Licensing Tips and Tricks
There are many rewards—and challenges—to licensing your expertise.
The rewards include:
Expanded Reach: Licensing programs enable businesses to reach a wider audience beyond their own audience, increasing brand awareness and recognition on a larger scale.
Revenue Diversification: Through licensing programs, experts can diversify their revenue streams and reduce dependency on traditional income sources.
Brand Authority: Offering certification and licensing programs positions your business as an authoritative voice in your market, enhancing credibility and attracting clients and partners.
Scalability: Licensing programs provide a framework for decoupling your income from your time.
But it is important to understand that licensing isn’t an easy street, passive revenue stream.
I had a super fun yet über informative conversation with Pamela Slim, of Escape From Cubicle Nation fame and expert in designing licensing and certification programs, where I set up scenarios, and Pamela shared her wisdom on whether licensing and/or certification was right for them and, if not, what they need to do to prepare.
The scenarios:
Marketing consultant who provides one-on-one services to businesses. They have fished out their referral pond and the pipeline is empty. They don’t have a marketing engine. They want to add licensing or certification of other consultants as an additional revenue stream to boost their income.
Growth consultant provides one-on-one services to businesses. They have successfully incorporated the Value Builders® assessment and other tools to create a waiting list of clients they can’t serve. They want to license their process to other growth consultants.
Leadership consultant walks into a room and feels the vibe and instinctively knows what is needed. BigCo Client wants her to work her magic with every manager in the offices throughout the country. Rather than do it all herself, she wants to train BigCo personnel to provide the transformation.
Web designer has a killer trademark for her company. As a result, sometimes she gets client simply because people remember the name of her business when asked for a referral to a web designer. She does good, systematized work but the work itself is not differentiated. Because of the strength of her trademark, she wants to create a certification program for other web designers.
If you want the answers, you’ll have to listen to episode 84 of the Hourly to Exit podcast. 😄
IP is fuel! 🚀