Create Products For Income That’s Passive And Massive
Ever have an idea to fix a problem or surmount a challenge and then see that very same product in a store a few years later?
And you think, “Hey, they stole my idea!”
Chances are, unless your telepathic powers are fairly high-level, the inventor didn’t steal your idea. He or she just acted on the same concept that was floating around in the collective conscious. The difference is action.
If you have seen your ideas reproduced later by other inventors, don’t be discouraged. In fact, you should be encouraged. Here’s why:
Correctly identifying needs and solutions is a good sign that you can be an inventor or a product developer. To take that next step, you need to learn how to introduce your product into market. There are primarily two ways to accomplish this. You can either invent, produce, and sell the product yourself; or, you can license the invention to someone else and collect a royalty, a percentage of the sale of that product.
Most inventors prefer that latter, since it’s more hands-off and inventors like to keep their “hands on” new ideas. It’s another form of residual income that will help you secure your financial freedom.
Ideally, you would get a patent in order to license your product. However, as more companies trim their research and development staffs, part-time inventors are finding that companies are opening to new ideas, even ideas that are patented.
Obviously, making a best-selling product isn’t without its pros and cons. Here’s the break down.
Pros: Selling your own products or licensing an invention can be quite lucrative. If you earn a percentage of a gadget that sells millions of units, you’ll receive massive passive income. Licensing is also good for the personality type that isn’t interested in marketing and selling and all the paper work involved.
Cons: There’s no guarantee your product will be licensed, or receive a patent. It can be costly and time-consuming developing both the product and the patent. Finally, there are sharks out there–beware invention marketing scams. These are crooks who takes thousands of dollars to produce a worthless patent for you–if they produce anything at all.
If you’re interested in inventing, you’ll want to start learning the ins and outs and the twists and turns of this industry. Here are some great resources:
How To License Your Million Dollar Idea
You should also check out these web sites:
Startup Nation–a great place for budding inventors and entrepreneurs.
Inventors Spot–one of the best inventor blogs-networks.
This is the third post in a series about ways you can create wealth and financial freedom using residual income strategies. For more information, you might want to read the second post in this series. It’s called Using Stock Dividends To Create Residual Income.
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is one of my favorite financial books of all time. It's an allegory about a guy who has a terrible job, and how he overcomes challenges to achieve his dreams.
This is really smart. Many people start a business where they are selling a service and call it “consulting.” But they are really just creating their own job, trading their time for money.
And, many businesses do this same thing. They provide a service that is selling their employee’s time. As soon as the demand dries up, they have to have layoffs.
The solution is to create a product or service that is mostly automated, or does not require human time or effort to deliver. The Internet has made it possible for anyone with a computer to achieve this.
I have actually had a few good ideas that were later created. The funny thing is now that I am aware of the resources out there I havent had any good ideas. Nice post.
I think you’re right Zoborg. And, by the looks of your site, you have mastered those resources and the principles of innovation. It’s a real exciting concept!
Yeah Zoborg is right. I myself experience that. At first I don’t believe that everything is in the Internet already but it seems like it is true.