Many inventors are not aware that you can earn royalties on your inventions. That’s why they make costly mistakes like trying to manufacture the inventions themselves and sink tons of money into mock-ups and prototypes that lead them to nowhere. You can prevent these mistakes and make a load of money off your invention for the rest of your life.
There’s no feeling more satisfying than knowing that your retirement is taken care of because you had a great idea that keeps paying you long after you’ve done the hard work. That’s how royalties work. They pay you for life.
Or the life of your idea, anyway.
After you get the idea for your invention and you’ve cataloged the process in your journal, you must contact companies that might be interested in manufacturing your product. What you don’t want to do is send them all the information about your idea before you get them to sign a confidentiality and non-compete agreement. That’s one good way to get screwed.
After you’ve protected your idea with the proper paperwork, secure a commitment from a company to manufacture your invention and put it on the market. In most cases, you can get them to pay for the patent with your name as inventor.
Once your invention has entered the marketplace and starts selling, you’ll get periodic checks for inventing the product. Even if all you get is 1% of the sales price, and many inventors get even more, on a product that sells for $1 per item, if the company sells 100,000 units per month, that’s a modest income of $1,000 per month for you. I’m thinking conservatively here.
Many inventors make very good money month after month for nothing more than coming up with good ideas. Five mediocre ideas can earn you an average income. One great idea can earn you millions.