If you’re a business consultant looking to expand your reach internationally, licensing is a great option. Licensing is straightforward; you find a business in the same industry and agree to share (license) your brand, product, or service. Licensing enables you to grow your global presence without going through the tedious process of creating a new branch from scratch.
One recent example is Heidrick & Struggles, a renowned global firm in leadership consulting and talent solutions, have recently struck an international licensing agreement with WE Partners in Eastern Europe. This licensing agreement allows Heidrick & Struggles to expand their expertise and service brand beyond borders by providing strategic growth guidance and comprehensive advisory services through the consulting team at WE Partners.
Let’s examine why licensing effectively allows business consultants to expand their services internationally and how to manage international licensees.
Benefits of Licensing Internationally
The most apparent benefit of licensing internationally is that it allows your consulting business to expand beyond your local market and reach customers worldwide quickly. By partnering with an established firm in the desired region, you can access local expertise while leveraging its brand recognition and customer base. That helps strengthen relationships between licensees and local customers, as they can provide more tailored services and better understand regional needs. Additionally, licensing allows companies to take advantage of resources that may be limited in certain regions, such as skilled labor or specialized technology.
How To Manage International Licensees
When entering into any licensing agreement, you and your licensees need to have clear expectations from each other. Doing thorough research on potential partners will help ensure that your licensees are qualified and will be accountable for performance and quality standards associated with your brand name.
One of the most critical steps for entering international licensing agreements is to develop processes and procedures that ensure compliance with local regulations and laws. Finally, establishing strong communication channels between you and your licensees ensures everyone remains on the same page throughout the partnership.
Licensing Unlocks Global Opportunities
Licensing can be a potent tool for your consulting business if you want to expand your services globally. By leveraging the expertise of an established firm in their target region, you can access their resources while maintaining control over how they present themselves and your services in other markets. With clear expectations, proper research, and effective communication channels between you and your licensing partners, you can use international licenses to unlock global growth opportunities for your consulting services without sacrificing quality or customer satisfaction.
The world is full of licensing opportunities to expand and grow your business, and a clear understanding of the licensing process is vital to protect your IP, brand, and services. Going the route of a licensing strategy for international expansion is one way to save on costs and risk and provide a more accessible route forward without having to physically set up in a foreign market. No matter what stage your consulting business is at, it is always worth considering your licensing options when exploring international expansion. So why not contact us today for a short consulting call to explore your consulting know-how IP and the options for licensing it?
Rand Brenner is an IP professional whose passion is helping inventors, startups, and businesses of all sizes use licensing to turn their IP into income-producing products, services, and technologies. His decades of experience run the gamut from medical devices to food technology to consumer products. He’s licensed some of the biggest Hollywood entertainment blockbusters including the Batman Movies (1 and 2), and the number one kid’s action TV show, the Mighty Morphin Power Rangers. Rand speaks about licensing and is a featured speaker at investment conferences, trade shows, colleges, and startup events. His first book, Hidden Wealth: The Money Making Power of Licensing was released in 2019 and is available on Amazon.com. He’s also a published writer with articles appearing in several prestigious trade magazine including The Licensing Journal, Intellectual Property Magazine, and License India. Rand also mentors at the Cal State Fullerton School of Business and Economics and is a judge for their startup business plan competitions.