When you feel that you cannot make money on your own using your ideas, you can submit your ideas to the right partners or clients and create a win-win situation for both. There are several ways to submit your ideas for money. You will need to analyze and choose between the alternatives to identify the most profitable way, depending on the quality of the idea and its impact.
Approach a business consultant and share your idea. A consultant can help you develop your idea or open the door toward potential buyers of your idea. A consultant can also help you determine the value of your idea.
License your idea. You can keep the rights to your idea and can "rent it" for manufacturing development or use as part of an existing product. They can use and sell the idea in exchange for a flat fee, royalty or both. Many people prefer this since you can give the rights to more than a single party and earn a royalty on each. However, based on the subject of your idea, you have to identify the most suitable partners.
Get a patent on your idea. If you think your idea is worthy and meets all the requirements of patents, then look into getting a patent. This will help you to own the idea and no other individual can use or employ it without contacting you or offering a royalty to you.
Submit your idea to a wider range of merchants through private label marketing. You can make business arrangements with a single well-established business entity, convert your ideas into offerings and sell them under their name.
Present your ideas through PowerPoint presentations to relevant organizations or businesses who may be willing to offer a reasonable amount in exchange for your idea. You will need to carry out a careful analysis and choose the right organizations and businesses.
- Protect your idea. Make sure you have everyone sign non-disclosure agreements (NDAs) before you share your idea.
- Try to recognize your competitive edge and make a comparison of relevant ideas to identify how much you can charge to your partners.
- idea image by Pavel Losevsky from Fotolia.com