Do Your Due Diligence
Written by:
Shannon Moore
Article Overview: Once your Federal trademark application is filed, it's on you, the applicant, to keep an eye on your status, any emails & any requests from the USPTO. Failure to do so could result in your application becoming canceled, so this is important.
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Free Download - Arbitrary Trademarks By Shannon Moore
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Do Your Due Diligence
Here's what the USPTO says:
"Trademark applicants and registrants should monitor the status of their applications or registrations in cases where a notice or action from the USPTO is expected. Inquiries regarding the status of pending matters should be made during the following time periods:
(1) During the pendency of an application, an applicant should check the status of the application every six months between the filing date of the application and issuance of a registration; and
(2) After filing an affidavit of use or excusable nonuse under §8 or §71 of the Trademark Act, or a renewal application under §9 of the Act, a registrant should check the status of the registration every six months until the registrant receives notice that the affidavit or renewal application has been accepted."
I respectfully disagree with the USPTO's assertion to check your status every 6 months. While the entire registration process can be poky, it's better to stay more on top of your filing. I'd recommend checking your status every two weeks to one month. This way if the USPTO had, for instance, sent you an Office Action that needed a response, you'll have plenty of time to deal with it.
To check your status, go here: http://tarr.uspto.gov/ and enter your Serial Number. Near the top of the page, you'll see your Status. Scroll down a bit to read the latest update to your Prosecution History.
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What Franchisors Want From Franchisees
- Here's a short list of what franchisers expect to see from prospective franchisees.
[i:brcxt60u]- Is Your credit in good standing?
- Do you have good people skills?
- Do you have adequate financing for fees and start up costs?
- How ready are you to get started?
- Do you have the motivation to succeed?
- Are you willing to subscribe to their system?
- Do you understand basic business skills?[/i:brcxt60u]
If there is heavy competition for your territory then everything you do will count. It's like going to a job interview and presenting yourself in the best possible light. Be prepared by studying the needs of the community, researching the industry that you are about to enter into, and of course do your Due Diligence when studying the franchisers offerings.
Does anyone have anything to add to this list? Please contribute!
..
Screening franchisees and due diligence
- [quote:dabbss2r]What do you guys think? If I come to you and say "if you buy a franchise, I'll give you 4 more for free". What would you think?[/quote:dabbss2r]
Interesting post... I think this is a good example of what NOT to do if you aspire to be a franchisor. His impatience will get the best of him in this case. I can see the AHA lightbulb flashing above his head as he schemes out his brilliant solution "what if I just gave away all these territories and that will inflate my numbers and make me look bigger and attract more franchisees."
I've seen this type of strategy before in my own industry. The results aren't very good... Without good screening measures in place, you'll see more failures.
What's a better selling point?
- I have a small core group of successful franchisees that were qualified and screened before buying into the system. It was a win / win situation for everybody. Give them a call and see for yourself.
OR
- I have dozens of franchisees with multiple territories. Here's short list of the successful ones, give them a call. The others aren't doing so well because they really shouldn't have bought into the concept in the first place. Why? A bunch of reasons that could have been identified early on if we had done some screening and they had done their [i:dabbss2r]Due Diligence[/i:dabbss2r].
The Old Girl's Network - (2003)
- Haven't read this one yet...
Contents
A business of one's own: setting the stage
Passion: Turning what you love into a real business
Vision: Bringing Your Idea Into the World
Pioneering Spirit: Discovering new frontiers
Tenacity: Passions Bulldog
Raising Capital: Translating your vision into dollars and cents
Focus, feedback and flexibility
Leadership lessons
Life after the survival stage: Managing onward
There's a Took Kit in the back that has lots of good stuff, including:
Outline for competitive analysis: the basic issues to address before starting your company
Outline for executive summary and business plan, with sample summary
Explanation of non-disclosure agreement
Milestone setting
"Do you have what it takes" quiz
Sample financing term sheet
Due Diligence checklist
Sample advisory agreement
Process and systems review
Outsourcing overview
HRPreneur
- Hi everyone,
I am new to the forum and I recently started my own Human Capital (HR) consulting firm called HRPreneur Inc. HRP focuses on making human capital a strategic differentiator for SME's.
Below is a summary about HRP;
Who We Are:
HRP is a Human Capital consulting firm with 30 years of experience that becomes an extension of your company by providing a full array of services to help you create a highly engaged workforce focused on achieving strategic results in order to build a long lasting great company!
Mission:
HRP provides small and medium sized businesses a Strategic HR Business Partner to increase employee engagement, resulting in cost savings, increased productivity and results at an affordable rate!
Vision:
To inspire and warrant SME's reach their full competency!
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We provide over 30 years of experience at a fraction of the cost at a strategic executive HR business level
You will save between 50% to 60% in costs per year on salary, bonus, benefits, training, office space alone
We will provide you additional cost efficiencies through our services
Services:
• Strategic Human Resources Planning
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• Change Management
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Re: What Franchisors Want From Franchisees
- [quote="RussellWebb":ciz2u7mt]Here's a short list of what franchisers expect to see from prospective franchisees.
[i:ciz2u7mt]- Is Your credit in good standing?
- Do you have good people skills?
- Do you have adequate financing for fees and start up costs?
- How ready are you to get started?
- Do you have the motivation to succeed?
- Are you willing to subscribe to their system?
- Do you understand basic business skills?[/i:ciz2u7mt]
If there is heavy competition for your territory then everything you do will count. It's like going to a job interview and presenting yourself in the best possible light. Be prepared by studying the needs of the community, researching the industry that you are about to enter into, and of course do your Due Diligence when studying the franchisers offerings.
Does anyone have anything to add to this list? Please contribute!
..[/quote:ciz2u7mt]
Hi Russell,
Would there ever be a time when people could simply bid more money for a franchise?
And would you have more detail surrounding the items on your list?
- Is Your credit in good standing? [color=#0000FF:ciz2u7mt]- What is the lowest score you can have?[/color:ciz2u7mt]
- Do you have good people skills? [color=#0000FF:ciz2u7mt]- Explain in more detail. Does a person simply need good conversation skills? People are so good at "faking" and lying at job interviews... so would a franchisor really be able to measure this quality?[/color:ciz2u7mt]
- Do you have adequate financing for fees and start up costs?[color=#0000FF:ciz2u7mt] - What's a good % amount above the required minimum to have in order to impress franchisors?[/color:ciz2u7mt]
- How ready are you to get started?
- Do you have the motivation to succeed? [color=#0000FF:ciz2u7mt]- How can you demonstrate this attribute aside from speaking with more energy in your voice and communicating through body language?[/color:ciz2u7mt]
- Are you willing to subscribe to their system? [color=#0000FF:ciz2u7mt]- Are they just looking for "yes" men and women?[/color:ciz2u7mt]
- Do you understand basic business skills? [color=#0000FF:ciz2u7mt]- Will the franchisor evaluate you based on how you answer their questions or will they weigh their decision more based on your professional/educational background? [/color:ciz2u7mt]
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