TAS 345: How to License Your Product to Major Brands and Collect Royalties for Years

How would you like to receive income from a product that you don’t have to continually market, ship, or promote? Does it sound too good to be true? It’s not! On this episode of The Amazing Seller, you will hear from licensing and patent expert Stephen Key. Stephen explains how he got his start with licensing products, how you can get started, tips to save you money in the process, how to connect with potential partners, and how royalties work. This is a unique episode that will give you great insight into a profitable income avenue for sellers like you!

Steps to start licensing your product!

Learn from one of the best in the industry as Stephen Key takes Scott step by step through the process of licensing a product. The first step starts with analyzing the marketplace. Find your niche, find the problem you can bring a solution to or your improvement of an existing product. The next step is to have a professional create a 3D rendering of this product. You don’t have to actually create the product yet! Then create a sell sheet, this is what you will use to shop your idea around to potential partners. Lastly, you need to file a provisional patent application that gives you perceived ownership. Stephen masterfully goes through each of these steps in detail that could help you toward great success. Don’t miss this eye-opening episode of The Amazing Seller!

Don’t waste your money!

If you have an idea for a product improvement that you think will take off, don’t get ahead of yourself and spend too much money. There are steps you can take to elicit interest and even funds from potential partners that will get the product produced. On this episode of The Amazing Seller, Stephen Key walks through the process of taking a product idea to market. You don’t want to miss his valuable insights that could save you money and help you strike a deal that will bring you royalties for years!

How to connect with potential partners

If you’ve decided that licensing your product is your next step in building your business, you’ve got to find partners. How do you find someone willing to buy the licensing rights from you? On this episode of The Amazing Seller, Stephen Key gives some helpful advice and examples that will set you up for success. One exercise Stephen suggests is going down to your local big box retailer and find the place on the shelf where your product would go. Once there, look at the companies that are in that space, those are the business you want to try and partner with. You already know they are in a high-value space and if you approach them with an improved product, it’s a win, win scenario! To hear more insights from Stephen, make sure to catch this episode!

How do Royalty rates work?

Are you interested in licensing your product and want to know what to expect with royalty rates? You’ll learn a lot about royalty rates on this episode of The Amazing Seller! Scott’s guest, Stephen Key has all the information you need to start your journey toward licensing your product and getting a good deal on royalties. Stephen does a great job explaining what you should expect as you get started in this business arena. If this subject has piqued your interest, you don’t want to miss this informative interview!

OUTLINE OF THIS EPISODE OF THE AMAZING SELLER

• [0:03] Scott’s introduction to this episode of the podcast!
• [2:22] Stephen Key joins the podcast.
• [7:00] How Stephen got involved with licensing.
• [9:00] How you can get involved in licensing.
• [20:00] Stephen walks through the process.
• [29:00] How to connect with partners to license your product with.
• [34:00] How royalties work.
• [38:30] How to connect with Stephen.

RESOURCES MENTIONED IN THIS EPISODE

• Stephen’s website: inventright.com
• Stephen’s Linkedin page: linkedin.com/in/stephenmkey
• Stephen’s Facebook page: facebook.com/stephenmkey
• Stephen’s Twitter page: twitter.com/stephenkeymedia
• BOOK: One Simple Idea
• Core77.com
• Entrepreneur.com
• Inc.com