How to Turn Your Idea into an Income Stream in 5 Simple Steps
Your ideas are worth millions, even billions.
History is filled with people like you who have turned their little idea into an income stream, making them millions of dollars every month. You have a skill, ability or an idea that you may just think is a hobby, but guess what, people are willing to pay you for it.
Image: Pixabay
From my experience with working and talking with most youth, I have come to discover that literally, 70% of them don’t believe they can actually become rich with just an idea.
They feel there are some special kinds of people who are born to achieve such result.
What a big lie!
Do you know what I want to reveal to you in this post? By the time you finish reading this post, you will discover how simple it is to be able to turn an idea into an income stream.
Not only that, you will also discover what you will need to get started and how you can practically follow the steps mentioned to get the expected result.
The steps are not much. Just 5 practical steps and that is all. These 5 steps can be used multiple times to turn any idea into an income stream generating enough cash for you.
I already know you can’t wait to find out, so let’s get started.
What You Need to turn your Idea into an Income Stream
Don’t get scared! All you really need are just three things;
- A willingness to share your knowledge in a public way.
- A small amount of technical skill and equipment to create content with.
- Persistence—You must not give up until you get your desired result.
That is all!
As we move further, you will get to understand those items listed above.
The 5 Steps to Turning an Idea into an Income Stream
- The Idea
Like you already know, you are about creating an income stream from an idea. So, coming up with an idea that you are to monetize is the starting point. Chances are, there is something that you know so well that many people will be glad to pay for. That something is what we want to turn into an income stream right now.
So, what is the idea that you would like to turn into an income stream?
In case you don’t have any idea or information on anything that you think anyone will be willing to pay for, just think of a need you know you can solve in the marketplace. It can be helping people get slim, get a smooth skin, teaching people how to be good at bed with their spouse or help people start a particular online business.
These are example of ideas that can be turned into a million-dollar income stream.
Before you move to the next step, you must first come up with an idea that you would love to turn into an income stream. Your idea must be something that solves a problem.
You must not be an expert in that thing before you should be confident of deciding on the idea. As far as you have more information than most people have on that particular subject, you are good to go. For me, it was and it is still freelance writing for the now.
So, take a pause and brainstorm on a good business idea that you would love to monetize.
If you are done, then we can move to the next step
- Create It
I assume that at this stage you must have come up with a good idea that you would love to monetize. If you have not, well, you can continue reading. Maybe when you finish reading the post, an idea will spark up in your head.
So, at this stage, you are to bring your idea to life. Don’t spend too much time thinking about the best idea that will make you rich. As far as you have come up with an idea you know solves a particular problem and many people will be willing to pay to get the solution, you are ready to start working on it.
People will always pay for something they want and something they perceive will add value to them.
Is your idea to become an app developer so as to start making money selling Android apps? Start coding the app if you already know how to code. If you don’t, go enroll in a coding class. Is it to become an online business coach where you will be making money selling information products? Start building your community and getting yourself and product ready.
Whatever idea you would love to monetize, start creating it immediately. Don’t wait to ask anybody if the idea is good or not. Whatever you choose, make sure you leverage the incredible technology available to speed up this phase.
- Package your Product or Service
You are almost done here. Depending on the idea you are monetizing, you will need to package that idea or creation and make it sellable.
If your idea is to become a home pianist tutor, you should be packaging your course. If it is graphic designing, you should be packaging your portfolio because that is the first thing clients will ask you.
Also know that your packaging matters a lot. If you are writing an eBook for sale, your eBook cover must be beautifully designed as it adds to the buying decision.
- Put a Number into it
After you have package your product or service, you simply need to decide how much you will be charging for it. What you charge can depend on your years of experience, the amount of time it took you to get the product or service ready, or the amount it cost you to get the product or service ready.
There is no strategy to how you should price your idea. But, the best way to find a suitable price is by testing different price with different buyers. This was what I did when I created my first product. I was unsure of a suitable price that will go well for my potential buyers.
I started playing with the price with different buyers until I could come up with a price that was okay for everyone.
- Promote Your Creation
Getting the word out about your creation shouldn’t be a problem as there are a lot of tools available these days to help you do that for a small fee and even for free if you want.
Social media is a platform that can be used to advertise anything as far as it is legal. There are other ways you can also use to promote whatever you are selling depending on the idea you are selling and your marketplace.
Don’t worry yourself about revenue when you launch, it will come. What you should focus on doing is building a community around what you are selling. This is one key to make easy sales online.
Final Thoughts
I have done this before and the reason you are reading this right now is because of who I have become. I came up with the idea that I want sell my writing skill since it is something people are willing to pay for.
I create a portfolio, decided how much I will be charging by using different prices for different clients just to see where I will balance my fee, I package myself, and I started promoting my service with Facebook.
Today?I believe you already know the story. Or as they will always say, ‘the rest is history’.
Good luck!
