How do you put an idea into action?

Question

I have what I think is a good idea, but I have no idea what I should do to make money off it, or to get things going. I dont want to start a business with it, I just want a company to pay me royalties for it. Do I need a lawyer? A patent? What steps do I take?

Answer 1

Ok, this is exactly my area of expertise.

The steps you need to take (without knowing specifics) are:

-Figuring out some form of protection (patents are expensive, sometimes even a trademark or copyright will work)

-Figure out how expensive it is to manufacture

-Figure if any competitors are in the marketplace

-Find someone who can use this item in their business to do a possible joint venture.

Anyone who will produce it and pay you royalties would like a professional all inclusive study on why and how your idea will make money.

This is done everyday in the world and you can be no different.

Be sure to show:

-Possible revenue projections
-How much it would wholesale and retail for
-Other existing products it will beat or match
-Why this product is the best option for them

Good luck

If you have any questions, I can help at: infobrokernate@yahoo.

Answer 2

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