Should I branch into licensing my products or knowledge?

Branching into licensing your products or knowledge can be a smart move, but like any new venture, it's important to weigh the pros and cons. Let's delve into this through a lens that combines practicality and creativity.

Evaluate Your Assets: First, identify what you have that's worth licensing. Is it a physical product, a digital product, or perhaps proprietary knowledge or methodology? Understanding the value proposition of what you're offering is crucial. For me, after leaving the engineering world, I found that licensing the frameworks and methodologies I developed allowed me to serve more people without burning out.

Consider the Scale: Licensing can expand your reach significantly without the overhead of directly managing every detail. This was a game changer for me; it allowed more freedom and room for creative growth. But remember, you lose some control. Are you ready to trust others with your "baby"?

Assess Market Demand: Is there a real demand for what you have to offer, in a licensable format? This isn’t just about having something to share, but about having potential partners eager to adopt it. Before I licensed my content structures, I spent time exposing them to my audience to gauge interest and get feedback.

Understand the Legal Landscape: Licensing involves contracts, royalties, and intellectual property rights. It can get legally complex. You don't need to become a lawyer, but having a basic understanding—or hiring one—can save you headaches down the road. I learned the hard way that proper legal setup could be the difference between a rewarding venture and a fiasco.

Think Long-Term: Does this align with your long-term vision? Licensing can be a steady income stream, but it's not always a quick win. Align it with your version of success. For me, it was about creating more freedom while maintaining impact.

Capture, Develop, Expose Angle: Capture the essence of what you want to license—document it all. Develop it into a format that others can easily adopt and integrate into their systems. Finally, expose it to potential partners, focusing on how it complements and enhances their offerings.

Lastly, recognize that it's okay if it feels a bit messy at first. Start small, maybe with a pilot license, and iterate based on feedback. Licensing might not be the simplest path, but it can certainly be a rewarding one.