As female founders and women in business continue to break down barriers and drive innovation, it’s important to understand the value of protecting your IP.
Your IP is your competitive advantage, your unique selling proposition, differentiating you and your business from others in the marketplace. Maintaining exclusivity of your IP is an important part of business sustainability.
Registered intellectual property (IP) rights can offer benefits to your business. Registered IP rights protect your ideas, products, and services, granting you the exclusive rights to profit from them, preventing others from copying your creativity.
Brand protection and misconceptions
Your brand represents your unique and recognisable product or service, often including a particular name, logo or a tag line used to build brand identity.
When different business owners use similar business names, disputes can arise. We have heard business owners say that they think a registered business name prevents others from using the same or similar name, however this is not the case. A registered trade mark is a better option for stopping another business from using a similar name that your customers may be confused.
A registered trade mark grants you the authority to take action against other businesses that may be trying to misrepresent themselves using a trade mark similar to yours. A registered trade mark can protect a brand represented by a logo, phrase, word, letter, colour, sound, smell, picture, movement, aspect of packaging, or any combination of these.
A common misconception is that a trade mark is the same as a business or company name. When setting up your business, it is worth considering the following elements at the same time:
- 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.
- Business name: A business name is the name your business trades under, identifying you to customers and other businesses.
- Domain name: A domain name is a registered internet address, allowing customers to find your business online.
- Social media handles: Securing social media handles is good practice for brand consistency.
Trade marks
A trade mark is a powerful asset that can distinguish your brand from competitors, build customer trust, and safeguard your reputation. By registering your 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.
It’s also important that you don’t infringe on someone else’s trade mark. To check if your trade mark is available in Australia, you can use our 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, it can cost as little as $330 and lasts an initial period of 10 years.
IP strategy
You may choose to protect your business/idea with multiple types of IP rights, developing an IP portfolio that supports business growth, value, and long-term sustainability. Your IP rights become an intangible business asset, enhancing your business’s value and making it more attractive to investors should you wish to grow.
For instance, a coffee company might use:
- A trade mark for brand recognition.
- A patent to protect the way a coffee machine operates.
- A design right to protect the visual appearance of a coffee pod or coffee cup.
- A plant breeder’s right for new plant varieties, such as the specific type of coffee plant used.
More information
We have a range of resources available to support your small businesses:
- If you're interested in learning more about IP rights, consider watching one of our webinars. These can help you grasp the fundamentals of IP and how they apply to your business.
- For an easy-to-understand overview of IP rights and best practices for managing and protecting these valuable assets, take a look at our IP basics resources.
By understanding IP, small business owners can make informed decisions on how to protect their innovative ideas and creations, ensuring their hard work and creativity are recognised and rewarded.
Remember to check availability for your business name, trade mark, domain name, and social media handles to ensure a cohesive brand presence.
Intellectual property business success story: Soap Di Villa
Rebecca from Soap Di Villa uses trade marks to create a strong brand. Her decision to apply for a trade mark went hand-in-hand with the marketing strategy of the brand itself.
Rebecca commenced trading under the ‘Soap de Villa’ brand after developing a unique product to alleviate her discomfort with an ongoing skin irritation issue and finding little to no relief from the existing products on the market. Embracing her inner entrepreneur, Rebecca saw an opportunity to fill a gap in the market by producing soap made from goat’s milk.
Discover more about Soap Di Villa
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.