The Importance Of Intellectual Property In Franchising
Franchising is a business model that you can pursue to expand your business without borrowing capital. It requires you to share your intellectual property (IP) with franchisees. They can then use it to start outlets of their own.
If you’re planning on expanding as a franchise, you need to look for franchise lawyers in Brisbane. Franchise lawyers can help you with registering trademarks within Australia and even around the globe. They can help draft license agreements while advising you on your rights as a trade mark or copyright owner.
What Is Franchising, And How Is It Useful For You?
Franchising is the process of expanding your business as a joint venture along with a franchisee. The owner or the franchisor can license their intellectual property to franchisees. These franchisees will then gain the right to use the franchisor’s name and idea and sell their goods or services.
The benefit is that franchisors expand onlinebahisforum their business to new locations without investing in any initial cost. It also helps minimise employee supervision by one entity and distributes it among different franchisees. Brands get to raise awareness without the risk of debt.
How Is Intellectual Property Important In Franchising?
When you take on a franchisee, you agree to share your intellectual property with them. This includes your trademark and even the business methods that are unique to you. It would help if you licensed your trademark to ensure that no franchisee or competitor can ultimately acquire it.
Your intellectual property includes your logo, tagline, brand name, confidential information, etc. People recognise your brand through these signs and symbols, which, if acquired by competitors, can be a massive loss for you. Your competitors can not only steal your clients but also drive your brand value to the ground if they do this.
What Happens If You Don’t Register Your IP?
Think of registering your IP as insurance to save it from the hands of copiers. You are claiming the right to your trade mark and asking others to back off. In this event, even if someone tries to copy your trade mark, you can sue them. Even telesup when your IP isn’t registered, you can still appeal in court, but it will be a relatively long process.
How To Get Your IP Registered?
First, you must ensure that your IP isn’t registered with IP Australia. If it’s not, you can decide on the individual, company or the trust under whom the IP will be registered. This applicant must own rights to any artworks such as logos that are a part of the IP.
You can then file for a standard trade mark application with IP Australia. They’ll send back a notice for filing, followed by a confirmation. Then the trade mark is examined by examiners and advertised for any objections. After the process, which takes about 6 months, you will have secured your intellectual property from competitors.
Things To Keep In Mind
Several legalities like confidentiality agreements, non-exclusive license agreements, and non-disclosure agreements need to be looked after while expanding as a franchise. These are essential in the process so that both parties do not end up in any dispute in the long run. If you plan to expand overseas, you can consider the Madrid Protocol. For more information visit this site: india songs
Look for franchise lawyers in Brisbane who can take this load off your shoulders. You can then shift your focus to more important things like your business news hunt