A source of additional income for Consultants, Coaches, Speakers and Trainers
If you currently work as a consultant, coach, speaker or trainer you may be missing out on the opportunity to earn more from your expertise. For example, if you have your own specialist training course, consulting method or coaching aid it can probably be turned into a product that can be licensed to others. If you are a specialist speaker and your audience wants a follow up to talks enabling them to implement your ideas then again you can probably create a licensed product for that purpose.
Whatever you license, you earn revenue from the royalties you receive as “licensor” and the people who pay you for the licence, while your “licensees” have a source of additional revenue. In other words, when it’s done properly this is a real win-win.
It’s not just about money though. By licensing your expertise you create a mechanism to take it to a far wider audience than you can ever achieve single handed. As founder of the business you gain recognition and publicity.
In this one-day workshop we show you how to do it. In fact we do better than that, we give you a complete kit for building your own licensed product and we guide you through every step of how to use it on your particular expertise. You won’t get the whole job done on the day, unless the product is very simple, but you will walk away fully prepared and able to complete the work.
What the one-day workshop covers
1. How to identify what expertise to turn into a licensed product.
You may have a number of candidates and for each one it is important to get the scope right.
2. Understanding the difference forms of licensing and identifying the one that suits you.
(Including the difference between licensing and franchising and how to leverage other aspects of your expertise).
3. How to productise your expertise.
In some cases, as with a well established training course for example, it may be mainly a matter of converting existing material. In other cases it may involve taking a well-defined concept and creating something tangible based on it.
4. How to set up a legal agreement that suits your commercial requirements.
We provide a basic agreement as part of the workshop which you can tailor to your needs. We’ll also show you how to get further legal help if the basic agreement needs additional content.
5. How to create a certified training programme for your licensees.
This mechanism enables you to control the quality of what is delivered under your license and also helps you to protect your reputation.
6. How to manage the branding of your licensed product (including white label).
Having a strong brand has many advantages, not least the ability to charge a premium price. It may also be possible to license your product in an unbranded form (often called white label) to third parties who wish to use it under their own brand name. It’s also possible to do both at the same time.
7. How to determine what to charge for your licensed product (initial costs, royalties, support fees).
We show you a method that you can use to determine a suitable pricing structure.
8. How to promote and sell your licensed product.
As with any product it is vital to have appropriate sales channels. We show you how to go about this for your own licensed product.
9. What to do to help your licensees succeed.
Although the licensees typically have full responsibility for finding their own customers it is advisable to provide them with advice and guidance how to make a success of this vital process. We show you how to go about that.
10. How to organise and support your licensees in different locations.
There are different ways in which you can organise and support your licensees. For example, some licenses are organised by territory, others by sector and so on. We help you work out the options.
Is it for you?
To become a licensor you really need to have your own unique way of doing things that others can learn and use themselves as licensees.
There also needs to be sufficient demand for it. If you are currently unable to service demand for what you do, and especially if you are unable to do so because the limits of how far your or your clients can travel, then that’s a good indicator.
Lastly, it needs to be financially viable. As a very rough rule of thumb, work on the basis of getting a minimum of 5 licensees. Their set-up fees should at the very least cover your own set-up costs. You can expect to be paid royalties for their use of your materials. The exact amount depends on a number of factors but at this stage you could work on 10% of their revenue being paid to you. You can easily double your income!
The main cost to you isn’t this workshop – it’s the cost of your time to get everything together and up and running. It can take the equivalent of many days’ work – and ultimately that has to be paid for by your licensees.
The full one-day workshop costs £499 plus VAT. That’s an all-inclusive fee for the day (workshop manual, facilitator, tea and coffee, room etc). The only extra cost to you is your travel, lunch and any accommodation. You’ll also get free telephone support after the workshop. Call 0845 5820 144 or email email@example.com to book. Places are limited.
Contact us to book!