Intellectual property (IP) rights are not only for big business – they can be a valuable asset for a small business too. They offer the protection of knowing you can legally stop others using your registered IP, such as your branding, and are a safeguard for your business.
Small businesses invest time and money on assets like logos and business names. Sometimes they find out too late that similar branding has already been registered as a trade mark. This may mean their initial investment is lost and they have the additional cost of a rebrand.
You can learn more about the main types of IP using IP Australia’s handy guide.
How can a registered trade mark help?
There are important benefits of registering a trade mark:
- you get protection for an initial term of 10 years, which can be renewed indefinitely
- you gain the legal right to place the registered trade mark symbol ® next to your trade mark
- you can make additional revenue from selling or licensing the trade mark to others
- your business can be more attractive to investors if you have a registered IP right.
The Australian IP Report 2023 suggests that each additional trade mark correlates with an 8% revenue increase per worker, with businesses holding domestic trade marks exhibiting 7% higher productivity on average.
To make it easier for small businesses to check if their trade mark is potentially available for registration in Australia, IP Australia created the free TM Checker tool. You can use it to search for existing trade marks that might be similar to your brand or name in the class of good or service you trade in. If the tool indicates your desired text or logo trade mark is potentially available to register, you can use it to apply from as little as $330.
There are some limitations to what can be registered as you can’t trade mark common words, phrases and images that directly describe a good or service. These should remain available for all businesses to use. A geographical name, common surname or hashtag may also be difficult to register as a trade mark.
Are there other IP rights you can register with IP Australia?
Whether you’re a start-up or an established business, understanding all your IP can be a game-changer by helping you gain a competitive advantage. Consider these other important IP rights:
- Patents protect any device, substance, method or process that’s new, inventive and useful.
- Design rights protect the overall appearance of your new and distinctive product.
- Plant breeder’s rights protect any new plant varieties you develop.
When you’ve identified that you have an IP asset, be sure to assess its value. It’s important to recognise their value early by determining how they contribute to your revenue, their potential for future earnings, and their importance in your industry.
Remember
- To protect your business name, phrase or logo, use the TM Checker tool to get started and register your trade mark.
- Identify if other IP rights, such as patents and design rights, are important for your business. IP Australia’s Choosing the right IP tool | IP Australia can help you decide in two easy steps.
- Before you apply for the appropriate IP protection, keep your ideas a secret. This is especially important for patents.
- Regularly monitor your IP to ensure it’s not being infringed upon. Keep an eye on your competitors and take action if you discover any potential infringements.
- If you’re planning on doing business overseas, including manufacturing, consider international IP protection before you enter those markets.
Disclaimer:
*This information is brought to you by IP Australia and is general advice only. For any questions or to learn more about this topic please contact IP Australia or visit https://www.ipaustralia.gov.au/trade-marks
