Get Ahead: 3 Reasons to Work With a Licensing Agent

Licensing

Nov 23

When you’re a toy inventor or entrepreneur, you’re probably used to doing it all. You want to have a hand in every part of the invention and production process. However, there may be some times you need some help, and that’s OK. A great entrepreneur knows when to delegate tasks instead of taking on too much for themselves.

One type of person who can help you greatly in your endeavors is a licensing agent. What does such a person do? They get you the licensing deals you want by getting your product in front of the people who need to see it and help you negotiate the deals. Here are three important reasons why you should consider working with one!

1. Call in The Experts

Toy inventors wear many hats, but you can’t be an expert in every single area. To make a successful product you are going to need some help from those who have expertise in areas that you do not have as much experience. You may be a great salesperson but lack some serious industry connections. You might know how to crunch the numbers, but lack the experience to know what kind of deals to go after and how to negotiate. You may have a great product, but don’t know where to go from here. That’s where a licensing agent can help. They will take your product to the next level by connecting you with industry executives, and using their own experience to get you into the spotlight.

2. Get a Full Timer On Your Side

Many toy inventors have a lot going on. You may have a full-time job in addition to your entrepreneurial projects, or you may simply be working on multiple projects at the same time. Plus, many of you out there also have family duties and other life obligations. When Michael Goodman, founder, and head of MLGPC Licensing Agency, was on my podcast, Making It In the Toy Industry, we both agreed that, “part-time effort yields part time results.” That’s not meant to be a dig at those who have a lot going on, because we all do! It’s simply a reminder that to get to where you want to be, you might need help from the experts. When you work with a licensing agent, you get a full-timer on your side. Here is someone whose sole focus is to help your product succeed.

3. It’s Free Unless You Win

As an entrepreneur, there is no doubt that your budget is on your mind all the time. Luckily, there are many licensing agents who work solely on commission. That means they don’t get paid unless they get you a successful deal. Even just signing with a licensing agent can be a boost to your self-esteem, because they typically don’t sign with products they aren’t passionate about. It may take a little footwork to find the right licensing agent to work with your product, but once you do, you’ll have a loyal team member who has a vested interest in making a great deal for your product.