Chew_Bear
PARKED
New to the Forums. Just a curious guy that has a knack for entrepreneurship and being my own boss. I am always thinking about new ideas for things.
So...Say I have a great product/invention (working model/prototype) that I know will make money and make customers happy in my intended industry/customer base. But...I don't have the Capital to start up my own LLC, business license, store or factory.
So...I decide its better to 'SELL' my product/invention to a major/prominent manufacturer/brand that is already established in the industry.
Therefore...Do I...
A. Sell my product/invention for a 'LUMP SUM' and call it good and move on...???
...Or is it better to...
B. Set up a 'ROYALTY' Contract/Agreement/Program where I get a certain percentage of the sales from every unit of the product sold...for how ever long the product maintains its popularity and/or is requested to be made based upon supply and demand...???
e.g. 50% of sales for 1st year, 25% for the second year, 12% for the 3rd year and so on for how ever long the product maintains shelf life/popularity.
Which option would I stand to make the most money...?
I take it if you have a product that is really worth while and you think its popularity is going to stay for a long time in the intended industry/market...Would the Royalty option make more sense for making the most money...?
So...Say I have a great product/invention (working model/prototype) that I know will make money and make customers happy in my intended industry/customer base. But...I don't have the Capital to start up my own LLC, business license, store or factory.
So...I decide its better to 'SELL' my product/invention to a major/prominent manufacturer/brand that is already established in the industry.
Therefore...Do I...
A. Sell my product/invention for a 'LUMP SUM' and call it good and move on...???
...Or is it better to...
B. Set up a 'ROYALTY' Contract/Agreement/Program where I get a certain percentage of the sales from every unit of the product sold...for how ever long the product maintains its popularity and/or is requested to be made based upon supply and demand...???
e.g. 50% of sales for 1st year, 25% for the second year, 12% for the 3rd year and so on for how ever long the product maintains shelf life/popularity.
Which option would I stand to make the most money...?
I take it if you have a product that is really worth while and you think its popularity is going to stay for a long time in the intended industry/market...Would the Royalty option make more sense for making the most money...?
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today