GH: Turn Your Ideas into Recurring Revenue

The Side Hustle Show

Nick Loper

Business, Education, Entrepreneurship, How To

4.7 • 1.6K Ratings

🗓️ 1 June 2023

⏱️ 33 minutes

🔗️ Recording | iTunes | RSS

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Summary

"To build income you can hustle, but to build wealth you need to build something that doesn’t require your hands."

That's what this week's guest told me, and then walked me down an interesting path in building that elusive "hands-free" business. His angle?

Product licensing.

Product licensing is essentially selling your ideas to larger companies for a percentage of future sales. You don't have to worry about the design, manufacturing, marketing, distribution, or anything outside an initial pitch and perhaps a prototype.

Stephen Key is a master of this and has been doing it decades. He's the author of One Simple Idea, the bestselling licensing book, and the founder of InventRight.

In this conversation, Stephen shares how you can get started in product licensing without any big upfront investment, how to protect your intellectual property without a patent, and how to get big companies to take you seriously.

Full Show Notes and Free Bonus: Turn Your Ideas into Recurring Revenue

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Transcript

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0:00.0	Oh, what's up? What's up? Nick Lopper here. Welcome to the Sign Hustle Show. It's the business
0:04.2	podcast you can actually apply. As you know, I'm a fan of businesses that are time leveraged,
0:09.6	meaning you can grow beyond trading hours for dollars. You can get paid multiple times from work
0:14.8	you do once. That's the dream, right? Well, one business that checks that box is print on demand.
0:19.2	It's a model we've covered on the show for years with some really inspiring stories.
0:23.1	As the name suggests, you don't have any physical inventory to buy and you can earn passive royalties
0:28.4	whenever your designs sell. So it can be tricky to know how to get started, what kind of designs
0:33.1	to create and how to set your listings up for success. This is where printing profits comes in.
0:38.8	It's a brand new podcast from the print on demand experts at printify. Printify is the leading
0:43.3	platform that lets you sell custom products all around the world. The new printing profits podcast
0:48.2	is jam-packed with practical tips from print on demand pros and covers everything you need
0:53.1	to start and scale your print on demand store. So go check out printing profits on your favorite
0:57.7	podcast app now and big thanks to the printing profits podcast from printify for sponsoring the show.
1:03.4	Now here's an oldie but a goodie from the archives from the side hustle show greatest hits collection.
1:08.5	It's had to turn your ideas into recurring revenue. Got a great side hustle for you today.
1:13.9	One that doesn't require a big upfront investment or even a ton of subject matter expertise.
1:18.4	It's product licensing when you can turn your ideas into recurring revenue. I'm joined by Steven
1:24.8	from inventright.com and he's going to share how you can get into this business even if you're
1:29.4	idealist at the moment. You can download a free PDF highlight reel with all of Steven's top tips
1:34.4	from our conversation and you can find the notes and links for this episode at side hustle nation.com slash
1:39.6	invent. We first covered product licensing back in episode 99 of the show where Nate Dallas
1:45.8	shared how licensing a game idea of his earned him and his brother $300,000 in passive income over
	...

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