If you have limited production facilities, or you need to concentrate on developing a new product, you may be thinking about licensing out the production of an ‘older’ line to free-up resources. You may still be earning significant revenue from it and have commitments to existing customers that prevent you retiring the product, so you need to keep manufacturing it. Licensing out can enable you to keep that revenue stream going, and allow you to focus on new product development. If this is you, the BBC’s online Small Business Panel has some useful advice.
And for more general business advice, including how new start-ups can best succeed and how to start up a small firm from your own home, take a look here. For advice on whether to buy or licence software, our ‘How to Buy‘ section in the Small Business Centre can help point you in the right direction.