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Extending Your IP to Others for Passive Income

Extending Your IP to Others for Passive Income

Have you thought about codifying your consulting/expertise model and licensing it to others? It’s an interesting conversion from wholesale (corporate) to retail (individuals) and involves very little effort.

If your expertise is strategy consulting, for example, commit your steps to writing, provide some visuals and any other support you use (text, handouts, exercises), and teach people in a day (yes, I mean a day) how to use your methods in their consulting work. I know what you’re thinking, but they won’t be competing with you, because you are you and the best at what you do. They will attract and/or pursue business that you wouldn’t, and you’ll make money on their  purchase of your intellectual property and ongoing support.

Suppose you charged $25,000 and put one person a month through the process? And what if they paid you an additional $10,000 per year to rely on you for support and questions, or if you agreed to feature them in your materials as resources for markets you’re not interested in?

This takes confidence in your abilities, a refusal to worry about your brand being “tarnished,” and the judgment to accept only good people. But it could easily mean a quarter million or much more a year in extending your IP, helping others to succeed, and gaining passive income.

© Alan Weiss 2015

Written by

Alan Weiss is a consultant, speaker, and author of over 60 books. His consulting firm, Summit Consulting Group, Inc., has attracted clients from over 500 leading organizations around the world.

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