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The 5 Steps You Need to License in Business

Did you know you can scale a business without having to build out a “big” team? I know there’s a lot of emphasis on hiring, especially if you’re in the online space, but that just isn’t the case for everyone.

Here at The Lazy Millennial, we work with leaders wanting to expand their reach (and income!) with licensing so they aren’t sacrificing their time to show up in different places when they want to stay in their creative lane.. or simply enjoy the little things in life like hobbies, traveling, sleeping in, etc.

Licensing isn’t just for Business Leaders either. If you have a unique concept of something and it can be duplicated by others, you can look into this route as well.

However, you need to make sure it’s something that you’ve tested and seen success with. While people will buy ideas, it’s not something we recommend doing with licensing. But, of course, please seek a lawyer who can help you with the legal logistics.

For the sake of this article, we are mentioning business owners. But this can be for anyone wanting to learn more about this route for extra income. Let’s get into it!

What’s Your Offer?

Did anyone else read that in Eustace’s voice from Courage the Cowardly Dog? Just me? Okay then.

Seriously though, start with what you want to offer this audience. Is it your entire business framework? Is it just some processes from a popular service of yours? Did you make something that others want to copy? Whatever it is, figure that out.

And again, please make sure it’s something that you have Feedback, KPIs, etc on!

Can They Actually Use it?

It’s starting to feel like starting a whole new business again here. While people seem to like your offer and how you do it, it may not be something they want to purchase your offer to apply for themselves.

To save yourself some time and money, start tethering interest in this area. So if you plan to sell your framework, start speaking as if you have it already. How do people respond? Would they find it helpful to have for their clients?

Remember, people do not want to do more work. The more you can help them make money/cut down on time, the more interested they will be in purchasing.

Map That Stuff Out!

Once you figure out what you want to offer and what others have to say, it’s time to start mapping out those processes. What are the steps your future licensee will need to take to purchase from you? How much of your processes are you selling to them to duplicate?

It’s really helpful to jot down ideas here. What has helped some of our clients in the past was to create a spreadsheet or document with a bullet list to plan what they want to do.

This is not set in stone, but it at least gives you a helpful jumpstart before you head to this next piece…

Make It Legal & License

We would never tell you to do this on your own. Please seek a lawyer to help you solidify the processes you mapped out to ensure you are compliant. We have recommendations if you need them! feel free to comment below or reach out directly.

Time to Sell

Once you’ve gotten the green light from your lawyer, it’s time to apply any necessary changes and prepare to sell! If you want to offer something super streamlined and documented in a way that’s accessible to your future licensee, contact us about our Document and Sell package.

I hope this was a little helpful to you and your journey! As a little thanks for reading, click here to grab the free fill-in-the-blank Licensing checklist from the Digital Store!

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