Whether you sell products or services, you can make additional revenue by products licensing.
If you sell products, find complementary products available from third parties and license the right to sell them to your customers.
Depending upon the price point, a third-party product that you license can serve as an upsell, cross-sell, entry level product for your own product(s), or even be bundled with your products and sold together.
Of course, you can also license your products to be sold by others. Whether you receive a flat $XX per sale, a percentage of the sale, or some other revenue, it’s an easy way to generate additional cash flow while the third party handles the marketing and sales for you to their prospects and existing customers.
What if you only sell services? Chances are there are products that fit within your niche that can be licensed to sell.
Naturally, whether you’re the licensor or the licensee, the product license must make sense, i.e. be a natural fit for the licensee’s customers.
An experienced business lawyer can help you put together the right type of licensing and distribution agreement for what you plan to do that helps you maximizes profits while minimizing the legal risks.