How To Identify A Money Making Idea In Just Three Steps

When was the last time you felt that you had a great money making idea?

Just one small problem, right? You're not making any real money.

Genius inventor Thomas Edison developed many devices that greatly influenced life around the world. There are 1,093 U.S. patents in his name, as well as many patents in Europe. His most well known invention is of course the electric light bulb. It took him years to perfect it, and he spent thousands of hours together with his staff to find the right components. He had a great money making idea and he kept going until he reached his goal.

How did he know he was on the right track?

"Opportunity is missed by most people because it is dressed in overalls and looks like work." - Thomas Edison

Wait, did he mean that opportunity equals work? It doesn't sound like the normal Internet marketing fluff that always starts with "Imagine how much fun you could have with a million dollars and all the cool stuff you could buy for your mansion in Malibu."...

Instead, try this for a change:

Imagine how relieving it would feel to get over that one last mental barrier that stops you from taking action, get your hands dirty and then actually do some work that will make you money. How would you spend your first 7 dollars?

So, here is the 3-step fool-proof way to identify any money making idea. There's even a bonus side effect - you'll finally overcome that mental barrier.

1. Are there a lot of competitors?

A lot of competitors is one of the key indicators that there is money to make on your idea. Let's face it, if no one else is making money on your idea then you won't either. Unless you are Thomas Edison.

For example, there are thousands of companies selling t-shirts. Are they all making money? Not all, of course. But obviously, there is money to be made by selling t-shirts. It's a money making idea.

2. What real-world problem does it solve?

If your idea solves a real-world problem, you'll have buyers. Then, you have to make sure that you get paid more than you spend while solving that problem for your clients.

So the question should really be: What real-world problem does it solve that will cut costs/relieve pain or increase revenue/pleasure for people?

There are a lot of great ideas that will "make life easier", but unless they solve a problem, it's still just another "great idea".

3. Can you test your idea today?

Alright, it's a bit tough. But if you have to invest a lot of time and money before knowing if it will make you any money, then it's probably a not so good idea. For you. Let someone with the resources take care of it (you might even sell the idea to them!) but focus on this: Keep it simple! 

There are hundreds of great, proven, money making ideas. Just pick one that fits you, and get started. Today!

That's it! The 3-step fool-proof way to identify a money making idea.

Oh, I have a last pieace of advice: An idea is worth it's weight in gold. It's what you do with it that will turn it into real money.

Think about it.