Make Money by Licensing Your IP
By Nina Kaufman, Esq.
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Many businesses create valuable intellectual property … and don’t even realize it! Trade secrets, know-how, the systems you use with clients to get results–all can be packaged up and licensed to others. Which creates leveraged and recurring revenue for you!
But how can you get these hidden assets out of your head to reach more customers, and spend less time doing it?
On this week’s episode, IP licensing expert Rand Brenner shares his 3-step process for identifying and licensing your intellectual property, and transform your business into a self-sustaining system.
Make Money by Licensing Your IP…
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f you offer a service or system that gets results for your clients, you can (and should!) license your know-how. Consultants, mentors, technical support, and anyone offering their skills as a service can claim this as intellectual property. Register it and transform it into a packaged product.
- Take inventory. You may already be using intellectual property you didn’t know you had! How do you use and document your intellectual property? Assess what you have and the systems you have in place. If you don’t, you could miss out on valuable branding opportunities.
- Licensing expands your reach. With it, you can access more companies you otherwise couldn’t because of location or staff limitations. Training classes, software, certification programs, or productivity systems–can all be delivered without requiring your physical presence.
- Want ongoing revenue from the same client? Licensing lets you continue the conversation by offering upgrades, refresher courses, check-ins, and audits. All of these processes insure that your business continues to grow and evolve.
Licensing is a scalable solution for many small businesses. Rand dives deep, so make sure you block out time to listen to this episode of Business Breakthrough!
Rand Brenner is President and CEO of Licensing Consulting Group, an IP consultancy and licensing firm specializing in specializing in assisting clients in IP Management, Strategic Consulting, Acquisition of Licensing Rights, and Property Representation. He has an extensive career as both licensee and licensor, and has developed licensing programs for several Hollywood blockbusters including the Mighty Morphin Power Rangers and Batman. Mr. Brenner is also a professional speaker on licensing, and has presented at numerous business events, conferences and tradeshows. He has written several article on intellectual property licensing that have appeared in the Licensing Journal and Intellectual Property Magazine.
FAVORITE QUOTE:
“The money making power of licensing” ~ Rand Brenner
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You deserve to be paid, protected, and prosperous. Kaufman Business Law can help get you there. Watch this short video to find out how.
