Many people have ideas, but few ever act on them. I’m going to go against the norm here and provide you with everything you need to know about how to create multiple passive income streams from intellectual property (in other words, knowledge that can be turned into cash flow or profit). You’ll learn the many ways you can capitalize on your intellectual property.
From trademarks, copyright, design patents, utility patents, trade secrets, and geographical indications there are many ways to monetize intellectual property.
Intellectual property is an idea put into a tangible format. Think about music, art, a logo, slogan, even your favorite invention, what’s the one thing they have in common? They were all put into a format you can interact with and therefore created intellectual property.
To go from idea to execution you need to have a safe and holistic strategy. A simple strategy I teach is to protect, optimize then monetize what you create. This means you are protecting the systems attached to the product or service you created.
Protection means registration of the intellectual property associated with the item. This could be trademark, copyright and patent registration, or contracts for your trade secrets.
Optimization positions the protected IP to earn revenue. Through savvy negotiations and product placement your passive income from your IP is limitless.
Monetization is easily the most enjoyable aspect of the process. Some examples of monetization would be; licensing for royalties, direct sales or even ads or a combination of all three.
Let’s look at some ideas for monetizing intellectual property: royalties from licensing agreements, digital products (eBooks/video courses), physical products (t-shirts/posters), and advertising revenue online or offline.
Once you understand the importance of implementing an intellectual property strategy for your next project you can consistently earn multiple streams of passive income streams.
Check out my Creator’s Toolkit where I show you how to create your own strategy with an eBook, workbook, and video presentation.
