THE 4 INTERESTING WAYS TO MAKE MONEY FROM YOUR TRADEMARK

THE 4 INTERESTING WAYS TO MAKE MONEY FROM YOUR REGISTERED TRADEMARK

Do you have a trademark yet? Congratulations. I am about to show you how you can become a moneybag with it.

If you do not have yet, not to worry, it is about time you got and roll with the big boys (smiles)?

Trademark is an asset, a property, an intangible one that you can do a lot of things with just like any other business assets. But first, you have to register it to enjoy your exclusive ownership rights to do anything with it.

You can register your trademark through the Trademarks, Patents, and Designs Registry, which is part of the Commercial Law Department of the Federal Ministry of Industry, Trade, and Investment in Nigeria.

In Nigeria, trademark registration is crucial for safeguarding and distinguishing your goods and services. It's the key method for protecting your special brand in the market.

A trademark can be a unique name, catchy phrase, or distinct shape that legally identifies and differentiate uniquely your product or service? from others.

The good good news (smiles)

Since companies, brands invest a lot of time, money, and effort in trademark design, and registration, it is beautiful you can aim to make money from it afterward.

I will be talking about the 4 ways you make money from your trademark in tens of times or even more.

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1. Franchising Arrangement?: As the owner of the trademark, you can make an agreement with another business with similar business model to permits the use of your trademark in their business while you earn a certain amount from the revenues such business generate.

In this type of agreement, asides from trademark, the business procedures might also be licensed so as to maintain the service provided.?

McDonalds, Chicken Republic are good examples here. He has franchised his trademark plus business procedure to different Franchisees all over the world

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2. Merchandise Arrangement?: This arrangement is when you as the owner of trademark permit another party to manufacture merchandises featuring your trademark. For instance, you have a trademark for your skin care products, you can grants merchandise license to another business(es) into hair care products, body cream, other products while you earn certain percentage from their merchandise.

This arrangement is used more where your trademark has a powerful visual identity or brand image

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3. Transfer/ Sale/ Assignment:

To transfer a trademark, just like any property, you can sell it. This process is legally termed as "transfer of ownership" or "trademark assignment".

You can transfer ownership of a trademark wholly or partially. It's essential to carefully negotiate the terms of the transfer and establish a legally binding assignment agreement.

People sell their trademarks for various reasons like:

?Selling or closing your business.

?Separating a product line.

?Being unable to utilize the trademark.

?Merging with another business

Selling your trademark is a way to make huge money either in lumpsum or by instalments.

4. Licensing Arrangement:

Licensing your trademark means giving permission to other businesses to use your logo for their advertising or corporate social responsibility (CSR) activities. This could involve showcasing your brand positively at events like sports games, exhibitions,? charity fundraisers, etc.

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For example, you might see a products logo on the Manchester United jersey or other club jerseys, or the Coca-Cola logo on the stadium field barricades

As the owner of the trademark, licensing allows you earn money like royalty.

Another way is you earn by this is the indirect publicity of your brand through the ads. Big brands use this tactic to reach a wide audience without making traditional ads. It's a way to subtly implant the brand into people's minds, part of the broader marketing strategy called Public Relations.

Another good example is where a biotech company gets royalties from a pharmaceutical company for the use of its trademarked drug label

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Bonus tip:

Other interesting ways you can earn generally from your trademark registration are collateral, co branding arrangement, litigation etc

Before engaging in any monetising arrangements or agreement involving trademarks, it's advisable to seek guidance from professionals well-versed in trademark law.

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NB: This series is only for educational purposes.

It does not in any way substitute legal? or professional advice.

Written by Josephine Aransiola, a Business & IP lawyer? at Josielawcastle.? The Firm often assists companies and individuals in the registration of trademarks and other intellectual property protection

Email: [email protected]

WhatsApp: +2348168808847