Do you know those moments when you’re driving to work or in the shower and you imagine some new invention that’d make your daily ritual so much easier?
Maybe it’s a new type of shower head that automatically cleans the shower as you’re using it or some new type of sponge that produces its own soap.
Look, I get it, it’d be way too much hard work and it’d take too much of your precious time to produce these new ideas.
But what if I told you that you could create these inventions without even touching a prototype and start getting paid $80,000 per month while you sit on your couch?
Sounds too good to be true, doesn’t it? It’s not…
We live in a time where you can run a multi-million-dollar business while sitting in your bathtub or laying in your bed.
Physical labor isn’t at the forefront of employment anymore; creative thinking has taken over.
With a little help from the internet, and a word of advice from yours truly, your ideas will be providing a monthly income before you know it.
All the inventions that you’ve ever come up with have been prematurely buried to decay with a tombstone reading: NOT PROFITABLE.
Creating a product can be a very daunting and drawn out process. But I’m not asking you to create a product and sell it. I’m here to show you how you can imagine a product and rent it out.
I’m talking about royalty patents.
A royalty patent is something that can become a strong source of income. It’s essentially the renting out of your ideas, and you can move onto the next one as soon as a deal is struck.
I’ll break it down.
If you envision product X that could benefit people with a specific day to day routine, file for a provisional patent application (PPA). The cost for this is very minimal – under $100 – which you’ll be reimbursed for very quickly.
The PPA will give you 1 year to sell your idea, but this should only take about a month.
You don’t need to worry about creating a prototype as long as you can display the useful traits your product has. This is as simple as creating a sell sheet which will cost you almost nothing.
The sell sheet is basically a flyer for your product with something as simple as a drawing or an outline, with some realistic numbers.
If product X sells for $30 a unit and you project 10,000 sales in the first month, which is very conservative, a royalty paid to you of $8 per unit would provide a monthly income of $80,000.
Once you have reached a deal with the company of your choice, make sure you include in the contract that the manufacturer is responsible for the attorney fees associated with upgrading to a full patent in your name.
The next thing you’ll do after the deal is signed is move onto your next idea. Simple as that.
Once you see the profits rolling in from your first one, you’ll be more than motivated to actualize your next idea in the shower or on your next drive to work, but remember: it could be one of your last drives to work with the endless amount of possible income.
