Whilst succession planning plays a major role in securing the future of family businesses, protecting intellectual property can often be just as important, yet is something that is regularly overlooked - often with devastating consequences.
As the success of a business grows and strengthens, so does the brand and the various elements that customers and business associates align with the recognition and experience of that brand.
It takes years to develop a business and brand recognition - but only a moment to lose if it's not protected.
Understanding the different types of IP and how they might benefit your family business can be crucial to your success. You may need to protect your idea with multiple types of IP rights.
There are 4 IP rights you can register with IP Australia. These are:
This article will focus on trade marks and things family businesses need to consider.
Trade marks:
A trade mark is one of the most commonly used IP rights and can be used to protect a logo, phrase, word, letter, colour, sound, smell, picture, movement, aspect of packaging or any combination of these.
A trade mark is a powerful asset that can distinguish your brand from competitors, build customer trust, and safeguard your reputation. By registering a trade mark, you gain exclusive rights to use a particular name, logo, or slogan in connection with your products or services in Australia.
This not only helps to prevent others from using similar trade marks, but also enables you to create a strong brand identity that resonates with your target audience, ensuring your brand is not misrepresented by others. The other benefit of a trade mark is that it can be renewed indefinitely.
To check if your trade mark is available in Australia, you can use the TM Checker tool. TM Checker makes it easy to identify potential conflicts, estimate application costs and get an idea of the application process time. An initial check only takes a few minutes and is free. If you decide to apply, costs start at $330 and last an initial period of 10 years.
A common misconception is that trade mark is the same thing as a business or company name but it doesn’t provide the same protection. While registering a business name is an administrative requirement to commence trading under that name, it does not give you exclusive rights or protection against infringement. A registered trade mark grants you the authority to take action against other businesses using names that are the same or confusingly similar to your trade mark.
- a registered trade mark legally protects your brand, products or services, and gives you the ability to legally deter others from using your trade mark
- a business name is the name your business trades under. It identifies who you are to your customers and other businesses
- a domain name is a registered internet address. It’s a unique web address that allows your customers to find your business online.
It’s good practice to check you can secure the business name, trade mark, domain name and social media handles for your brand.
IP Australia has a range of resources available to support small businesses, so be sure to explore them to maximise the benefits of IP.
- If you're interested in learning more about IP rights, you can watch a webinar to help you grasp the fundamentals of IP and how it can apply to your business.
- Taking the necessary steps to protect your brand through IP rights such as trade marks can set you up for long-term success. Get started on your own trade mark with the TM Checker tool.
- For an easy-to-understand overview of IP rights and best practices for managing and protecting these valuable assets, take a look at the IP basics guide.
Intellectual property business story: Tutu By You
Tutu by You, is an example of how small businesses can use IP protection to help them on their journey to success. Founded by cousins Steph Young and Emily Murray, Tutu by You wanted to bring happiness to kids with their unique and colourful tutu designs. They knew it was important to protect their brand, so Steph and Emily used a combination of design right and trade mark protection. This helped them create a unique look for their products and gave them exclusive rights to their brand name, Tutu by You. By using IP protection, Tutu by You not only stood out from the competition but also made sure their brand would be recognised and loved for a long time. Hear more about Tutu By You and their journey - Tutu by you (ipaustralia.gov.au).
Please note: case studies are examples of the way some businesses have chosen to manage their IP. These stories don't provide advice and your experience may be different.
Disclaimer
The views expressed in this content are those of the author, who is also responsible for any errors and omissions. Family Business Association provides this article for your information only. The content of the article should not be taken as advice. If you wish to explore this topic, please consult an advisor who you consider to have the expertise to provide specific advice in relation to your family business.
