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.
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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.