Licensing is a form of intellectual property (IP) management and merchandising. It involves exploiting an IP owner’s rights by licensing one or more of their properties to other companies for them to use, market, and sell. Depending on where you are based, it may be possible to license your products; however, if not, then you will need to work with a licensing agency. Here are the steps to searching for a licensing firm:
Research the Licensing Company
Before choosing a licensing company, you need to set your goals. Why do you need a licensing company? Do you want to sell your designs to retailers or directly to consumers? How many retailers do you want to work with? What kind of exposure do you hope for, local, regional, nationwide, or worldwide? Can the company help you get an IATAN card? It is important to research the different licensing companies and their services. This will help you understand what they offer, where their expertise lies, and how they run their company.
Choose the Licensing Company that Matches Your Needs
League your personal needs with the pros of each licensing company. This will help you decide which licensing company is right for you. After researching and understanding all of your options, you can choose which licensing company best meets your needs. The licensing process should be simple and work towards achieving personal goals, so choose wisely!
Royalty Rates and Fees Charged
Every brand works differently, so there are no standardized royalties that an agency could charge, but there are some key things to look out for. Ensure you find out what sort of fees they will be charging to do things like preparing contracts and filing trademarks so that you are aware of the final costs upfront.
There are many benefits associated with using a licensing company: they have extensive experience in this field and know what works well; they will already have relationships with other brands that would potentially want to work with you, and they can sometimes help finance licensing deals as well as advise on royalty rates and fees, so you will get the best deal.