7 Keys to Monetize your Business Idea
Taking a business idea and monetizing it is the number one challenge for most business people.
Coming up with the ideas is easy but making money from the idea is the real challenge.
Here are 7 keys you need to answer.
- Who are the end users?
- What does meeting the need look like?
- When do they need it?
- Where do they use it?
- Why do they need it?
- How will they use it?
- What is it worth to them?
Once you have the answer to these questions you will be able to take your ideas and make money from them.
Let’s look at a few examples.
Steve Jobs and the iphone. He knew who the end users were. He understood what meeting their need looked like and he created the when and where. As for the why – well when you can rig a demonstration to convince people that without the product they will miss out on something, then getting them to buy is easy but he still kept the price at a reasonable level.
Lets look at V or any of the energy drinks. They went through the same process. Who wanted them – think of all those people who just want to go from work to play to work again. Then follow the trail.
Look at fashion related items and you see the similar pattern.
If you want to introduce your idea to the market and truly earn money, you need to work through these steps PLUS you need just a smidgeon of luck (labor under correct know-how) to reach the market in the right time given your promotional budget.
In the comments please let me know if you would be interested in a webinar series to learn more about this concept.
To Your future success
First Steps ….
Business ideas abound. But taking that idea to a business plan requires time, research,
Elephant taking the First Step
asking questions and listening to other people’s opinions while staying committed or perhaps, getting committed.
Working with prospective business owners the number one challenge is self-doubt. Smart people, average people, talented people, capable people all experience moments (instances) of self doubt as they work to bring their business idea to a reality.
In order to make it happen you first have to make a start.
Fear that someone will steal your idea is often why people refuse to talk to others. Get over it!
Your idea is special but until it becomes an actual entity, it is vaporware. And ideas are CHEAP but making them reality takes planning, commitment and RESOURCES.
There is an elearning lesson on this topic coming SOON as part of the membership site for Eat the Rhino if you want to learn more about this critical area.
The First to take a business idea to a business plan to a viable business involves RESEARCH.
And giving form to your idea so that your potential clients can register their interest in buying your idea when it is on the market.
Roberta
Here’s to creating the future we deserve one step at a time.
Get your copy of Eat the Rhino, Business Idea to Business Plan in 30 days
