How To Turn Your Idea Into Quick Money

                                 

#Business

There is a philosophical dictum that says “Great ideas make a man great”. I don’t know if you will agree with me on this assertion. But for me, I strongly believe it.

In today’s blog post, I am going to take you through on how you can develop good ideas, and then turn them into money. Just relax and continue reading the post.

Did you know that developing an idea could be easy and interesting? Yes!  You need to have money to make money. But have you realized that good ideas are priceless? Money is needed to make more money. But the issue of making money has been over flogged that it now becomes an excuse for not even venturing into it.

Most wealthy businessmen you know of  today, some of them that pioneered or promoted the big industrial companies, employing hundreds of person were men of ideas, who were able to translate their ideas into reality, in most cases with little or no capital of their own.

Without money, what you really need to succeed like them is ONE SOUND IDEA. Indeed ideas are potential wealth builder and achievement stimulator. Nothing works like sound idea, it is self- convincing.

Also read: How to Turn a Worthless Business Idea into a Million-Dollar Startup

In home and Abroad, we have past and living examples of men who through sound ideas are what they are today, rich and famous. One interesting thing about them was they had varied background.

Bill Gates and Michael Dell (both very rich and famous computer based businessmen) started as students. Ted Turner was a broadcaster, whose idea about CNN, was laughed at as a joke. Sunny Ojeagbase of Complete Football and Success Digest was told point blank that an all- football publication won’t sell in Nigeria, besides; he didn’t have money to go solo.

Dele Momodo of Ovation Magazine left Nigeria to a foreign country as a political refugee under a threat from the Abacha government. But he turned his adversity into Ovation, without having any money of his own. In fact, the list is   almost endless.

However, one thing that kept these men and even more going in the face of obvious short coming (financially, materially etc.) was their clear cut knowledge and workability of their ideas which attracted money on their own.

What Must Be Done- “First Thing First”

Ideas as already mentioned can only attract money if they meet certain specification. Having an idea is good but must first of all reduce it to writing, giving it critical analysis in order to ascertain its work ability and marketability.

When this is done, you can follow up with a feasibility study, which should of course include its cost and revenue estimation, the organizational structure, managerial as well as staffing procedure and timing.

''"Great ideas make a man great”. Click to tweet 

In order to make it attractive to prospective investors, you can package all necessary information including what each partner stands to benefit, the feasibility study etc., as a prospectus.

Look Inward!

The prospectus you have packaged is a sure winner if it is well packaged. With its aid, you would have been able to know exactly what it will cost to start up the business. Now, look at yourself and ask these questions, “What do I have in terms of cash? What properties do I have that can be disposed of in order to raise much needed cash?

Even you are to raise the money personally, how much will it amount to? Will it be enough to jump start the business? Do I need to go into partnership or seek investors to do business with? What should be their level of involvement, financially and managerially?

In fact, there are a lot of questions you must ask for which you must seek answers. Thereafter, you can proceed to the next stage. Asking these questions are paramount important as their answers will serve as a guide to you not to start up blues, which can be discouraging.

Besides, if you decide to ignore these critical questions and follow the existing trend, which is prone to frustration, you might develop cold feet.

For example, the most conventional way of raising money is either through your savings, selling personal effects or borrowing from friends, relatives or financial institutions or bodies. Apart from personal effects, borrowing could only be possible if the lenders believe in you, your ideas and above all trust you.

Raising money through borrowing could be frustrating because of the associated interest rate and pressure to deliver. Besides this, your lender (creditors) will have a psychological edge over you and if care is not taken, they will either take over your business or put you in the position of a permanent beggar or servant.

If borrowing could lead to bondage, what then is a better means of raising funds for your dreams ideas? You may ask. There are many but there is one sure way that is easy, risk-free and offers you peace and a good psychological frame of mind to actualize your ideas and benefit from it. I call it the Equity Financing Proposal, otherwise known as other people’s money.

It is truism that money attracts money but more true is that good ideas are money themselves. For example, the idea of Mr. Dunlop, the founder of the multinational Dunlop Tyres manufacturing company, attracted the money that was used in establishing the company.

Same thing is with the Wright Brother who became the fore runner of the aviation industry, others include Eastman, Kodak, Rank Xerox, Coca Cola etc.

Most of the companies that operate worldwide including Nigeria are the products of good ideas. The goods and services enjoyed all over the world today are products of good ideas and money. Ideas attracted money and the result has been an improvement in the standard of living.

 Your ideas, if it is good as you believe, will surely attract the needed finance to actualize it if you follow these steps mentioned.

Whatever be your status, a worker, student, housewife, unemployed, artisan, petty business men/women, professional, etc. don’t despise yourself or your ideas. Work on them, develop, understand and package them into a workable form in a prospectus and arm yourself with confidence. With these, you are on your way to becoming a major player in whatever field of economic or other endeavor your idea is related.

There are opportunities everywhere. People are looking for prospects (ideas) on which they can invest their money. Position yourself for such opportunity and catch on it when it shows up.

Remember: “You shouldn’t pray for opportunity, you should pray to be prepared when it comes your way”.

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