A minimum in a licensing contract is very important but completely misunderstood by both parties.

Some companies don't want minimums. They don't want to commit money and then be held to a minimum after they've made all the investments. And so you need to approach it correctly and understand how minimums actually work. And this is something I'm trying to teach the entire industry because even the licensees and licensors don't necessarily understand how mechanically a minimum guarantee works.

Today, we're going to go over minimums and how to get them mechanically in your licensing contract.

P.S. Getting to the point of making money off your invention is hard. That’s why I’m hosting a very special webinar for you on how to get through all of this. At the end of just 1 hour, you’ll know the techniques to get your invention licensed easily and make monthly passive income.

As I said in the first video, everybody flips through the contract and makes sure that there's a 7% royalty or whatever it is that they're looking for. And they say, that's great, but it's not, because the net sales definition actually has a bigger impact on your royalty rate or the actual money you make.

You can have a 25% royalty rate, but your net sales definition can take out all of that profit and leave you with $0. And so you need to make sure that you know and understand how the definition of that net sale can work in your favor, as you move through building your licensing contract with a potential licensee.

So in today's episode, we're going to talk about net sales definitions, royalty rates, and how you have to play the game.

P.S. Getting to the point of making money off your invention is hard. That’s why I’m hosting a very special webinar for you on how to get through all of this. At the end of just 1 hour, you’ll know the...

Most inventors, when they get their licensing contract would flip through every page to find the royalty agreement or the royalty rate.

In reality, that's something that I did personally. I would flip through and when I saw that 5% or 7% and I was like, all right, I'm good to go.

But now that I've been in the business so long, I've helped vendors sign over 170 licensing deals, I've seen a lot of contracts and I've helped people negotiate these deals, I would look at the contract differently.

So now, when I find a licensing contract, I would flip to the first page, sometimes on the second, to look for the core of the entire contract - the center of the spider web where everything else comes out from there.

Find out in today's episode what's that CORE is, as I share the must-haves in licensing contracts, how you can get good at licensing contracts, and the rest of the aspects.

P.S. Getting to the point of making money off your invention...

Signing up for NDA is something that you need to speak to your lawyer and get legal advice on because everything is so circumstantial on products, categories, and innovations.

Right now, a lot of inventors believe that they want to get NDA signed before they present their product. Such belief is also recommended by a lot of attorneys, but companies don't want to necessarily sign an NDA before they even see the product.

So in today's episode, I'm giving you my general rule on how I use NDAs when I get into the marketplace and how I get a very strong NDA signed.

P.S. Getting to the point of making money off your invention is hard. That’s why I’m hosting a very special webinar for you on how to get through all of this. At the end of just 1 hour, you’ll know the techniques to get your invention licensed easily and make monthly passive income.

A lot of inventors jump right to either prototyping or patenting. People love to start the process of bringing their inventions to the market without the foundation of knowledge and understanding the marketplace.

That's when they start wasting money and time on a project that won't necessarily go anywhere when they get to that point of pitching to companies.

I have ample examples of why you shouldn't do such, and a couple of them are my own. It took me three times to learn that lesson. And that is a bad move!

So today, we're going to talk about the first step you take when you invent a product, and this will completely change your game on moving forward.

P.S. Getting to the point of making money off your invention is hard. That’s why I’m hosting a very special webinar for you on how to get through all of this. At the end of just 1 hour, you’ll know the techniques to get your invention licensed easily and make monthly passive...

Seasonal products are great stuff and they are fun.

I have helped a lot of students sign licensing deals with seasonal products such as Christmas or summer products. They're not necessarily evergreen products, so they don't last 10 years on the shelf, but, you can get more hits than just, one or two in other categories where there's less volume licensed.

Today, we're going to talk about the pluses and minuses of seasonal products, if that's the path that you want to do.

P.S. Getting to the point of making money off your invention is hard. That’s why I’m hosting a very special webinar for you on how to get through all of this. At the end of just 1 hour, you’ll know the techniques to get your invention licensed easily and make monthly passive income.

When I got started in this business, I'm like everybody.

I didn't have any pre-existing knowledge. I was a dishwasher, waited tables at restaurants, and so I didn't have this big bank of experience of doing anything.

And so one of the things I did is, when I wanted to call companies, I started playing conversations through my mind; on my way to work, on my way back from work, or in the shower. Whenever I was, I play through these conversations in my head. And when I started calling companies and saying the things I've practiced through my head, it sounded so strange because it was the first time it actually came out of my mouth.

So in today's episode, we're going to go over the one thing, you should do before you start calling companies to help you get indoors and close better deals.

P.S. Getting to the point of making money off your invention is hard. That’s why I’m hosting a very special webinar for you on how to get through all...

Have you ever heard of the Pareto principle or the 80/20 rule?

The Pareto principle states that 20% of your actions produce 80% of your results, and 80% of your reactions produce 20% of your results.

So what's the meaning of that?

The principle is that there are few things that you do that produce results. And the majority of people are doing 80% of the things that produce the lesser of the results.

Today, I will be talking about Pareto's Principle of Licensing and the two best things that I focus on in getting your product licensed. Grab a pen and paper, sit back, and watch this video.

P.S. Getting to the point of making money off your invention is hard. That’s why I’m hosting a very special webinar for you on how to get through all of this. At the end of just 1 hour, you’ll know the techniques to get your invention licensed easily and make monthly passive income.

When I got started in the business, I had this big lofty goal. The first year, I want to make $400,000 a year. Right, it's awesome!

But every day I kept failing because I wasn't at my goal and it was very discouraging in the business.

And so I started to approach it a little bit differently.

So in today's episode, I'll share one of the secrets I use to help me stay motivated and focused on getting to my goal. It changes everything, that you don't feel so strained every month, you get to be a little bit more relaxed, you get to think about products, and you get to get more product licensing deals.

P.S. Getting to the point of making money off your invention is hard. That’s why I’m hosting a very special webinar for you on how to get through all of this. At the end of just 1 hour, you’ll know the techniques to get your invention licensed easily and make monthly passive income.

One of the first things I ask my students when they become part of Invent Tribe is - what do you want your life to look like in 3 years?

The reason I always ask this it's because I want to make sure that their decisions today align with their future goals. If they don't, then they're setting up their selves on the wrong path to get started.

Today, I will be talking about starting 3 years out and getting back today to make decisions. Go get a pen and paper, sit back, and watch this video.

P.S. Get your TOP invention and/or product licensing questions answered in my upcoming Live Q&A on June 30th, 8PM Eastern time.  Be sure to register your spot here >> Save My Spot!

P.P.S.  Ready to take your invention licensing journey to the next level?  Book your call with our Invention Licensing Expert today >>  https://tidycal.com/hazel/30-minute-meeting