WHEN IT COMES to generating international exposure for your small business, it doesn't get much better than landing a licensing deal with the Olympics. But is the expense worth it?

Having a license, which is the least expensive rung on the ladder of Olympic corporate sponsorship, gives a business the right to produce, manufacture or sell products that showcase the iconic five-ringed Olympic emblem. The association with such a well-known event — billions of people in more than 200 countries tune in to the Games — can quickly boost a small company's image. In return, the business must pay a hefty licensing fee or royalty each time an item bearing the logo sells. (The U.S. Olympic Committee wouldn't disclose its fees, but small companies who have worked with the Games estimate that licenses, which last for four years, can range from six figures to as much as $2 million.)

"If you're working with a big event like the Olympics, you're going to pay for it," says Charles D. Frame, a marketing professor at Emory University's Goizueta Business School in Atlanta. That's why a business owner needs to think carefully about whether the benefits outweigh the costs. If you can sell Olympic-themed products and potentially use the affiliation as a marketing tool, "then it's probably worth that premium," he says. Just make sure you're able to positively answer the question: "Is this what we really need to take our business to the next level?"

Here's a look at how some businesses have fared in their quest for the gold:

Post No Bills

Description: Promotional marketing firm
Founded: 1987
Location: Columbia, S.C.
License: Olympic Team Rings

Doreen Sullivan, founder of Columbia, S.C., promotional marketing firm Post No Bills , landed a license to produce red, white and blue bracelets adorned with the Olympic logo earlier this year.

Why might a marketing firm seek out such a deal to produce Olympic-themed bracelets?

The goal is two-pronged, says Sullivan. First, she wants to sell bracelets, or "rings" as the company calls them. As such, she's landed distribution contracts with 7-Eleven convenience stores, the NBC store and smaller convenience stores. Additionally, she set up a web site, USOlympicCollection.org , so people can buy the rings online. While a dollar from the sale of every bracelet, which retails for $4.95 each, goes to the Olympics, the rest goes to Post No Bills.

Secondly, she says, "I hope that we finally get noticed, too." Of course, scores of viewers tune in to the two-week event. However, Sullivan wants to lift her firm's profile among other Olympic sponsors and the teams. Who knows? Industry giants such as McDonalds ( MCD ) or Coca-Cola ( KO ) may just turn to tiny Post No Bills for their future promotional marketing needs.

Over the 10-month-long campaign so far, Post No Bills has sold 150,000 bracelets. Additionally, the firm recently put together a marketing program for the U.S. equestrian team and has been retained by the U.S. women's field hockey team to help raise the profile of the sport. "I definitely feel that this [relationship] has huge potential," says Sullivan. After all, she adds: "We are still in the middle of the Games."

CLICK FOR MORE: 4 Businesses Seeking Olympic Gold
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