What You Should Know About Trademarks and Patents

When first launching a business, many Black entrepreneurs put a lot of emphasis on trademarks and patents. In most cases though, they are wasting a lot of time and money. Here's what you need to know:

Trademarks: Trademarks are needed to protect your company's or product's name. There are two types of trademarks - a federal trademark and a state (or local) trademark. A federal trademark can be obtained online through the United States Patent and Trademark Office (USPTO) for about $300. A local trademark can be obtained through your Secretary of State's office (usually the Department of Assessments and Taxation) for much less.

In the beginning, just get the local trademark. You can get the federal trademark later on when and if your company becomes profitable.

Also, don't make the silly mistake of paying someone to do this for you. It's extremely easy to do, and anyone offering this as a paid service is pretty much ripping you off.

Also, make sure that your trademark doesn't expire on you. It does need to be renewed from time to time.

Patents: Patents are needed to protect your design or invention. However, patents can be very expensive. Even though you can file for a patent yourself through the USPTO, it would be wise to hire a company to help you. This process can be very tricky.

Sadly though, patents expire after 10 years and you can not renew it. That's why you currently have tons of companies who make cars, TVs, DVD players, etc - because they all now have access to the original patent.

So, when you invent something - you pretty much have 10 years until someone can legally steal the idea from you.

Despite having a time limit, you should wait before you spend a lot of money on a patent. Again, try to make sure that your idea will be profitable first!