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9 Steps to Building a Million Dollar Licensing Lifestyle Business Even If You Are Starting From Scratch

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Full presentation here: https://www.youtube.com/watch?v=6VMLQlV9eDg

9 Steps to Building a Million Dollar Licensing Lifestyle
Business Even If You Are Starting From Scratch:
1. Choose a Niche and Commit.
2. Identify Potential Companies.
3. Connect with Potential Companies.
4. Identify Potential Inventors'
5. Connect with Potential Inventors'
6. Send Sub-licensing rep agreement.
7. Extract Pitch deck.
8. Qualify a potential company.
9. Send licensing agreement to company.

Full presentation here: https://www.youtube.com/watch?v=6VMLQlV9eDg

Published in: Business

9 Steps to Building a Million Dollar Licensing Lifestyle Business Even If You Are Starting From Scratch

  1. 1. “9 Steps to Building a Million Dollar Licensing Lifestyle Business.. Even If You Are Starting From Scratch” Presenter: Hung Le
  2. 2. Let’s flip everything you know about business..
  3. 3. The most underrated skill.. Income Generating Assets$5 Trillion Industry - USPTO
  4. 4. YOU (connector) = royalties $ Breakthrough ideas Companies looking to license.. The most underrated skill..
  5. 5. Who is Hung Le? ● Born and raised in Perth, Western Australia but now a global traveller (Philippines, Singapore, Australia and United States). ● Engineer (Mechanical) turned Entrepreneur since 2009. ● Built and sold 2 companies: ○ Mobile app business (6 figures) in 2012. ○ Digital marketing agency with 40 staff in the Philippines (7 figures) in 2014.
  6. 6. Who is Hung Le? ● Business growth advisor, licensing strategist, deal maker and mentor who LOVES travelling to entrepreneurial events, mastermind retreats and is obsessed with helping entrepreneurs build dream businesses, FAST.
  7. 7. DISCLAIMER: I am NOT guaranteeing you will achieve the same results.. However..
  8. 8. Let me share with you ‘why’ I LOVE what I do... [3 “Winning” Case Stories]
  9. 9. Case Story #1: Brendan Monahan Closed a $29,500 deal. Repositioned his business and value proposition to focus on a ‘niche’ as oppose to be everything to everyone.
  10. 10. Case Story #2: Guus Goorts Went from $5k/mo to well over $20k/mo and beyond (300%+ net growth) in less than 4 months. Pinpointed Guus’s strengths and hidden skills set.
  11. 11. Case Story #3: Mark Kirk Scaled rapidly from $17k/month to $60k/month in less than 6 months (+250%+ growth) NOW on $200k/month+ Pinpointed Mark’s leverage points and removed core constraints (both personal and business).
  12. 12. Here Are the Secrets I Will Teach YOU.. Licensing > Passive Income Wealth vs. Income Wealth Trifecta 3? 1? 2? Wealth
  13. 13. Here Are the Secrets I Will Teach YOU.. REAL Freedom business. IP -> Income Generating Asset Work anywhere, live anywhere
  14. 14. Why This is Crazy Different: Traditional Way 3) Multiplier effect (10X) 1)Nohands 2)Nopresence Licensing VS.
  15. 15. Why NOW? The GAME has changed..
  16. 16. Why NOW?
  17. 17. 3 Significant Shifts..
  18. 18. Shift#1: Open Innovation “The world’s smartest people most probably aren’t working for your company” - Larry Ellison, Co-founder of Oracle
  19. 19. Shift#2: Power of One We’re redefining the future of ‘work’. The ‘connection economy’ has arrived.
  20. 20. Shift#3: World of Abundance. Access > Ownership. Economies of speed >Economies of scale.
  21. 21. Is This For You? ● Frustrated with where you are financially in life. ● Confused about what path to take - pulled in all different directions. ● Lonely because you don’t get to do the things you want or see the people who matter most in your life. ● Self-doubt and wondering ‘what’s wrong with me?’ ● Tired of all the hyped up courses out there that over promise and under deliver leaving you more frustrated and in debt than when you originally started.
  22. 22. Let’s make a deal.. ● NO “get rich quick”. ● NO “do nothing, get paid”. ● NO “MLM // pyramid” scheme lovers.
  23. 23. How I Discovered..
  24. 24. I began to feel...
  25. 25. Crossroads.. Option 1: Give Up Option2: Crush It
  26. 26. Crossroads.. Option2: Crush it
  27. 27. Re-read the first book that..
  28. 28. Tim Ferriss
  29. 29. Stephen Key
  30. 30. Rand Brenner
  31. 31. “If I lost everything today, what would be the most strategic approach to building a million dollar lifestyle business tomorrow without sacrificing long-term gain?” The Million Dollar Question
  32. 32. Questions are the Answers..
  33. 33. AHA Moment...
  34. 34. The recipe I’m about to share..
  35. 35. As a result I created.. “Licensing Lifestyle” System
  36. 36. Even IF you have.. ● NO Product. ● NO Existing Customers. ● NO Email List. ● NO Social Media Following. ● NO Experience. ● NO Connections. ● NO “Credibility”. ● NO Sales OR Technical skills. ● NO Business!
  37. 37. The “5” Licensing Myths BUSTED
  38. 38. Myth#1: Licensing is a legal process. The most important part of licensing is knowing how to make money with it.
  39. 39. Myth#2: Licensing is too complicated. To ‘smartcut’ the process we are going to leverage already proven intellectual property that is ready for licensing.
  40. 40. Myth#3: Licensing doesn’t work for me You are only as limited as your imagination.
  41. 41. Myth#4: Licensing partners are hard to find.. My 9 step “licensing lifestyle” system will teach you how to connect with anyone.
  42. 42. Myth#5: Licensing requires you to be a certified professional Alphabet soup isn’t necessary.. It’s WHO sells the soup that wins.
  43. 43. Breakthrough moment coming soon..
  44. 44. The “Licensing Lifestyle” System.. Ready?
  45. 45. Licensing Nomenclature WTF is “intellectual property (IP)” anyway? ● Fancy legal definition: “creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce”. ● Money making definition: intangible assets that hold underutilized and untapped monetary value.
  46. 46. Licensing Nomenclature WTF is “licensing” anyway? ● Fancy legal definition: “an arrangement whereby a licensor grants the right to intangible property to another entity for a specified period, and in return, the licensor receives a royalty fee from the licensee”. ● Money making definition: the process of transforming intellectual property into income generating assets.
  47. 47. Licensing Nomenclature Parties acting in the interest of the deal.. ❖ Licensor (inventors): the party that grants the license (i.e. party that created the IP). ❖ Licensee (BIG companies): the party that receives the license (i.e. pays YOU the royalties $).
  48. 48. YOU (connector) = royalties $ Breakthrough ideas Companies looking to license.. The “Licensing Lifestyle” System (IDEAL Situation)
  49. 49. 9 Steps of the “Licensing Lifestyle” System 1. Choose a Niche and Commit. 2. Identify Potential Companies. 3. Connect with Potential Companies. 4. Identify Potential Inventors’ 5. Connect with Potential Inventors’
  50. 50. 6. Send sub-licensing rep agreement. 7. Extract Pitch deck. 8. Qualify a potential company (company-inventor fit). 9. Send licensing agreement to company (WIN the deal). 9 Steps of the “Licensing Lifestyle” System
  51. 51. Step(1): Choose a niche and commit.
  52. 52. Rich is in the niche: Who (niche?) do I care most about helping in order to solve a painful problem(s) and may already be a consumer of? ● Check your household. ● Check your purchases and buying habits. ● Check what email lists you are subscribed to.
  53. 53. Master Your “Pitch” 1. “I help [niche] companies leverage open innovation in order to achieve an unfair advantage” OR. 2. “I help [niche] companies transform breakthrough ideas into income generating assets”.
  54. 54. Master Your “Pitch” ● Practice this in the mirror 3x times a day min. Until it becomes second-nature. ● Add this to your websites, social media profiles, email signatures, etc.
  55. 55. Personal Branding. ● Simple and Relevant domain (www.yourname.com). ● Simple Personal Branding website (e.g. www.WiseIntro.co). ● LinkedIn Profile + other social media profiles.
  56. 56. Step(2): Identify Potential Companies.
  57. 57. Creating Your Dream 100 (5 sources) 1. Create, Find or Purchase an Existing Lists of Your “Dream 100” Clients (e.g. Inc 5000, Fortune 1000, etc.). 2. Google: “niche” lists/”niche” associations (e.g. ASAE: American Society of Association Executives). 3. LinkedIn Advanced Search (LI Premium OR LI Sales Navigator is required). 4. www.Data.world (my SECRET weapon - save >$2,500). 5. www.SalesRipe.com (awesome founders).
  58. 58. Find the Decision Makers 1. Company Org Charts. 2. LinkedIn Sales Navigator/LinkedIn Premium (Which one?) 3. AdData Express 4. RelSci (Relationship Capital Platform)
  59. 59. Company Org Charts: www.TheOfficialBoard.com
  60. 60. Company Org Charts: www.WikiOrgCharts.com
  61. 61. LinkedIn Premium: www.premium.LinkedIn.com
  62. 62. LinkedIn Premium: www.premium.LinkedIn.com
  63. 63. LinkedIn Sales Navigator: www.business.linkedin.com/sales-solutions/ sales-navigator
  64. 64. LinkedIn Sales Navigator: www.business.linkedin.com/sales-solutions/ sales-navigator
  65. 65. AdData Express: www.AdDataExpress.com
  66. 66. RelSci: www.RelSci.com
  67. 67. Why Research the Decision Makers? ● Personalization = differentiation. ● Take note of the Decision Maker’s contact details: LinkedIn Profile URL, Twitter Profile URL, Executive email contact, Executive direct line (contact number).
  68. 68. Organize Your Dream 100 List Google Sheets Microsoft Excel
  69. 69. Organize Your Dream 100 List www.Pipedrive.com (Recommended)
  70. 70. Step(3): Connect with Potential Companies
  71. 71. Email Tracking Solutions (suggested) https://www.yesware.com https://www.bananatag.com
  72. 72. Breakthrough Email (companies): Subject: appropriate person Hi [first name], I'm not sure if I'm sending this to the right person.. But can you tell me who is responsible for the [open innovation|product management] division of [company name]? If it's not you, who do you suggest I talk to? Thanks in advance for helping me out. -Name Personalize Split test..
  73. 73. Once you get referred.. (thank you) Subject: [Name of referrer], thank you Thanks for getting back to me and referring me to the appropriate person. I will connect with [Name of referral]. If we get traction, I will certainly keep you updated. Thanks again, [Your signature] We may need the trusted referrer to help us follow up in the near future.
  74. 74. Breakthrough Email (referral) Subject: via [referrer's first name] [Name], by way of introduction, [referrer’'s first name] said it made sense for us to talk about open innovation ideas for [company name]. Quick question, what ideas are you currently looking for? Happy to help. Talk soon -[name] Short and sweet.
  75. 75. Once you get a response.. Subject: RE: via [referrer's first name] [Name], thanks for your prompt response. I’m sure I can find a wide array of breakthrough ideas to support exactly what you need. Let me talk to my pool of inventors and top notch designers and I’ll immediately contact you once I do. Sound good? -[name] Open loop.
  76. 76. Step(4): Identify Potential Inventors’
  77. 77. What is “Crowdfunding”?
  78. 78. Inventors: Crowdfunding Sites https://www.kickstarter.com
  79. 79. Inventors: Crowdfunding Sites https://www.indiegogo.com
  80. 80. What is “Equity Crowdfunding”?
  81. 81. Inventors: Equity Crowdfunding Sites https://wefunder.com
  82. 82. Inventors: Equity Crowdfunding Sites https://circleup.com
  83. 83. How about “NASA”?
  84. 84. Inventors: NASA https://technology.nasa.gov/patents
  85. 85. Inventors: Reality Inventor Shows
  86. 86. Inventors: IP Exchanges. https://secure.ipnexus.com/en/search
  87. 87. Inventors: IP Exchanges. https://www.ipexchange.global/
  88. 88. Inventors: Upwork. https://www.upwork.com
  89. 89. Inventors: Industrial Design Schools http://www.idsa.org/education/id-schools
  90. 90. Inventors: Industrial Design Schools http://www.idsa.org/education/id-schools
  91. 91. Step(5): Connect with Potential Inventors’
  92. 92. Breakthrough Email (inventors): Subject: potential partnership with [BIG company name] Hi [first name], My client, [company name] would like to know if you are open to licensing the design of [name of product]? Give a quick no thanks or yes interested -Name Leveraging the ‘credibility’ of the BIG company’s brand.
  93. 93. Common response(s) “Yes interested. Send through your terms” “Yes interested. Tell me more.” “Yes interested. What’s involved?”
  94. 94. Breakthrough Email (inventors): Subject: RE: potential partnership with [BIG company name] Thanks for your prompt response [name]. A sample sub-licensing agreement for the design of [product name] would include but not limited to: 1. Allowing me to present your breakthrough design to interested companies who are looking to license it in exchange for generous royalties. 2. A 50/50 remuneration split. 3. Exclusivity duration whereby if I cannot cut a deal in 6 months or less, you receive the sub-license back. No questions asked because your success is my success. If you agree that it is worth talking about and the fit may be there let's have a follow up call. Would a call sometime around next Wednesday work? Alternatively, you can book a meeting via my scheduler: www.OnlineScheduler.com -[First name]
  95. 95. YOU Inventor Breakthrough Phone Call (inventors):
  96. 96. Set the Frame “I’m really excited that we could both set aside 30mins to talk about how we can help you sub-license [product name] in exchange for generous royalties from my [niche] clients. Let’s begin with a few questions:”.. Breakthrough Phone Call (inventors):
  97. 97. ● How did you get started in this business? (connection) ● If we were to have this conversation in 12 months time, what would have had to happen in order for you to be happy with our progress? (future pacing). ● Do you have all the money, manpower and time you need to achieve this goal? (identifying the problem). Breakthrough Phone Call (inventors):
  98. 98. ● If you could pitch your product in one sentence or less, what would it be? ● What are the benefits and features of your product? ● Do you have a short demo video of your product? Breakthrough Phone Call (inventors):
  99. 99. ● Do you have a patent (provisional or non-provisional)? ● If so, what’s the patent number/code? ● How much does it cost to manufacture each unit? ● What is a general retail price point/range? Breakthrough Phone Call (inventors):
  100. 100. Breakthrough Phone Call (inventors): End the Call “Great. I’ve got exactly what my client [company name] is looking for. I’ll send through a draft sub-licensing agreement and we can take it from there. Sound good? Great. Have a brilliant day ahead and talk soon”..
  101. 101. Licensing Power Tip “The person who asks the questions controls the outcome”.
  102. 102. Step(6): Send Sub-licensing Rep Agreement
  103. 103. Ready made templates: www.PandoDoc.com Import existing templates: www.HelloSign.com Proposal/Agreement Templates:
  104. 104. An irresistible sub-licensing agreement should have: 1. Allow you to present to potential licensees (i.e. companies who will license the IP). 2. Exclusivity duration - 6 months to cut a deal otherwise you’ll return the sub-license back (i.e. risk reversal). 3. Remuneration agreement - 50/50 (be generous - it pays off lifelong dividends). 4. Frequency of royalty payments - dependant upon licensee (i.e. company structure). 5. Request for licensor (i.e. inventor’s) payment details.
  105. 105. Get them to say.. YES!!
  106. 106. Step(7): Extract Pitch Deck.
  107. 107. Pitch Deck Solutions: https://slidebean.com https://www.google.com/slides/ about/
  108. 108. A Winning Pitch Deck (10 slides): 1. The BIG Idea (one-line benefit statement) 2. What’s Changing (3 market forces: economic, social and technological) 3. Problem (what significant problem(s) is nobody else solving?) 4. Generic Solutions (Existing alternatives) 5. Our Solution (insert video DEMO here)
  109. 109. A Winning Pitch Deck (10 slides): 6. Value Proposition (company specific value proposition) 7. Economics (potential for gain) 8. Social Proof (existing sales $, product testimonials, media mentions,etc. = negotiating power!!) 9. Prizing (exclusivity is on a first-come first-serve basis) 10.Call to Action (i.e. invite for booking a meeting)
  110. 110. Step(8): Qualify a Potential Company.
  111. 111. Breakthrough Follow Up (companies): Subject: {potential breakthrough|worth considering?|just found it|good news} Hi [name], Good news. I’ve just found a breakthrough idea/design that will help [company] achieve [x goal] as mentioned in our previous conversation. Here is a link to the overview: www.PitchDeck.com . If you agree that it is worth talking about and the fit may be there let's have a follow up call. Would a call sometime around next Wednesday work? Alternatively, you can book a meeting via my scheduler: www.OnlineScheduler.com -[First name]
  112. 112. Licensing Power Tip “Direct mail an oversized ‘gift’ with a handwritten letter and the pitch deck (physical print version) to get the phone ringing”.
  113. 113. [One-Page Handwritten Letter Template]: ___________________________________ Hi [name], I’ve finally found the missing piece to our puzzle. Here it is: www.PitchDeck.com Let’s solve it together. -Name -Contact email. -Contact number -Link to online scheduler. Breakthrough Follow Up (companies):
  114. 114. Licensing Power Tip (before call) “Check the companies’ and their websites for existing ‘licensing templates’.
  115. 115. YOU Company Breakthrough Phone Call (companies):
  116. 116. Set the Frame “I’m really excited to talk more about how we can turn this design into dollars for [company]. I’m curious, what would inspire you to progress forward with this breakthrough idea/design?” Breakthrough Phone Call (companies):
  117. 117. ● How much sales volume do you anticipate that we can do? (i.e. 10,000//100k//1 million units?). ● What royalty arrangement do you believe is fair? 5%? 7%? (hopefully you can find this from existing licensing agreements on their website..). ● Are you looking for an exclusive or non-exclusive license? Niche/Product Category/Geographical? Breakthrough Phone Call (companies):
  118. 118. ● Legal inclusivity - if a competitor of the company infringes the license then the company will seek legal action inclusive of your royalties. ● No licensing fees upfront (i.e. risk reversal). However, they agree to pay for the necessary patents. ● What is the frequency of your royalty payments schedule? 1 month/3 months/6 months? Breakthrough Phone Call (companies):
  119. 119. End the Call “Great. I’ve got exactly what my client (i.e. inventor/designer) needs. How about I send through a draft licensing agreement within the next 48 hours and we can take it from there. Sound good? Great. Have a brilliant day ahead and talk soon”.. Breakthrough Phone Call (companies):
  120. 120. Step(9): Send Licensing Agreement to Company
  121. 121. Proposal/Agreement Templates: Ready made templates: www.PandoDoc.com Import existing templates: www.HelloSign.com
  122. 122. An irresistible licensing agreement should include: ● Anticipated sales volume (i.e. units not $). ● Royalty arrangement -5%/7% of wholesale price? ● Frequency of royalty payments - dependant upon licensee (i.e. company structure).
  123. 123. ● Minimum Guarantee - $100k, $250k, etc. (regardless of performance) for 1st/2nd/3rd/4th/5th year) = SECRET weapon. ● Exclusive or non-exclusivity? ● Legal inclusivity (if a competitor infringes the company’s license..). An irresistible licensing agreement should include:
  124. 124. ● No licensing fees upfront however company agrees to cover cost of patents where necessary. ● Your payment details (you control the flow of capital in this deal). ● Access to their accounting files and potential audits. ● Acquisition clause. An irresistible licensing agreement should include:
  125. 125. Keep negotiating until you hear.. YES!!
  126. 126. WIN the DEAL
  127. 127. A lot to digest?
  128. 128. YOU (connector) = royalties $ Breakthrough ideas Companies looking to license.. The “Licensing Lifestyle” System (Summary)
  129. 129. Licensing Power Tip Guard your network as if your life depends on it..
  130. 130. Would You Like Me to Personally Help You Build a Million Dollar Licensing Lifestyle Business? OR… the “link” in the description
  131. 131. Most FAQ?
  132. 132. How many deals do I need to WIN in order to build a million dollar licensing lifestyle business? $100k minimum guarantee = 10 deals per year $150k minimum guarantee = 7 deals per year $250k minimum guarantee = 4 deals per year
  133. 133. How do you like them apples?
  134. 134. What to DO Next? ● DON’T procrastinate and let any AHA moments go to waste. Get started NOW! ● DO be flexible, yet committed. Not all deals will go your way but entrepreneurship is ALL about resilience.
  135. 135. What to DO Next?
  136. 136. Would You Like Me to Personally Help You Build a Million Dollar Licensing Lifestyle Business? OR… the “link” in the description
  137. 137. Just remember that..
  138. 138. THANKS! How did you go? Please share this video with fellow entrepreneurs who are looking to build a million dollar licensing lifestyle business :)
  139. 139. Would You Like Me to Personally Help You Build a Million Dollar Licensing Lifestyle Business? OR… the “link” in the description

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