Here’s the reality: if you are running a business than you need to be focused on creating intellectual property.
Not sure what intellectual property is? Allow me to clarify:
Intellectual property is all the shit that makes you money.
So if you aren’t focused on it or think it’s only for big business or are waiting for some magical day when [insert whatever you think needs to happen first] happens, let’s cut that BS out and get focused, mmmmkay?
Intellectual property is the lifeblood of all businesses. It is the stuff that makes you unique, it’s your special sauce and your unfair advantage. If you don’t have it or aren’t sure what it looks like in your business, you need to find out.
Intellectual property is how all your favorite people make money.
Do you think Beyoncé only makes money when she is on tour? Hell no! Beyoncé makes most of her money from her creative output that she creates once and then sells over and over again. She goes into the studio records some new songs, and those songs make her hundreds of millions of dollars while she’s sleeping, parenting Blue Ivy and yachting in St. Tropez with Jay-Z.
Likewise, entrepreneurs you know and love all make their money from IP as well. For example, Marie Forleo isn’t making millions from meeting with clients one on one. She is making millions from her B-School program, that she created once (and occasionally updates) and then is able to sell again and again to thousands of students who enroll in her program.
You know who else makes a lot of money from their intellectual property? Me! Small Business Bodyguard, Brand Boss, Legal Nunchucks and Ready, Name, Fire! are all the legal kits that make me money every single month and each of those programs were created once.
That is the mark of intellectual property: you create it once and are able to make thousands (or millions) from it without ever having to do the work again.
Until you start capitalizing on your intellectual property, you will not be able to truly GO BIG in your business because you will always be limited by how much you can accomplish in a day.
Human labor is finite. Intellectual property makes your labor infinite.
So what you got? What have you created that can be turned into a piece of intellectual property that makes you money when you aren’t working? Perhaps you can turn your consulting methods into a signature online course. Maybe you can take your fabulous branding and slap it on someone else’s products to elevate them and generate sales. Perhaps you can turn whatever services you sell into a multimedia product that allows people who normally can’t afford you, the chance to obtain your expertise at a much more cost-effective rate.
I encourage you to spend some time brainstorming the kinds of intellectual property you can create in your business that will generate sales outside of your services. The opportunities to scale your business are endless when you memorialize your expertise into a product.
I guarantee that nothing will contribute to your bottom line in a greater way than figuring out how to turn your labor into intellectual property.
PS: If you want to create a product with me there are two spots left in my Multiply class starting next week. Multiply is my 8-week masterclass for creating your smash product. In this class you will learn everything you need to know to turn your service offering into a product that generates BANK. This is something I have done for myself and have taught many of my clients to do. The price of Multiply will go up significantly next year and this is my last time teaching it in 2016. Grab one of these last few spots, have a new product to pre-launch before the end of the year and set yourself up for a very lucrative 2017. Find all the details right here.