Have you ever met an inventor that was profiting from an idea they came up with years before? I have, and it really is a brilliant source of passive income. This man seemed pretty average, but he invented the self-adjusting mirrors for vehicles. If it was dark outside and you were getting a glare from the headlights behind you, the rear-view mirror would automatically get darker, and you wouldn’t have to adjust it yourself! If you have a newer automobile, chances are that you have one of his inventions in your car.
What if You Come Up With An Idea
Most inventors are problem solvers. They see an issue and they instinctively try to solve it. If they come up with the solution, then they are suddenly labeled as an inventor!
So, what if you come up with an idea? What is it that you should do? First and foremost, you should get a patent on your work. There are some free patent sites out there, but I would advise against that route, especially if you’ve got a big idea. Seek out your local patent office instead – they might be a little more pricey, but at least you know that your idea will be protected.
How Do You Turn an Idea Into Passive Income?
There are quite a few ways that you can profit from an idea. You can (1) sell all the rights of your idea for a one-time fee, (2) sell your idea, but for a certain percentage of the profits, or (3) manufacture the product yourself.
If you’d like to create a passive income, there’s really only one option to consider. Sell your idea, but write up a contract that states you earn a certain percentage of each sale. This comes with some risk, but if you truly believe in your idea and think that the sales will be through the roof, then you won’t mind this contract at all.
The other great part of this option is that you’ll be doing absolutely no work (which is why it’s considered passive)! All you had to do was come up with the idea, sell a company on the idea, and then reap the benefits for years to come!
Do you know of anyone that developed a passive income with their invention? What was their idea?