203 | How to Negotiate Licensing Contracts with Stacie Bloomfield, Gingiber

Hey friends! Considering additional revenue streams for your business? Ever thought about licensing? It’s true that most of the seasoned product based businesses have multiple arms of their business: they might sell wholesale, retail, license art, have a brick & mortar shop or offer drop shipping….. there are a lot of ways to build a profitable, sustainable business.

That’s why I brought on Stacie Bloomfield. Stacie has an abundance of experience in licensing and has been creating artwork for brands and products since 2009. Her brand, Gingiber, has products sold in more than 800 stores. In 2020, Stacy began educating the creative community about licensing through her course Leverage Your Art AND she published her first book.

Take a listen to hear how she landed her first licensing deal, tips for negotiating licensing contracts and the importance of resilience when it comes to pitching yourself for licensing deals.

ON TODAY’S EPISODE:

How she didn’t always envision the business she runs today
Her path of starting her business
How she stumbled across her first licensing deal
Why you have to think of pitching as a numbers game
What artists need to prepare prior to pitching licensing deals
How Stacie approaches her art licensing
The pros and cons of licensing your art
Best strategies for getting in front of licensing partners
How to put your best foot forward when negotiating licensing deals
Ranges you can expect for rates for one off designs
How she had to adjust her business model in 2020
What she wishes she knew before licensing her artwork
Tools and systems she uses in her business

Download These Quotables to Save and Share

KEY TAKE AWAYS

“I thought that's how it worked. I thought, you just ask for what you want and then you get it. And for a while, that's how I operated.” - Stacie Bloomfield

“I have to retrain my brain to know that when I get a no that just means someone else might be waiting for me to ask them and maybe I'll get a yes.” - Stacie Bloomfield

“You learn how to keep pitching and how to keep going. It's a numbers game.” - Stacie Bloomfield

“You're building a brand that's distinctive and that lets your own voice shine through.” - Stacie Bloomfield

“Always make sure that when you get a licensing deal that they brand it with your name if you can.” - Stacie Bloomfield

“Put your goals out there into the world. I can't tell you how many times I've seen things happen because I share about them.” - Stacie Bloomfield

“I think the transparency of what you're working toward can only help you.” - Katie Hunt

“Everything is negotiable and you can always, always ask for different terms in a contract, whether that's payment terms or royalty rates or whatever it is.” - Katie Hunt

RESOURCES

LABS
Give Yourself Margin: A Guide to Rediscovering and Reconnecting with Your Creative Self
Land of Nod
National Stationery Show
Is Wholesale Right for You?
Jennifer Nelson
Asana
Trello
ClickUp
Leverage Your Art
Creative Powerhouse Society

MEET STACIE:

Stacie has been creating artwork for brands and products around the world since 2009. Over the past several years, Stacie has traveled and taught to hundreds of students around the country, sharing her passion for design, making, and business growth.

Her journey of being an illustrator began out of necessity: to financially support her husband who was a graduate student and to take care of her growing family. Through hard work, determination, and A LOT of trial and error, Stacie has become a force in the creative world, earning respect from her peers with her transparency, vulnerability, and dedication to the industry.

Her illustration business, Gingiber, is now a thriving company with products sold in over 800 stores and has licensing deals with major brands. With knowledge that is spread across multiple revenue streams (wholesale, licensing, publishing, and direct to customer sales) you will joyfully learn how to leverage your art into a career.

CONNECT WITH STACIE

Website: gingiber.com | Instagram: @gingiber | Facebook: @shopgingiber

Connect with Katie Hunt

Katie Hunt is a business strategist, podcaster, mentor and mama to four. She helps product based businesses build profitable, sustainable companies through her conferences, courses and coaching programs.

Website: prooftoproduct.com | Instagram: @prooftoproduct