Would you like to add a new program or course to your portfolio with minimal effort?

Buying a licence for an established product could be an excellent alternative to creating a new product from scratch.

 Here’s when this option would be worthwhile considering:

1. Urgency: You need an instant product NOW. Your existing clients are keen to hire you for more work but you’ve gone through your repertoire. You have no time to create a new product.
2. Priorities: You don’t want to spend time on product development because this means you’ll have less time for immediate earning activities. Mortgage repayments and children upbringing expenses can sometimes get in the way!
3. Risk management: You don’t like taking risks. Why invest time and money on re-inventing the wheel when a similar product exists on the market. New product development doesn’t come with a guarantee of success.  
4. Money: You might not have the financial resources to start your product from scratch considering the associated costs e.g. market research and marketing. Developing a new product can be financially draining especially as the timeframe can be unpredictable.
5. Credibility: You don’t have the academic qualifications, experience or reputation to back up your new product. Offering a branded product could boost your credibility and bottom line. 
6. Training: You might be starting a new career in the training or coaching industry and need training wheels. Support from the Licensor and fellow Licensees can be not only reassuring but vital.
7. Self-confidence: You don’t believe that you have the skills and abilities to create a top product at least… not yet.  
8. Maintenance hassle: You don’t want to be involved in product upgrades or accreditation issues. Delegate this worry to the Licensor!
9. Marketing: You’re not interested or have the knowledge to market your new product. This is often where people fail. They can’t market their own products.  
10. No ripples: You don’t want any change to the way you operate your business. Unlike a franchise, you can announce a new product but it’s ‘business as usual’ with … a new point of attraction.

Creating a new product is very satisfying but let’s face it, it’s not all rosy. You need time, money and persistence.

Keep an eye on the Franchises & Licences category for new licences coming available in the Australian Speaking, Training and Coaching Industry alternatively look at the New Business Opportunities on the Australian Training Guide.

 P.S. Like with any other agreement, always check credentials, figures and fine print before signing on the dotted line.

Filed under: Business Opportunities, Franchises & Licences