1. License your idea to a commercial company. This is the best way to turn your idea into a money tree because you will get a percentage of the proceeds from the sale of a product based on the value of your intellectual property rights. Look for a company that has recently been involved in a lawsuit because of being infringing on someone else’s idea. A good example would be a movie maker who saw another commercial where his idea was copied and sued the commercial company that made the product.
2. Formalize your intellectual property position. You can do this by putting together a “straw list” of things you are particularly proud of and have done a lot of research on. Then send a letter to any commercial company you are thinking of having dealings with to ask them if they will consider licensing your ideas to market and sell your products.
3. License your product. The easiest way to license your new idea is through an un-ified brand. Consult with a legal advisor about establishing a unified brand for your new product line so that all transactions run smoothly from receipt to sale.
4. Use the internet to market your product. Utilize social networking, video sites, and other online marketing venues to promote your product. If you are selling clothing, advertise on YouTube. Consider setting up a website that will allow you to be contacted via email and your site to display ads on a variety of online media outlets.
5. Take your marketing offline. Offer to speak at expos, put together a trade show exhibit, or work as a speaker at a seminar or other gathering. This will allow you to meet and network with various business leaders and give you a chance to present your product in a real world setting.
The final two steps are critical in ensuring you receive the greatest amount of money for your new product. Make sure to compile your portfolio or list of credentials and deliver your pitch to prospective funding sources. Finally, always remember to keep your eye on the prize. When it comes to new ideas, there are no prize quite as big as having an actual successful new product on the market and ready to be sold. Work hard, follow these tips, and you’ll soon find that your new idea is an actual moneymaker!
Before you put any money into your product, create a thorough plan of how it will reach its full profit potential. Do you see yourself selling calendars online to elementary students in elementary school? Are you thinking about offering a product that allows people to shoot pool games at their homes? Think about what you would charge for each of those products, and how much you would want to charge for a particular calendar. It’s also important to factor in whether you have the time and skills needed to market that calendar effectively.
Once you have a good idea or product, you can work on turning your new idea into a moneymaker. However, keep in mind that many great products that sell well go unsold because people simply aren’t aware of them. In addition, many people are more inclined to pay for what they need rather than being hounded by companies that aren’t really interested in making money.
A great way to get started with a new product is to offer samples. This lets people try out your product and help you determine whether it’s worth investing in. If they like the product, you’ll likely find it to be a wise investment. On the other hand, if they don’t, you’ll at least have an opportunity to learn your product and your market.
One of the most popular products sold today is the do-it-yourself money tree. This is a great idea for people looking to make money without going through traditional channels. You can find a do-it-yourself money tree in many places, including local home improvement stores and craft fairs. You can even find some of these trees online. Once you’ve created your product, all you have to do is wait for customers to come flooding in!