Question - Do you want to license your product or build a business?
When you're deciding whether you want to license or build a business, there are several different criteria that we always use with clients and anybody that's considering working with us
- What do you want out of your product?
- How do you want your life to look?
- Are you coachable and resourceful?
- Are you interested in being with your product for the long haul?
These are good places to start. People who are not interested in building a business generally want more passive income. They want to make a little money off a bunch of different ideas or they have a job they love that they cannot imagine leaving. AND they have this great idea that they want to see it out in the world. Plus, it would be fie with them to make a little bit of money from it. In that scenario, licensing is the better option.
If you're going to build a business you have to be prepared to do the things that creating a business takes. For example: build teams of people around you. Create prototypes. Have marketing materials created. Be in sales conversations or build a sales team. Invest or find people to invest in the product. It takes at least a little bit of money. It doesn't have to be a huge amount but there will be some required.
The amount of money varies depending on what the product is and what your strategies are. It will take time and effort and skillsets. I am best at the product strategy pieces, which is why we have other people involved in the business and we're bringing in more teams to work on other pieces. If you don't have the skillset you have to be willing to go get it from someone. Meaning, if you are not a CFO type or booking type then you have to be willing to hire one, find one or learn it or do something. When it comes to building a business it's the same thing.
Building a business is going to take you anywhere from a year and a half, minimum, to five years. Are you doing it just for the money or are you doing it for a larger purpose? I've found, for me, doing it for the money wouldn't have been enough to keep me in this. It had to be a burning passion.
For me there needs to be that kind of passion, in my experience and from everything I've seen that people have been successful at. If you're doing it solely for the money you'll bail when it gets tough. My burning passion is to help inventors and product people with their ideas so they do it in a wise and strategic way. It is part of who I am, for me to do that. That drives and pulls me forward; it's not about the money, that's just a byproduct.
Product Action Call
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