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New start-up business owners are caught up in the daily operation of the business. From the new business owners’ perspective, especially the owners of the business in areas of training, speaking and coaching, landing the next deal, paying bills and creating new programs can take the attention.
If you are a new business owner or when you are just new in the industry of coaching, training or speaking, here are a few things which are really important that you need to know about. It is very imperative that you take that moment to consider the importance of intellectual property, despite of the other priorities which you might have at the moment, to protect the intellectual property that could make or break the business which you have. You may do so through registering the trademarks for the logos, names and key brands; the training material copyrights, books and syllabus or through making a patent for an invention, a prototype or a device.
You will have to do this in order to avoid the future costs as well as the trouble. If you protect the rights to the content and the materials which you have made, then you can reduce the opportunities that others claim on the intellectual treasures. For instance, if you have trademarked the logo and later your business booms, then the future competitors will know that they are going to be legally disadvantaged when they would copy your trademarks directly. Such would create a barrier to prevent them from doing this. If they are going to make such decision to copy the trademarks, then the legal directive is going to favor you.
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Another reason is that you can make money from your intellectual property. When you make a treasure of those copyrighted materials and protect with trademarks the brand name you have, you will be able to generate money with those intangible assets through selling the business in the future or through raising capital from the investors when you would expand the business.
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Also, you may solidify the brand name. The trademarks and the copyrighted materials would represent the competitive advantage your business has over the competitors. Through protecting them, you would lower the chances that the others would lay claim to the intellectual assets which are really yours. Competitors must innovate and work harder so that they can produce something better if they like to reduce the market power of the intellectual properties.
These are the primary reasons why you must consider protecting the intellectual property though the business is just new. There are several long-term benefits that you will reap and you might well be creating the next multi-million dollar intellectual property business.