In the phenomenon called human life, the importance of ideas can’t be overemphasized. Everything we need originates from an idea, whether it’s the clothe we wear, car we drive, or food we eat.
Money too, is the product of an idea. As a matter of fact, it is an idea that always starts money. Wealth creation flows from idea generation.
The mind is a thinking machine, and an average person uses it to produce between 50,000 and 70,000 ideas a day, according to some authorities. This preponderance of ideas overwhelms man. Most often, he doesn’t know which ones are profitable or money-making ideas.
In this piece, we take a look at some ways we can examine or test our ideas to see the ones that qualify as lucrative money ideas. This will guide us in how we can select from the array of thoughts that daily race through our minds the ones we can use to make money. We consider these eight yardsticks.
Criteria For Determining Profitable Money Ideas
(1) Your idea should display your natural talents. The idea that can fetch you money should match your talents or natural abilities. A greater percentage of persons appear to believe that talent is more crucial than wealth, that with it you can make more money than you would have made without talent. In fact, it’s in the area of talent you have comparative advantage over others. A number of things may determine the money you make but one of the principal ones is your natural ability to do the job well.
(2) Your money-making idea should match your skills. By skill we mean the “ability to do something well” or “the ability to apply knowledge to specific situations.” One essential thing that distinguishes skill from knowledge is that skills are practical. Skill is something you’ve done so many times that you can do it from the subconscious mind, an example being driving a car. You can acquire skills through experiences on the job, in school, and training.
(3) Is your idea adding a lot of value to the user? That is, does the idea solve any significant problem, or does it meet an essential need? You know, people pay for value. If your idea is the one that immediately solves an important problem for people, then it is a profitable one.
This is what Michael Jeffreys and Joel Weldon call take-home value. That is, “solid, practical, usable information or ideas that a person can immediately (within 24 hours) put to use to improve his personal life, job performance/skills, or overall life experience.” People are always willing to pay for that kind of value.
(4) Your money-making idea should reflect what you have passion for. Mike Murdock, an American contemporary Christian singer and preacher, says that “What generates passion and zeal in you is a clue to revealing your destiny. What you love is a clue to something you contain.” Claude-Adrien Helvetius, a French philosopher, also pens down that, “Every man without passions has within him no principle of action, nor motive to act.” If you really love the idea, develop it, and it’ll bring you lots of money.
(5) Is the value deliverable? Lee Iacocca, an American automobile executive, says that, “You can have brilliant ideas, but if you can’t get them across, your ideas won’t get you anywhere.” How are you packaging the money-making idea, is it as a service or product? If as a product, of what shape, size, and form is it? If it’s a service, how fast can people access it?
Apart from packaging, how are you getting it into the hands of the consumers? Is it online or offline? If you’re not willing, ready, and committed to taking action that culminates in the users getting the value (product or service), then it is not a money-making idea.
(6) Is it convenient to the user? Generally, people run away from pain and gravitate towards pleasure. If the idea makes life easier, then people will go for it and it will direct flow of money into your life.
(7) Is it simple to use? An average person also runs away from whatever is complicated. So the ideas must be such that a consumer finds it simple to use.
(8) Is it affordable? Can the potential customers or target market pay for it? The ability to pay for value you offer to the marketplace is what finally rakes in the money.
If your idea meets these criteria, then it is a very profitable idea that will bring you wealth. It is the idea you should pursue. Don’t struggle with the ideas that don’t meet these benchmarks.