Say it with me: Ideas are AWESOME! Sometimes I think my real business is to talk about ideas. In fact, I love to talk about ideas. But ideas on their own are pretty much useless. Ideas that are implemented, however, can be extremely lucrative!
How To Turn Your Ideas Into Income
First thing’s first, you’ll want to download this handy dandy little eBook penned by one of my colleagues. Just hop on over to his website and enter in your name and email to snag your Implementation Guide. He had laid out a process to help you evaluate what makes a good idea and some brief thoughts on where to go to get your idea implemented.
Once you’ve sussed out your idea and determined which one(s) you want to pursue, it’s time to develop your idea. While they are many different ways to get an idea implemented, we’ll be taking a look at the two main strategies used by my clients: physical products and online products.
Developing Physical Products
Before you get too deep into the development phase, it would be worth doing a quick Google search to see if there is an existing product already on the market. Depending on the nature of your product idea, you may also want to do a quick patent search.
The next step will be to get feedback on your idea. I recently attended my first focus group and was asked four basic questions:
Have you seen this product or something similar to it before?
Do you see the value of this product?
Would you buy it / use it / recommend it?
What price would you be willing to pay for it?
While the actual focus group went into much [...]