How exciting for you! You want to sell an idea. Like the movie “Inception,” you can dream of possibilities and potentially make them a reality. But now what? Can you make money off your idea?
Absolutely!
The question is, how?
While there is no one-size-fits-all answer to that question, there are some steps you can take to bring your idea to life. From doing a legal search and validating your concept to selling your idea for big profits or finding an investor, you can bring your idea to life in no time.
1. Ideas Have Little Value Without Execution.
Before you can decide how to bring your idea to life, you need to figure out if it is even worth anything. Conduct a legal search and validate your concept to ensure it is novel or unique. Google is your friend, so use it! You don’t want to invest in or create anything that’s already been done before. If others are doing something similar, then you will likely need to pivot or refine your idea.
“Get a good idea and stay with it. Do it, and work at it until it’s done right.” – Walt Disney
Think of this like putting together a jigsaw puzzle. You can’t expect it to be perfect on the first try, but with some effort and perseverance, you will get there.
2. You Don’t Want to Sell Your Idea.
Why settle for a one-time sale when you can create something bigger, better – even world-changing? Don’t limit yourself by skipping the process that could take your concept from small potatoes to go big or go home.
Imagine if Steve Jobs had done just that. He could have easily sold off his idea of the original iPhone to Nokia and called it a day. Think about what rewards may await if you put in the effort: You’ll have much more than just an ‘idea’ but an actual product/service that’s worth its weight in gold (or at least bitcoin).
3. How Much Money will it Cost me to Bring my Idea to Life?
That depends! It could be as little as a couple of hundred dollars, but it could cost tens of thousands of dollars to take your idea from concept to reality. You’ll need to factor in expenses of hiring someone to make a mockup or prototype of your idea. There are many options for making prototypes these days including 3D printing and using services like Fiverr or Upwork.
Producing a good works-like, feels-like prototype is essential to get a realistic idea of its cost. You’ll also need to consider the resources you have at your disposal.
Alternatively, you could keep your idea and product entirely digital. This may be a more cost-effective solution, as you won’t have to worry about manufacturing costs.
4. Getting investors or starting a Kickstarter
You can also look for investors if you need some extra help bringing your idea to life. You can use platforms like Kickstarter, Indiegogo, or Crowdfunding to get some extra funding.
That said, it is important to remember that these platforms are highly competitive and you will need to have an engaging and compelling pitch. You’ll need to market your idea in the most effective way possible to get people excited about it.
5. Is An Idea Alone Worth Anything?
Angel Investor Nickolas Passig gives it to us straight: “Here’s the deal – ideas are the most common thing on the planet. Ideas are basically worthless until they are proven practical. Take it from me, I’m a crazy inventor who has had to learn this lesson over and over again.”
So, the short answer: No.
An idea won’t be worth anything until you put in the work to bring it to life.
In conclusion, bringing your idea to life isn’t easy – but it is possible. You need to do your due diligence and put in the hard work to make it happen. Don’t be afraid to pivot or get creative with your resources. Finally, don’t sell yourself short by settling for a one-time sale: You may have something amazing on your hands. Who knows, you could be the next Steve Jobs! Good luck!