“To build income you can hustle, but to build wealth you need to build something that doesn’t require your hands.”
That’s what this week’s guest told me, and then walked me down an interesting path in building that elusive “hands-free” business. His angle?
Product licensing is essentially selling your ideas to larger companies for a percentage of future sales. You don’t have to worry about the design, manufacturing, marketing, distribution, or anything outside an initial pitch and perhaps a prototype.
In this conversation, Stephen shares how you can get started in product licensing without any big upfront investment, how to protect your intellectual property without a patent, and how to get big companies to take you seriously.
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- Why Stephen believes this is the best time in history to get into product licensing.
- How to study the market and find opportunities for innovation in a matter of hours.
- How to protect your intellectual property for as little as $65.
- How to identify “inventory-friendly” companies and reach decision makers.
- How to create a 1-page “sell sheet.”
- The typical royalty rate you should aim to negotiate for.
- Stephen’s “what if?” game for generating new product ideas.
- The advantages of product licensing over the Amazon FBA private labeling model.
- Stephen’s #1 tip for Side Hustle Nation.
- InventRight TV
- One Simple Idea: Turn Your Dreams into a Licensing Goldmine While Letting Others Do the Work
- Google Patent Search
- Nate Dallas on The Side Hustle Show: Think Ideas are Worthless? Nate Earned $300k Passive Income From His
Contest! Win a free copy of Stephen’s book, One Simple Idea, by commenting with your top takeaway from the episode below. Closes midnight Pacific on May 31st, 2016.
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