How to Make Money With Ideas, Inventions, & Discoveries

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You have a great idea for the next killer product or service, or maybe you've just created a new product. Coming up with a new idea is an exciting process, but it can be difficult to think of ways to make money from your idea. Nevertheless, there are some steps that you can take to get started in turning your new idea, inventions and discoveries into moneymaking ventures.

  • Patent your new invention. Holding a patent on your idea will let you develop it without others stealing it for themselves. You may also be able to license your new idea to a company that wants to use it once you hold a patent. Visit the U.S. Patent and Trademark Office website.

  • Sell your idea to a larger company that will take the risks for you. Depending on your invention, you may be able to take it to an established company to have it manufactured, and take a cut of the profits. Investigate other companies in your market and contact them about possibly collaborating.

  • Hire freelancers to create your prototype. If you decide to manufacture and sell the product yourself, but you don't have the expertise to bring it to fruition, check freelancing sites online for professions who can take your design documents and build a prototype for you.

  • Get a manufacturer for your product. Once you have a prototype, find a manufacturer who will deal in low volumes and contract their services. Check under Resources for some places to find a possible manufacturer. The best manufacturing companies can also handle shipping and handling of your products.

  • Set up an online store to sell your product. Create a simple website that gives the benefits of your product and will allow customers to purchase online. You can then take those purchase orders and send them to your manufacturing company for fulfillment.

  • Advertise your new product. Online advertising programs, such as Google's Adsense, can drive interested customers to your website and increase your sales quickly. Setup multiple ads for your new product and test them to find what is most effective for your product.

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