So you have a fantastic business idea and you have just registered your business name with ASIC. You are now ready to start trading, but have you legally protected your business fully? You may want to consider registering your business as a trademark as well.
In this blog we have teamed up with Jacqui Pryor, our trademarks specialist, to provide you with some basic tips on why you would register a trademark.
Does registering my business name with ASIC protect my business fully?
Simply registering your business name with ASIC does NOT provide you with the ability or power to prevent another person from starting a similar business with a similar name in your location. To do this, you must have also registered your business as a trademark.
ASIC advises you that it is your responsibility to make sure that the business name you’ve chosen does not infringe upon any registered trademark within Australia. It is your responsibility to undertake this process before commencing trading. If another business has a registered trademark for a similar name in a similar industry, then they may take action to prevent you from operating your business under that name. Conversely, once you have registered your business as a trademark, you can take the same action against others.
How does a registered trademark protect my business?
When you register a trademark, you are provided the right to use that particular trademark, whether it be a business name, a logo or a slogan, for your goods and services exclusively. Essentially this means that you can prevent someone from using that business name or perhaps a confusingly similar business name, to which you have registered your trademark.
For example, I register a business called ABC Systems but do not take the additional step of trademarking my business name. A few months later another similar business starts up called ABC Systems Australia. Because I did not register my business name as a trademark, I could be rendered powerless from preventing them from trading and the result may mean that I lose a lot of customers because they contact this business instead.
Similarly, if a business was to open in a similar location with a similar name, I would be powerless to stop them trading under that name, unless I have a registered trademark.
Trademarks are added protection
The way that our trademark consultant, Jacqui, describes a trademark is that it’s considered a type of insurance over your business name. It gives you that extra-added protection to ensure that you’re protecting your brand, your slogan, and/or your name for your goods and services, and all your hard work in building your business will be protected from someone else starting a similar business with a similar name and effectively taking business from you.
If obtaining a Trademark for your business is something you are considering, then we would love to connect you with Jacqui for a complimentary phone chat and fixed-fee quote.
When you need a lawyer, it’s important to get it right. At Legally Yours we connect you with high quality, fixed price legal specialists. This means you’ll know upfront exactly what you’ll be paying. No more hourly billing, no more price uncertainty.
For a complimentary consultation and fixed-fee quote connect with us at https://www.legallyyours.com.au/get-a-quote/ or call us on 1300 822 708.
Written by Karen Finch from Legally Yours and in consultation with Jacqui Pryor.