If you’re selling products or services online, you’ve created intellectual property along the way. This can include special reports, eBooks, white papers, software, and even systems for doing business.
Why aren’t you licensing this intellectual property to non-competitors?
For example, look at how Disney’s Marvel division is making a mint with the new “Avengers” movie. There have been licensing deals for Avenger-related toys, colognes, cars, motorcycles, and even “collectible” key cards for a hotel chain.
You don’t have to be big like Disney to make licensing deals. There are plenty of entrepreneurs out there who have the bucks but not the ability to put together what you’ve already created. In some instances, they have the ability but would rather pay you instead of reinventing the wheel.
Remember, we’re talking about non-competitors, that is, people who don’t compete against you. This means that they’re not likely to cannibalize your existing biz if you structure the licensing deal right.
Here’s what to do…
1. Make a list of what you’ve created that could benefit someone else in business.
2. Consider what the type of rights you’d be willing to license. Think in terms of geography, kinds of noncompeting businesses that could benefit, and even foreign language versions of what you own.
3. Put together a plan with your Internet business lawyer to protect your intellectual property while licensing it to other entrepreneurs for extra revenues.
Pennsylvania enhances its bad reputation for being anti-business by threatening a stay-at-home mom with $10 million in fines for selling items on eBay without having an auctioneer’s license. The commonwealth is deciding whether to require an electronic auctioneer’s license (with a licensing fee) or to permit online auctions without such a license.