Staying Motivated: Never Wait by the Phone

Staying Motivated: Never Wait by the Phone

The best way to stay innovative and become successful is to stay proactive.  Every potential licensor will one day face this situation: you’ve pitched your idea and gotten a great response from a firm, but it’s been weeks and they still haven’t made a final decision.  While they’re thinking, the licensor is left waiting by the phone and hoping for the official ‘yes’.

 

If this is you, there are better ways to spend your valuable time!  Waiting for a make-or-break phone call can put anyone on edge, creating stress and anxious anticipation that doesn’t solve anything.  Meanwhile, you could be taking action to generate more interest in your idea – or even starting a new licensing project!

 

Instead of waiting, try keeping your momentum by:

 

– Contacting the next few potential licensees on your list. It’s always good to have more than one possibility in the works, and one of the other companies may love your idea even more than the company you’re waiting for.  In fact, you might get a better deal just for being in high demand!

 

– Brainstorming more app ideas.  Now that you’ve been through the process once, you probably have a better sense of what works and what doesn’t.  Use your newfound knowledge to think more critically about potential games, apps, and partnerships, or refine an earlier app idea to make it even better.

 

– Getting started on a pitch document for your next project.  Licensing can bring you a comfortable income, but only if you keep the ideas and contracts flowing.  Working on more than one project at once is healthy for your motivation and your wallet – once the first deal has closed, you may be well on your way to closing a second.  Don’t spread yourself too thin (every pitch document and proposal needs your full attention to be successful), but multitasking is a great way to grow your income and your portfolio.

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