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.
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.
