Attention, entrepreneur! This is the first thing you should do before entering the market

This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process. Opinions expressed by Entrepreneur contributors are their own.

Entrepreneurship is always an alternative for those who want to become independent or seek to hit the nail on the head when venturing into a new business. Of course, many of those looking to launch a new business make a key mistake: not registering their trademark. This is essential, since doing this procedure is essential to protect the name in which money, energy and time will be invested.

All in all, registering a trademark should be the first thing to do. This allows a potential customer to recognize the product or service being offered and not be confused with the competition.

In turn, those who use a name the same or even similar to one that is already registered can be sanctioned with high fines. In contrast, those affected by this crime can take legal action. Being well informed could help you make the best decision in time, whether it is to protect a trademark by registering it or change it before continuing to invest in an asset that may already belong to someone else.

These are some basic tips that you have to know regarding this procedure:

There are different types of brands. These can be “figurative”, that is, they are distinguished by images, figures or symbols. In turn, there are the “denominative”, which are constituted through writing, without incorporating design or images.

Likewise, there are mixed ones. These include symbols, pictures, images and letters. And, finally, the sonorous ones, made up of sounds or music. The cost of the procedure amounts to the three Monthly Tax Units (UTM) for fees or rights. Of course, national legislation establishes that the publication in the Official Gazette must also be paid once it is made.

There are a number of restrictions for trademark registration. The most important of these is the impossibility of a name being descriptive of the products or services that are offered.

The trademark registration has a duration of 10 years, it can be renewed while it is still in force or after 30 days of expiration of the term.