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How To Turn Your Ideas and Information Products Into Wealth
Clement Sadjere
grelohi dot communications
There are three major ways of creating profitable ideas
1. Pull out your ideas
2. Probe your ideas
3. Plan your ideas
PULL OUT YOUR IDEAS
Also known as the brain storming session. Keep building up your idea list.
Aim for at least Five different ideas at a time.
There are various sources of ideas available to the average entrepreneur.
These sources include:
Your customer (Know their needs and want)
The mind (The greatest source of ideas)
Seminars, training, workshop
Motivational books
Classified adverts in Newspapers and magazines
Existing products and services
*Is there a new way to do it?
*Can it be made bigger or smaller?
*Can you add something to it or subtract something from it?
*Can you combine this with something?
*What if you do the opposite of this?
*Who else has use for this?
*Can something be substituted?
*Is the price too high?
*Can the shape be changed to advantage?
*How can you make this more salable?
*How can you make it better, faster or cheaper?
*Can a new marketing plan make the difference?
*What else can you use this for?
*Would new packaging make the difference?
Alter your Routine Regularly
Brainstorming
ADVICE : Always go with a writing pad. You never know when an idea will come to you. Capture them, preserve them, and apply them.
PROBE THE IDEA
*Probe the idea to know if it is good
Will it work? (It took Thomas Edison over 6,000 tries before he came up with a workable filament for the electric bulb)
Is it better than what already exists?
Is it user friendly?
Is the timing right?
Is it worth it? (Some ideas cost more to implement than the benefits they deliver)
Are you creating a market for it or does it have an already existing market?
PLAN THE IDEA You need to turn you ideas into concrete usable plans. This is called the "Blue-Print"
Some of the various ways to convert your ideas into liquid cash include
Converting your idea into a book
Organizing seminars
Forming a Joint Venture
Selling your ideas
Setting up your own profitable business
Converting your ideas into information products
Participating in exhibition and trade fairs
One of the best ways to transform your idea into wealth is to start writing a book on whatever you are good at or passionate about.
A book is one of the most important tools to building your credibility and to build on publicity for your business.
The book can be a bonus for prospects or clients to show them you know what you are talking about. You can go the extra mile by launching the book.
This can be done in conjunction with key note speakers in field relevant to your area of specialty. There are two types of seminars
--Free seminar
--Paid seminar
FREE SEMINARS are basically used to create awareness before going to organize a paid seminar. Some of the basic things to consider when organizing a seminar are:
(a) Venue to be used
(b) Seminar fee
Publicity
(d) Duration of seminar
(e) Key speakers to be invited
(f) Seminar materials to be used
(a ) VENUE TO BE USED
The venue to be used most be centrally located and be easily accessible to participants.
It most also be well equipped with good sound system and proper ventilation.
It can be a church, a guesthouse, a hotel or even a school hall.
(b) SEMINAR FEE
The organizers of the seminar and perhaps in collaboration can fix this with the guest speakers. There is no hard and fast rule with regards to seminar fee, but the location of the seminar, the nature of the seminar; the venue of the seminar and the type of guest speaker to be invited can influence the seminar fee .
PUBLICITY
The success of any program depends largely on adequate publicity.
This also applies to seminars.
Adequate publicity must be done at least a Month to the seminar date to ensure proper spread of information to interested persons.
Flyers, posters, invitation letters, banners, radio advert, television advert, town criers, sms, email and word of mouth are some of the few methods of publicity that can be deployed.
(d) DURATION OF SEMINAR
Is the seminar going to hold for three days, two days or one day?
Is the seminar going to last for six hours or even three hours?
Will each speaker be given one hour each for his or her presentation?
These are some of the salient questions that must be answered to ensure successful hosting of a seminar.
(e) KEY SPEAKERS TO BE INVITED
One must be careful to invite the right personnel's to handle seminar topics.
There have been cases where seminar program flop due to poor presentation by key speakers.
Participant sometimes get discouraged from attending future seminars or are encouraged to attend future seminars because of the poor or good presentation by key seminar speakers.
Proper follow up must be made with key speakers on time to avoid late minute disappointments.
(f) SEMINAR MATERIALS TO BE USED
After a successful seminar, participants may want to purchase materials for the seminar.
These materials may be in form of manuals, Cd's, CD-ROM, books, or Audiocassettes.
Organizers must ensure that these materials are prepared and made available at the venue, preferably at the registration desk.
This is also termed "partnership" If you have a viable idea but no finance to actualize the idea, a good way to transform the idea into wealth is to look out for someone who can finance your idea, and negotiate a JV deal with him or her.
Both parties must agree upon the sharing formula, and necessary legal framework must be put in place before the commencement of the venture.
There are various options available for JV business.
1. You have an idea but no finance- look for a financier
2. You have a product but no mailing list-look for someone with an active mailing list
3. You have no product and no mailing list but you know of someone who has a mailing list, you can become a middle man by bringing both together and get a commission for all your effort
4. You don't have an idea or any finance, but you know someone who has an idea and someone who else who has the finance. You can bring both parties together and get handsome commission on the deal. Care must however be taken in your choice of joint venture partner.
This is a goldmine option.
It is a very viable option that has made a lot of entrepreneurs' millionaires' over-night.
Perhaps you are good in composing sons, or writing stories or even coming up with a good business idea e.t.c
One way of transforming those ideas of yours into liquid cash is by selling your idea to a preferred bidder.
Lot 's of musical artiste you see today, who have won one Grammy award or the other, never had a song of his or her own.
All they do is to source for songs which have been composed, and since they have the voice, they then convert the song s into great hits and it's a win-win situation, as both the inventor of the idea and the buyer of the idea both smile to the bank.
Perhaps you are blessed with the ability to write great story lines, you can as well sell off these transcripts to movie directors at handsome amounts.
Other products/business ideas can also be sold at outrageous prices depending on the viability of such product/ business idea and the bargaining power of the originator of such product/ idea.
NOTE : Before attempting to sell your product/ business idea, care must be taken to ensure that your idea is not stolen. Protecting your idea can do this.
Protecting your idea normally fall under one of the four categories. Patents, Trade secrets, Trade Mark and Copyright.
Patent: Right and recognition given to an inventor or creator of a product.
Trademark: Any symbol associated with your product to be solely used by you.
Copyright: Right given by the owner of a trademark or patent to a second or third party at an agreed fee with the owner of the trademark before you can produce the product or service.
Trade Secrets: Non-disclosure agreement. Sole right to produce a particular product in a country. No third party gets to know the trade secret.
You can transform your idea into wealth by transforming that idea of yours into a profitable venture.
The simplest steps to follow in setting up your own profitable business include:
1. Know the right business to go into
2. Write a comprehensive business plan
3. Make thorough market survey
4. Source for fund
5. Decide the kind of business you want to register (sole proprietorship, partnership, limited liability company)
6. Advertise your business
7. Launch the business
If the above steps are religiously followed, the possibility of your profiting from your business is guaranteed.
Stop procrastinating and go ahead to start that business of yours.
An information product is a product that is packaged either in a book format, video CD, audio CD, manual, Newsletter, CD-ROM, e.t.c. Containing hard to find information.
Information product can either be sold online or offline
ONLINE: Implies that the information is sold via the internet by the use of credit card or other online payment solutions. Links are provided for instant downloads after payment.
OFFLINE: implies that the normal channel of marketing is adopted where orders are received and goods/ products are sent via courier services .
Information product is big business, and if the right information product is created, it can become a real source of passive income to the infopreneur within a short period of time.
Exhibitions and trade fairs are veritable avenues where entrepreneurs meet with investors and business deals are sealed.
As an entrepreneur with product/ business idea, you cannot afford to ignore the huge potential available in these trade fairs and exhibitions.
It may cost a little fortune, but the overall benefit cannot be quantified.
SUMMARY You must learn to develop ideas from observing everyday things and details.
Think of what could make something better.
Dwell on things that have a large marketing audience, something that everyone needs and wants. Write your ideas down.
Put a pencil or pen and a pad at your bedside.
When you remember a good dream. Don't just lie there, by morning you will forget it jot it down on the pad. You will be surprised what you can dream up!
Maybe the million Dollar ideas will magically appear on your pad tomorrow morning!
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sadjere clement is an Author, a motivational speaker and an information product sales/marketing expert
He can be reached on +2348052790262
visit www.grelohionline.com to learn how to generate a steady income stream
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Article submitted Saturday, September 06, 2008
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