Invention licensing occurs when a company or individual agrees to pay you for permission to make, market and distribute your invention. The amount and terms of payment vary.
There are a number of factors that are considered when determining profitability.
The basic consideration is whether your invention can be manufactured and marketed at a cost, and sold in sufficient volume for a price, that will generate a desired profit.
The statistics are not encouraging.
"Build a better mousetrap and the world will beat a path to your door."
Emerson was a literary scholar but he was not an inventor nor was he involved in invention licensing. The world does not beat a path to your door.
The world will only come to your door when your path is paved in gold - and that requires a bit of work.
You will need to convince others of the profitability of your invention. If you can do that - by using various tools - then your chances for licensing are far greater.
Not every potential licensing situation is the same and different strategies are used depending on the situation.