Step-by-step guide to trade your ideas for money

“The poorest man on earth is not one void of money, but one void of ideas.”

Are you a young person with ideas brewing in your head and yet you complain of being flat broke? Really? This shouldn’t be happening to you.

Here’s how you can trade your ideas for money:

1. Know your market

First, you need to understand how the market of your product works. Who are your potential customers? Is it acceptable? What are your potential competitors doing? Find out whether your invention will be needing some specific machinery, equipment and the likes; and get feedback from friends and family before venturing any further.

2. Secure your idea

If you don’t do this before approaching potential investors, you risk your idea being poached and launched before you can say ‘That’s my idea!’. Copyright your concept, as it grants you exclusivity. You can visit the Nigerian Copyright Commission (NCC) to see how this can be done.

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3. Prepare your presentation

After getting a trademark, patent and copyright for your product; you should work on your presentation next. It is because you will most likely be meeting with potential investors and will be asked questions about the viability and sustainability of your idea. So, prepare well to sell yourself.

4. Identify your target

Next, you select as many prospective targets as you can find. You should know it’s a game of numbers, and most companies will turn you down for one reason or another. So, you should get a more focused list; a list that will contain companies that are interested in your field and line of production.

5. Prioritize your targets

You don’t start visiting the 40/50 companies you’ve chosen, randomly. You need to prioritize and look at which companies are likely to buy into your idea.

6. Hone your negotiation skills

Armed with your information, you can start making sales to companies. It is crucial to arm yourself even more with negotiation techniques, as you don’t want to go in like a novice. What you want is a good deal for your invention idea. Discuss upfront payments, royalties, and the like.

For more equipped information, visit https://www.entrepreneur.com/article/83496 and you can start making money off your brilliant ideas.

Have you got an idea you want to sell? Now, you can make money and still own it. Leave a comment, will you?