6 Reasons Why You Should Patent Your Business

When people talk about patenting, they are most often talking in terms of patenting a new invention. However, did you know that you can also patent your business? Below are some of the most important reasons you should patent your business.

Patent Logos and Designs

The type of patent that most applies to businesses (that do not focus on inventions) is a design patent. Design patents are most often used to give a business (or another person/group) the exclusive rights to a design. This type of patent can be used to cover a business's logo, designs, and more. Generally speaking, a patent lasts for about twenty years after it is first filed. To learn more about how to file a patent for your business, it's best to hire a patent attorney.

Create Documentation for Dating Items

Sometimes, two competing businesses will create a similar design or object around the same time. One way to stake a claim and prove that your business created the new item first is to make the patent first. Getting a patent will have a solid date on record that your business, and other entities, can see proof of when the item was created. If a competing business creates something similar later, the business that filed the patent can use its patent to stop the other business from creating an item that is too similar to its own.

Make More Money

When your business patents something new, the business owns all the rights to the product. This means that the business owner can choose who has the privilege of selling the product. On one hand, this implies that only your business can have the right to sell the product. On the other hand, the business owner can also allow other businesses to sell their product; this would allow the business with the patent to gain something like a royalty from each sale.

Dissuade Competitors

As mentioned earlier, filing a patent creates paperwork that anyone can look at if they want. A business's competitors having the right to see their patent can actually be helpful, even if it doesn't seem like it at first.

It's great because, when creating a new design or invention, other companies can research patents to see if a similar item has already been invented or not. Seeing your patent can dissuade competitors from making anything similar to your product.

Attract Investors

When businesses, especially new businesses, file a patent, it can make them look more attractive to potential investors. Why is this so valuable for new businesses? Having a patent is an asset. According to a 2008 study, about two-thirds of new businesses cite that having a patent helps them to receive more money and attention from investors.

Gaining attention can help to increase a business's reputation. Of course, having more start-up money can give a better chance of becoming successful. The more money a business has at the beginning, the more the business can invest in employees, products, and whatever else the business needs.

Protect Your Business

Lastly, filing a patent can do wonders when it comes to protecting your business in more areas than one. Having a patent works as an added level of security, especially when it comes to any new products or designs your business has created. When you have a patent, no other business can "re-invent" your product and claim it as their own. This can help your business to make more money in the long run. It will also help you to avoid legal issues, as any smart business owner will stay away from making a product that already has a patent.

In summary, filing a patent can do so much to help your business. For this reason, it is in every business owner's best interest to file a patent if they have the money for it. This can help to protect a business from intellectual property theft and other threats competing businesses might pose. So, look into patenting your business's designs and products as soon as possible!