Musicians and filmmakers are not always businessmen. Professional negotiation might not be at the top of your skill set. But when it comes time to sell your intellectual property rights, the stakes can be big. When done properly, a sale of intellectual property rights can bring both financial gain and much-needed attention, after all.
That’s why we’ve compiled a few helpful tips for all of the creatives who sell their work here at RightsIn.
- Know Your Own Goals and Priorities. Whether it’s price, non-exclusivity, or retaining ownership of your intellectual property, you should know what your most important goals and priorities are before beginning negotiations.
- Do Your Homework. If possible, learn as much as you can about your potential buyer. What are their goals and priorities likely to look like? Understanding your business partners will improve your odds of finding a deal that you are both happy with.
- Know When to Walk Away. Giving up on negotiations can be really disappointing but sometimes it’s important to realize when you simply aren’t going to arrive to an agreement. Forcing a deal when both parties can’t get on the same page is likely to end with at least one unhappy party — which, generally speaking, just isn’t good business.
- Give and Take. Negotiation doesn’t have to be a zero-sum game. The ideal situation is to find a conclusion in which both parties “win” — and staying organized, positive, and creative is the best way of accomplishing this.
- Practice. Negotiating is a skill, and just like any other ability, it gets better with experience. With time, you will master the art of negotiation and get the deals that you are looking for.
Managing and selling intellectual property just got easier. RightsIn.com offers a one of a kind platform for creatives and producers alike. Visit us online today to learn more!