Michael Jordan retired from basketball for the third and final time on April 2003. Despite no longer being a professional athlete, however, the NBA legend’s net worth continues to rise. Whereas he barely made US$100 million during his time in the basketball league, his current net worth is US$2.1 billion.

The greatest contributor to Jordan’s wealth may be his deals with American multinational corporation Nike. His namesake brand has expanded from basketball shoes to include athletic and casual clothing. The Jordan brand is in-demand to the point that other corporations try to benefit from it.

But the former pro athlete is a sharp businessman who picks his legal battles. He recently won an eight-year trademark dispute with a Chinese sportswear company that illegally used his name.

Michael Jordan is a good example of why it’s important to trademark a business name.

What’s The Value Of Trademarking Your Name?

Many people settle for registering their business without trademarking their business name. This is understandable considering the stereotypically lengthy trademarking process. However, simply registering your business name doesn’t give you exclusive ownership over that name.

If you don’t trademark your name, other business owners may register a similar name in your industry and result in your customers/clients being confused as to which is your business.

In a worst-case scenario, you may find yourself in the middle of a legal battle because someone else trademarked a business name that sounds similar to yours. Protect your company before this happens.

You can gain exclusive rights to your business name and secure its future by applying for a trademark.

Your registered brand name will help you in the following ways:

  • Protecting your business name
  • Preventing others from using it
  • Getting exclusive use of it in Australia
  • Being covered in Australia for at least 10 years
  • Add an asset to your business
  • Can license the use of your brand in Australia to third parties

Like Michael Jordan and other celebrities who are expanding their brand and business, you can trademark your name if it’s linked to the goods or services you offer. You may also register a trademark for any letter, number, word or phrase that distinguishes your business.

Images, logos, movement, scents, shapes and sounds may be trademarked, too.

Different brands can have similar trademarks as long as they offer different goods or services. You may co-exist as long as your businesses have different purposes.

How Do You Trademark Your Business Name?

Contrary to popular belief, trademarking your business name isn’t entirely straightforward. It is a lengthy process, but if your brand is unique to your industry, it can be an easier process.

Here’s a brief step-by-step guide for a better understanding of it:

Step 1: Make sure you’re eligible to file a trademark application and that the trademark is distinctive

Step 2: Identify the goods and services that you plan to offer under your trademarked name

Step 3: Conduct a thorough search to make sure there are no similar trademarks registered

Step 4: File your trademark application with IP Australia

Step 5: Wait to receive your application examination outcome

Protect Your Brand, Trademark Your Name

Pinnacle TMS know the value of trademarking your brand. This extra level of protection makes all the difference between ensuring your success and potentially losing your business. We also understand that trademarking a business is oftentimes stressful.

We make it as easy as possible for you.

Our trademark specialists provide an opportunity to protect your brand. We conduct risk analysis and provide different options and strategies to maximise your trademark registration.

Schedule your complementary consultation.