Patent Business Plan

One business that could make passive income if you are the inventive or innovative type is making money from patents. Patents stop businesses from copying your ideas, but you can make royalties if you allow it. This way the world can benefit from your invention or idea and make money from it if you don’t sell the patent for profit. Patents are expensive (around $30k) but considering how good your solution is, you can make royalties from it. You just need a prototype and its specific design on paper. You could easily get investors to help you get the patent and just give them a portion of the royalties or whatever you agree on. This is a good passive income where you can get paid for your thoughts and ideas.