Everyone has ideas. Everyone thinks their ideas are great money makers.
Here are eight reasons why your idea will never make a dime…
#8 – It’s not really all that good
I know everyone thinks their idea is the best thing to come along since indoor plumbing or sliced bread. But the sad reality is some ideas are just not that good. For example, the paper pulp bicycle helmet.
#7 – It’s a solution to a problem no one has
Your idea to solve a problem might be the most creative and best way to solve a problem no one has. For example, a social network for pets.
#6 – It’s a solution to problem no one is willing to pay money to solve
Your idea can be the best solution but if no one is willing to pay for it you will never make any money no matter how well you implement it. For example, you could have the perfect solution to email spam but it is unlikely you could sell it as a subscription service.
#5 – Someone is already doing it
Look at all the copycats to Facebook and Twitter that came and went. Enough said.
#4 – The cost to implement is too high
Some ideas are really good and solve a real problem people have but the cost to deliver the product or service is just too high. Peapod was one of the first companies to sell groceries on-line and deliver them to your home. They didn’t survive because the cost of operations and logistics were too high.
#3 – It is illegal or immoral
Okay, you could make money with ideas in this area… yeah a lot of money… but it is not a sustainable small business model and failure often means a long hellish vacation paid for by the state or federal government.
#2 – You don’t know how to implement it
Having a great idea but not knowing how to bring to fruition is very frustrating. Learning how the research the market, produce and deliver the product or service, find customers, and all the other road bumps you face along the way can quickly derail even the best idea.
The good news is there are literally thousands of resources available to help you with this from Score.org to partners to paid services. There is no obstacle facing a good idea that can’t be overcome if you have access to the right knowledge and resources.
#1 – Lack of execution
The number one reason that idea floating around in your head won’t make you a dime is because you don’t do anything with it. That is on you. The universe isn’t conspiring against you. If you don’t act on an idea it will die no matter how good it is.