I have an apparel product that currently exists in the market. I believe that I could take this line of products to another level with some key licenses attached to my line. I am most interested in the NFL, Major League Baseball, and the NCAA. What advice can you give me on acquiring these key marketing partners?
Digital Adventurer, Profit Alchemist, Entrepreneur
Opinions expressed by Entrepreneur contributors are their own.
While I have not been involved with orchestrating something like this before, I'd say the best thing to do is to evaluate every angle of your product, so you can develop a unique sales pitch that will make sense to each of these organizations. Who is currently buying your product? Where are they located? Have stats and facts about your nearest competitors and the kind of traffic they are generating with their product. Be able to furnish the potential licensee with hard data on why your product would be a good fit for them, along with ideas on how they could creatively market this product, the price point, and the demographic audience.
Be passionate and articulate, but most of all have a knowledge of the lingo and the basic parameters that would be involved with doing these deals. Check out the company's website so you can see what they currently offer. Contact your local Economic Development Center, to get their feedback on area licensing consultants and experts. Seek out some legal advice from a apparel licensing firms (Google that phrase along with your county and state and see what pops up).
Another suggestion : check out the apparel industry's main trade publications and Entrepreneur.com for more articles on licensing. Getting input from these various resources can help you navigate through the many options and pitfalls you are sure to encounter along the way.
Best of luck in your endeavors!
More from Entrepreneur
Are paying too much for business insurance? Do you have critical gaps in your coverage? Trust Entrepreneur to help you find out.