ve created around their product.
Trademarking your product can be a lengthy process, though. The first step is to conduct a clearance search to see if anyone else is already using this trademark and what they’re using it for. This is a challenging process as there are so many registered trademarks already out there, and there’s a chance that one of them will use the same product naming or a similar logo. There are also unregistered trademarks that have not been registered with the government but are nonetheless protected by common law and not available for you to use.
Assuming no one is using a similar trademark to the one you’re looking to file, you can start the application, which will ask. If you live in the U.S., you don’t need an attorney to represent you in the application process, but having one can make the process go a bit faster as they’ll have more familiarity with the paperwork.
How Much Does It Cost to Trademark a Business Name?
Let’s get down to brass tacks, though — how much does it cost to trademark a name? If you’re only trademarking your business in your home state, the fees can be as low as $50 to $150. Getting it trademarked at the national level is a bit more expensive though, costing somewhere between $250 and $700 usually. The trademark is good for ten years, after which you’ll need to complete a renewal application. The renewal can be less expensive, with $200 to $300 being the norm.
Either way, it’s not a lot of money, but every bit counts when you’re trying to establish a brand. LendThrive can help you with these fees, providing a small business loan that’ll cover the cost of getting a trademark (among other things). Check the rates on our low cost, fixed interest loans to see if one is right for you.
How Long is the Trademark Timeline?
Filing a trademark is a tedious process that needs to move through various bureaucracies before being approved. The average wait time for a business to receive its trademark is 12 to 18 months, so it pays to start the application process as early as possible.
That kind of timeframe is only for the simplest of trademarks too. If you need to hire an attorney or develop new names, logos, or slogans when the one you designed is taken, it could drag on for even longer.
Once you’ve completed the trademark application, you’ll want to watch for correspondence from the “examining attorney” with the government. This person will accept or reject the application, and if they do the latter, they’ll send a letter explaining their reasoning.
A rejected application can be challenging to deal with on your own. You’ll have a much better chance of getting your trademark accepted if you retain a qualified attorney that can make a persuasive argument for accepting your trademark using prior case law. Obviously, their fees will increase your overall cost in filing the trademark, perhaps doubling or tripling the cost. This is where a small business loan can be very handy.
Protect Your Business With LendThrive
It’s your responsibility to protect your business and all of its intellectual property from would-be brand dilutions and copy-cats. Registering a trademark is a step in the right direction, even though the cost and lengthy time frame can be rather discouraging to cash-strapped small business owners.
LendThrive can help you cover those extra costs, particularly with our low interest fixed rate business loans. There are also special lending programs for specific industries like e-commerce, hair salons, and construction. So if you’re ready to take the plunge and start a new business, LendThrive will be loans that can cover all your incidental expenses.
Contact us today to learn more about our small business loan options and how we can assist you in protecting your business!
