That means 95% of the value of your business is hidden and not monetized.
- You'll have more money. No more cashflow issues because you can use your IP to raise cash when you need to.
- You'll have more time. The average business owner does 3-6 jobs within their company. We don't need more work! When you capitalize on your intellectual property, it continues to make money for you long after the work is done. Every time I see revenue come in from my IP, I literally stop and do the “happy dance.”
- You'll have more influence. Instead of being one of those annoying people who is constantly trying to shove what they are selling down your throat, you can let your IP be your bullhorn. It will speak for you and provide massive opportunities — such as media appearances, additional customers, joint venture opportunities, etc. In fact, the reason I was invited to speak at ICON14 is because someone who works at InfusionSoft heard about Small Business Bodyguard.
Before you can capitalize on your IP you have to understand what intellectual property is.
There are small business owners who are already capitalizing on their IP …
Because nearly $200-250 billion of IP is stolen per year in the US alone.
In my presentation, I shared five real-life stories of small business owners who have had their IP put at risk … or blatantly stolen, often by large corporations. One of the stories I described was Mixed Chicks, a hair product line for curly haired, biracial women. Unable to expand in time to meet the demands of Sally Beauty Supply, the small company was forced to turn down a large purchase agreement. Sally Beauty then launched a line of hair products with eerily similar packaging called Mixed Silk. Mixed Chicks took the case to court and was awarded a $8.1 million in damages for trademark infringements.
I also described another David and Goliath tale, but this time with Goliath (aka Burger King) winning. The “original” Burger King, was a small mom-and-pop burger restaurant in Illinois. The now empire, Burger King, decided to use the same name and immediately registered the trademark for it, restricting the expansion of the original Burger King, and limiting them to do business within a 20-mile radius of their restaurant.
So clearly protecting your IP is extremely important, but how do small business owners go about protecting these valuable assets without spending millions?
There are plenty of options to protect and police your IP without breaking the bank, including:
- Officially registering your IP with the U.S. Copyright Office and the U.S. Patent & Trademark Office
- Issuing DMCA TakeDown Notices
- Blacklisting IP infringers on Google
- Sending a cease and desist order
With these relatively cheap options, small business owners can prevent other companies profiting from your hard work. When properly protected, your company’s IP can be an insurance policy, a retirement account, and a quality of life guarantee.
So how do you capitalize on your IP? What are the steps?
Finding the hidden value of your business – the 95% you're currently missing out on — is totally within your reach! You do it by conducting an Intellectual Property Audit:
- Mine your company to find the hidden intangible assets.
- Prioritize the list of assets and choose one set of IP to capitalize on.
- Re-work what you've got to bring it to market. In this step, you're going to package your IP for a particular audience. Assemble a designer, developer, copywriter and other professionals to help you polish it up so its ready to market.
- Protect it as outlined above. Register the IP.
- Profit. Sell or license your IP and do the happy dance when the cash rolls in.
We ♥ Small Business
We've got two promos happening now through Monday to make it easier for you to capitalize on the hidden assets in your business!
1. Get $500 OFF Trademark Registration. Stop putting off protecting your brand. Use the code ICON to get your trademark registered by experienced trademark attorneys (that'd be us!) and get ready to capitalize on your IP.
2. Get $50 OFF Small Business Bodyguard. SBB is literally everything you need to know to establish a solid legal foundation for your business in a laugh-out-loud package. Not to mention, two chapters and a plethora of templates and worksheets devoted to protecting your IP. Use the code ICON to get it now.