Taking License
Profit from your great idea by setting up a licensing agreement.
Got a great idea??? but don't have the time, energy, experience or resources to manufacture and market it? Don't give up. Another option is to find a manufacturer who will license your idea. This way, you get a royalty without having to do any additional work to promote, manufacture or sell the product. Licensing can be ideal if you're the type who prefers to keep inventing rather than actually run a company.
I'm often asked "How do manufacturers decide what products to license?" There's no one answer to this question; manufacturers license products for a variety of reasons. However, John Lisle, president of Clarinda, Iowa-based Lisle Corp., a manufacturer of specialty automotive products, offers some insights.
Continue reading this article - and everything on Entrepreneur!
Become a member to get unlimited access and support the voices you want to hear more from. Get full access to Entrepreneur for just $5.
Get 3 months free with code zendesk
Presented by Zendesk

Entrepreneur Editors' Picks
-
Zooey Deschanel Embraces the Word 'Quirky' and Thinks Businesses Should Too
-
A Simple (But Not Easy) Guide to Achieving Almost Any Dream
-
Making Time to Be 'Useless' Is a Vital Part of Creating Anything Valuable
-
A Billionaire Who Operates More Than 2,400 Franchises Knows These Types of Franchisees Make the Most Money
-
How Relentless Optimism Fuels Success for Hilary Schneider, CEO of Shutterfly
-
The Paradox of Celebrity Tequila
-
Social Media Was Draining Me, So I Gave It Up. My Business Has Never Been Stronger.