Principle Number 6: License Your Most Profitable Ideas

Maybe you’ve identified a way to sell your product or service in a way that is unique and more effective than your competition.

Maybe you have sales scripts that are far superior to your competitors’ that allows you to solicit more cash out of your clients.

Perhaps you use a sales letter that yields a higher response rate than others. On the other hand, you could even have an in house training program that is far superior.

If you have any strategies within your business that are better than your competition, you can make a lot of extra money on the side.

Here’s what I recommend. Go to all the businesses in the same industry as yours (except for your immediate competitors) and license your successful concepts to them. Tell them that you have discovered a way which yields $X amount more than the average, and for a fixed amount each month, you would like to give them the rights to using your idea. You can either charge a fixed fee or request a percentage of the increased sales (whatever you can get!).

Make it clear however that the material is proprietary. Have contracts drawn up which are clear in terms of the licensing and the compensation you should receive.

It takes a little bit of work to set up, but once you have done so, you’re able to contact everybody else in the country and simply roll it out.

If you set up 100 licenses paying you $200 per month, that’s an extra $20,000 per month passive income! Don’t kid yourself. It’s possible.

Approach a business and explain that an investment of $2400 a year (or whatever you can negotiate), your ideas will yield an additional $10,000, $20,000 or even $30,000 profit to their bottom line. Wouldn’t they be interested in investing $2,400 to return over $10,000?
 

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Tags: license your most profitable ideas, licensing, marketing ideas, profitable ideads, profitable ideas, unique and effective ideas