7 Tips To Make Extra Money from Your Business Ideas

3 Apr

From great ideas to generating income

Do your great ideas generate income?

 

You have a great idea just sitting in your head…don’t you?  

There is no reason for you to be ashamed – you can tell me the truth. And I’ll promise not to laugh. Why? Because I started 10 business ventures and buried 9 of them in my backyard.

If I were to take a guess, I’d say that you haven’t started running with your ideas because you are afraid it will be a huge flop. Or maybe your friends and family will think you’re crazy. Perhaps you cannot afford to risk it all on another pyramid scheme. I respect that. So before moving into the tips, let me tell you about my first idea that made me extra money. It was a demo CD called “Take it Easy.” It was a collaboration of songs that I recorded in my home studio.  And it took me two years to get over my fear of selling my idea…my brainchild. Imagine that…  

I didn’t have the NERVE to make money from my idea.

Good thing I got over my fears. That demo put a couple hundred dollars in my pocket. You may think that a couple hundred dollars is nothing.  But to taking an idea from $0 to $300 in a couple of weeks is nothing to sneeze at.  

Ok, I admit developing a new idea is a challenge. Some of them make it to market. Others are buried in my backyard. Here’s what my ideas that have made me money have in common.

  1. I made a mind map to brainstorm my idea.  So you have an idea floating in your head, huh?  And if you don’t get it out, you feel that you may go insane.  Well, the truth is…you probably will.  That’s because great ideas don’t belong in your head.  Visualize your idea. Then make an Idea Web.  Not only will your idea start to make more sense, but your brain will return to it’s normal state.   

    Puzzled by your financial future?  Your ideas are like pieces of your money money puzzle.

    Puzzled by your financial future? Your ideas are like pieces of your money money puzzle.

  2. I picked a starting point and my next steps. After you have made an Idea Web, start to identify development priorities.  Of course you have an ideal in your mind.  But what is realistic given your most precious resources? What can you do today – right now, even? What will make the most financial sense (minimal investment, high-yield, low to medium risk)?  
  3. I tested the market.  In music they call it sampling and it’s pretty simple.  Producers record snippets of songs or maybe an instrumental track just to see what sounds best.  This way, they avoid getting to the end of the project only to figure out that a Fender Rhodes would sound better than a grand piano sound.  And for all you perfectionists out there, treating it as a test always helps me to counteract my perfectionist tendencies.
  4. I tapped into my network. Sure, you love your service.  You can’t live without your product.  But did you know that there are people in your personal and professional circle who feel the same way.  Or they would if they could read your mind and pay you for all the great ideas that are swimming around in there.  Call someone you trust and tell them what you’re working on.
  5. I provided a solution to a problem.  I’m sure you have a great product or service.  But there will always be a disconnect when they don’t meet the specific problem or pain experienced in your niche market.  So identify 3 ways that your service solves a popular problem.  Then, tell or even demonstrate to your client how what you have can meet their need. 
  6. I asked for feedback…even when I couldn’t handle it.  I try to ask for two forms of feedback – testimonials and evaluations.  Testimonials – whether video or written – boost your morale and serve as word-of-mouth advertising that you can put on your website or marketing materials.  Evaluations allows clients to assess your performance and give suggestions for future improvement.  This gives your clients a voice.    
  7. I reinvested in my business.  Investing is basically committing a portion of your earnings to a vehicle that’s most likely to help your money to grow.  So it never hurts to invest a portion of your earnings back into your idea. At times, my ratios of investing in my business have been extreme.  It’s not important how much you invest, but that you invest in the vision for your business ideas.  

When it comes to new ideas, know this…it won’t be perfect the first time.  To create a masterpiece, you have to chip away at it. 

Image courtesy of Fotolia.com

All posts on “My Future In Focus” Weblog are the intellectual property of T.A. and are licensed under a

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Ok…I just had a hairbrained idea of my own.  I’ve heard of this, but now I think I’d like to try it out.  It’s called underpromising and overdelivering.  Just because you hung in there with me and read to the end, I’ll give you an extra tip.  And it’s actually the glue that holds all of this together…

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4 Responses to “7 Tips To Make Extra Money from Your Business Ideas”

  1. Anton Friday, 3 April 2009 at 1:25 PM #

    We made stickers for our band at stickerjunkie dot com for really cheap and slapped them all over town. It helped us get our foot in the door at local clubs…

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Trackbacks/Pingbacks

  1. 7 Money-Making Tips To Earn Income From Your Hairbrained Ideas … | Chamber13 - Saturday, 11 April 2009

    […] Original post: 7 Money-Making Tips To Earn Income From Your Hairbrained Ideas … […]

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  2. Topics about Making-money » Archive » 7 Money-Making Tips To Earn Income From Your Hairbrained Ideas … - Saturday, 4 April 2009

    […] Thomas E. Anderson II placed an interesting blog post on 7 Money-Making Tips To Earn Income From Your Hairbrained Ideas …Here’s a brief overviewNew ideas aren’t perfect. And while that may worry you, it doesn’t necessarily worry current customers or prospective clients. My first money-making hairbrained idea was a demo CD that I came up with in 2004 called “Take It Easy”. … […]

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  3. Topics about Making-money » Archive » 7 Money-Making Tips To Earn Income From Your Hairbrained Ideas - Friday, 3 April 2009

    […] FreshNetworks Blog added an interesting post today on 7 Money-Making Tips To Earn Income From Your Hairbrained IdeasHere’s a small readingPuzzled by your financial future? Your ideas are like pieces of your money money puzzle. Prioritize.  After you have made an Idea Web, start… […]

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