Growing a business can be a very exciting time but it can also scary at the same time! You might have heard of horror stories of businesses being told to change their name or stop trading. By exploring the benefits of Trade Mark registration, you can see how trade mark can become a business asset, potentially saving you thousands of dollars and NOT letting your brand be stolen.

So how do you protect your “investment”? This is not just the dollars spent in the set up process but also the blood, sweat and tears setting up your brand. How do you stop your rivals and competitors from “ripping off your idea”?  How do you ensure that someone else isn’t going to come along and make you change your name? How do you OWN your brand? 

The only solution is to secure trade mark protection for your brand

What is a Trade Mark?

A trade mark is a sign that is used in trade to help separate your business from other businesses.  This can include your name, logo, tag line or slogan, packaging, colours, shapes, sounds or scents if they are unique to your business. 
  

Trade Mark Registration gives you exclusive rights for your brand in your nominated classes of goods and services for your business (which are broken into 45 categories).  Trade Marks can be obtained in as little as 7.5 months (if no problems are raised) and can be renewed every 10 years once registered – so it is vital to think about protecting your brands before you start your business so others can not steal your name or your branding ideas!

Why do I need a trade mark?

Trade Marks are not compulsory and are often forgotten about when setting up a business but this is the only way that you can get your name protected and stop others from copying your name/brand.

Many businesses are under the misunderstanding that if they are using their own name, or have a registered business, company or domain name that they “own” the name.  This is wrong!  A trade mark is the only way you can get monopoly, proprietary rights to a name and stop others from copying you! Here is an example of a real business affected by trade mark actions:

I’d recommend a Trade Mark Search at the pre-launch stage of any new business is recommended not just to protect your band but to make sure you are not infringing on anyone else's brand.  If your new name is too close to another traders you not only have to start your business again but this is a mistake that can cost you thousands of dollars.

Trade Marks can save you how much?

You can attempt to lodge your own Trade Mark online for as little as $370 per class although it is always best to leave it to the professionals to make sure you are properly protected.  You could obtain a full registration that is valid for 10 years, in one class for as little as $1,290 (assuming no objections or oppositions were lodged). 

When you weigh up the possible costs incurred if you were sued including the other party’s costs if they are successful, it could cost you up to $200,000 in legal and associated costs.

Trade Mark protection is not just reserved for those multi-national companies, it is for all businesses, small & big – that want to gain an asset and stop others stealing their brand.  

Rebecca Stalenberg, is a Registered Trade Mark Attorney and Solicitor (NSW & Federal Courts) with 10 years experience in the Legal Industry providing practical legal advice without all the “legal jargon”. For more information on Rebecca visit her website at www.markyourterritory.com.au

What are your thoughts? Add a comment below and share your experiences with others. If you would like to look into trade marking your brand, email tony@thebrandmanager.com.au