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Entrepreneur Homework 4: Franchising and Licensing

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Welcome to the fourth and final installment of Entrepreneur Homework! We have talked about Protecting Your Idea, Disruptive Innovation and Idea Development. Now we have a nice foundation to move forward. Today we are going to discuss how to get your idea out there on a shoestring budget, step up your already-existing business or both. We have two paths that you should consider. Both strategies have value. If you are just getting started, please take a good look and plan one into your start-up, if not both. Let’s go.

Franchising is the practice of the right to use a particular firm’s business model and brand for a prescribed period of time. Here we are talking about your brand and business model. This is a commitment of your time and resources that will pull you away from the day-to-day running of your existing business. Please be sure before you commit.

Article continues below the video.

Watch this Master Class on Franchising Your Idea

Licensing is the process of leasing a legally protected (that is, trademarked or copyrighted) entity – a name, likeness, logo, trademark, graphic design, slogan, signature, character, or a combination of several of these elements. The entity, known as the property or intellectual property, is then used in conjunction with a product. Here we are talking about allowing a larger company in your field to used your idea and pay you for the privilege. That’s called mailbox money, in the parlance.

For more, follow me on twitter- @mike_redwine or look for me here at ProgressiveArmy.com.

Watch Licensing Your Idea

Written by Michael Redwine

Michael Redwine

I write about current events and the intersection of education, innovation and entrepreneurship for http://progressivearmy.com.

Michael Redwine is a Senior Writer for Progressive Army and a member of its Editorial Board.

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Entrepreneur Homework 4: Franchising and Licensing