Like any property, intellectual property can be bought, sold, and licensed. So if you’ve built up a unique product or service, you could benefit from licensing your IP to others by itself or as part of a franchising agreement.
You can license parts of your intellectual property, for instance, the registered design rights on the packaging that you have protected, or you can license your IP when you franchise the entire business model to someone. Then they can replicate your business while you still retain control over standards.
Franchising your business or licensing your IP can be lucrative and increase your market share. If you are starting a new business buying a franchise could be a way of getting an immediate competitive advantage reducing your costs, development time, and also gaining access to industry expertise.
You may just need to buy a license to use somebody else’s product.
Whatever you do just remember that intellectual property is a valuable asset to buy sell and license.
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