Licensee, License Do
Is your business ready for the boost that comes from licensing?
Opinions expressed by Entrepreneur contributors are their own.
Procuring a license is a great way to power up your business,says Antonio Sarabia II, an attorney specializing in intellectualproperty and contracts. To know if you're ready, evaluate yourcompany's financial strength prelicense. If you're barelymaking it, it's probably not a good time to become alicensee--it's not a balm for a bad bottom line, notes Sarabia.It can, however, help take a strong startup to another level.
Licensing works for almost any kind of manufacturing businesswhere brand recognition is important-apparel, housewares,accessories and so on, notes Sarabia. Even service businesses, likehair salons or lube and tuneup stations, can benefit fromadvertising an established brand name on the door. The key is tomake sure the product you want to license makes sense within yourindustry and experience. "You need to build on yourstrengths," notes Sarabia.
Continue reading this article — and all of our other premium content with Entrepreneur+
For just $5, you can get unlimited access to all Entrepreneur’s premium content. You’ll find:
- Digestible insight on how to be a better entrepreneur and leader
- Lessons for starting and growing a business from our expert network of CEOs and founders
- Meaningful content to help you make sharper decisions
- Business and life hacks to help you stay ahead of the curve