Licensing may not be the first word that comes to mind when you're considering how to increase your business, particularly if your niche is a knowledge based service business - coach, consultant, trainer, speaker or some other kind of specialist and you have devised and developed your own methods, process and procedures. However, creating a license based on your Expertise (otherwise known as Know-How) can be a very lucrative revenue stream. Professional expertise businesses which create licenses based on their processes, systems, procedures and know-how can increase their profitability without adding to their workload: a great spot to be in.
Here are five big benefits to licensing your Professional expertise.
More Work Than One Office Can Handle
Are you booking appointments six months out? Do new clients have to wait weeks and weeks before getting to meet you? Have you expanded hours, opened up on the weekend, and still don't have enough time for everyone?
These are all signs that you've got more work than you can handle. This is a good position to be in -- but clients won't wait forever. If you can't handle all of your business in a timely fashion, changes have to be made. Rather than lose these clients to a competitor who can see them quickly, why not funnel them to one of your licensees? That way you continue to profit from the relationship, without adding more to an already overloaded schedule.
Geographical Challenges
Word of mouth is a wonderful thing, and there's nothing better than having your clients tell all of their friends how great you are. However, when those friends live far beyond where you're willing or able to travel, someone's bound to be disappointed.
Licensing can be the ideal solution when customers want your services yet are further afield than you're able to travel. By creating licenses, you can expand your geographic range, creating a far larger footprint than you'd be able to on your own.
Time Limitations
There are only 24 hours in a day. That's all the time you have to run a business, have a family, and perhaps even eke out a little personal time. You can't work all of the time, unless you're willing to forgo the other two categories -- and that's not a healthy balance.
Licensing allows you to make the most of the limited amount of time we all have. If you're having real trouble meeting all of your professional obligations and keeping a good balance of family and personal time, it may be time to consider how you can make your business more efficient. Licensing is one tool that you can use to capitalize on the finite number of hours in the day.
Desire to Increase Profitability
Every individual has unique financial goals. If you're not reaching yours, licensing might offer an opportunity to get closer to that target number.
License arrangements vary: some information based businesses sell licenses outright, where others enter into ongoing arrangements allowing affiliates to use the name, logo, and methodologies they’ve created in return for a monthly fee. Understanding what licensing arrangement best suits your needs and will help you realize more profit.
Interest from Would Be Licensees
Interest from would-be licensees is a great signal that you may be ready to license. Sometimes others can see the opportunities that we're blind to: either because we're too close to our own businesses or just too busy to notice the profit waiting to be realized.
Be cautious at this point: just because someone has expressed interest in entering a license agreement with you doesn't mean they're the ideal person to represent your brand. There's a lot of legwork and research that goes into creating a license relationship: however, the enhanced profitability often makes it all worth it.
CEO SPACE INTERNATIONAL
Founded by Berny Dohrmann over 20 years ago, CEO Space is a private entrepreneurial business club with an environment that we created for people to be able to get quick results with their business through networking, education, and resources. For a one-time tuition payment Entrepreneurs receive a Lifetime membership and one free class, as well as a lifetime of mentoring, contacts; resources, and most of all a lifetime of support for you and your business as you grow. You can learn about Transformational Leadership and other topics at CEO Space.
ABOUT: Rand Brenner has been an instructor at CEO Space Forums for many years. He is the Owner and Founder of Licensing Consulting Group. Measurable, proven results—that’s what sets Licensing Consulting Group apart from other licensing agents in the industry. To leverage revenue opportunities, whether licensing out or licensing in rights to an intellectual property, LCG provides its client with step-by-step coaching and consulting that focuses on one thing: developing and implementing a results-oriented licensing program. Licensing Consulting Group can provide the expertise and resources to maximize your revenue opportunities.
For more information on CEO Space please visit http://ceospaceinc.com/ or call CEO Space at 256.850.4700.
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~ CEO Space Sovereign Nations – http://ceospacenation.com
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