How to Make Money from Your Ideas

by Contributor; Updated September 26, 2017

Ideas are endless and they abound in the world today. Although people generate millions of them each year, most of these ideas do not make money. Why? Because most people are not willing to put their ideas into practice nor take the time to follow-through with the planning, design and implementation necessary for success and eventually money. To help you find out how to make money from your ideas, consider taking these steps.

Step 1

Record every idea you have. Generate a list of those you have had in the past or ideas you currently have about new products, inventions or ways of doing things better.

Step 2

Look for sources to generate additional ideas-hobbies, in the workplace, at home or church, or when entertaining or being entertained. Exercise your imagination. Don't discount any idea, no matter how silly or impractical it seems. Add these new ideas to the list you have made.

Step 3

Evaluate each idea on the list by answering the question, "Does this idea or potential product/service solve a problem?" People assign a great deal of value to ideas that provide a solution to a problem, and they are willing to pay handsomely for these solutions.

Step 4

Make your ideas work by turning them into practical products or services. While it's nice to have lots of great ideas, unless you make them real or do something with them, you will NOT be in a position to make money from them. Develop a working prototype (not a mock-up) for your idea. Research thoroughly what it will take to make your idea work, including design specifications and other requirements. Look for suitable manufacturers to build your product for you instead of trying to make it on your own.

Step 5

Convince others of your idea's worth. Read trade or industry specific journals to find companies who may be looking for a product such as yours. Get the names of decision-makers and sales managers so that you can make appointments to present your new working idea.

Step 6

Prepare in advance for your presentation. Plan what you will say and the information you will present. Do not use a "shoot from the hip" approach. In addition to cost projections and other financial information, your presentation must outline the benefits to the company if they were to invest in your idea.

Step 7

Be persistent. Even if you are turned down many times, don't get discouraged by rejection. Every refusal gets you one step closer to success; so learn from each one.

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About the Author

This article was created by a professional writer and edited by experienced copy editors, both qualified members of the Demand Media Studios community. All articles go through an editorial process that includes subject matter guidelines, plagiarism review, fact-checking, and other steps in an effort to provide reliable information.