If you do so, you'll be in illustrious company: both Alice in Wonderland's author, Lewis Carroll, and William Shakespeare invented many of the words used in their works. Carroll often experimented with new words, most famously in his poem "Jabberwocky." Shakespeare is credited with creating over 1700 words (according to Google), including bedazzled, multitudinous, and eyeball, to name just a few. (http://mentalfloss.com/article/48657/20-words-we-owe-william-shakespeare)
J.R.R. Tolkein went wonderfully overboard and created several entire new languages and alphabets for his books!
Often, new words are just modifications or combinations of new words, so the process is fairly easy and fun! It's also helpful to draw on different language, es
Here's my poem of mostly-made up words for an example:
The Bendelightier Flitterang
by Olivia Taylor
Embelograved
upon
Script
dipped in galeriand
Ink
was the motto of the Bendelightier Flitterang,
A
noble crew that
Did
scintillerate across
A
universe of ill repute:
“Austraillery
makes
The
heaviest adventure light--
Never
forget that there are
Two
kinds of tears.”
Feel free to post your new words in the comments section here or on Facebook! But please, keep it clean.