How You can monetize your idea
The dream of living off an idea by turning it into a running viable profitable business is a dream that many people, if not all, have entertained.
A lot of individuals who have been willing to take the risk have proceeded to go on and dive into developing their ideas, but sadly for every great idea that gets launched, millions more go the wayside because entrepreneurs simply don’t know how to take action, how to decide if something’s worth pursuing, or if the time is right.
It takes a lot more than just your idea to facilitate the creation of a brilliant running business. But with a well laid out plan, you can manage to build something you can live off possibly for the rest of your life.
Here are some suggestions that can help you turn something you love into a running viable company.
You need to Build and customize your product.
Your idea may be brilliant but can it actually be created?
And that is your first and one of the most important tasks. Think of ways that you can build a working product of your idea before you can commercialize it. You have to find out if your business idea is viable or not by considering a number of factors.
What do you need to build it? How long will it take? How much will it cost to build it?
Brainstorm on the creative ways you can accomplish this task. And then, increase and expand your chances of success by thinking of innovative ways to transform your product or service into something that is a class above your competition.
If it is a service, skill or information that you wish to offer, think of ways that they can be refreshed, repackaged, remodeled, reinvented and re-branded to a unique personality so that they can stand out from the rest and increase your chances of success.
Promote your product
Once you have a working product you will have to then figure out how to promote it. You need to create a portfolio that will attract your target customers to you and your work.
An example of how you can promote a product or service is by first offering it for free.
It has been said that if you are selling a service then 95% of your work has to be given for free and you will have to make money off the 5%.
For instance, if you are a writer you will have to show case or put out a lot of your work out to the public for free on a lot of platforms in order to gain their attention and only part of your work will be sold in form of a book, articles etc.
If you are a budding singer you will need to put out a lot of covers of successful songs before you can put out and sell your original work.
If you offer a cleaning service, you may have to create a coupon that may require you to clean one room for a paid amount and then proceed to clean another for free.
Customers like to see samples of your work before they can dive in and pay for your product, so don’t be afraid to give your product away for free.
Create an online presence
The first thing most people do when they see your product or hear about you is search for an online presence.
So you need to have a website that will inform prospects all about what you do.
And in fact an online presence will make you grow more quickly and reach your target customers faster than any other method.
It is quite easy to get a website in this modern age; with a little research you can find a suitable one for your business. You can look into getting a highly professional website when you start making money.
Market and Grow your online platform
Where are your customers found? Who do you see buying your product or services?
Identify and interact with your target market.
Write down a full, detailed description of your ideal client. Consider what they read, where they go, who they spend time with, and what they value. And then proceed to interact with them on the platforms that they are found on.
For instance if you are a singer the most ideal platforms that you can use to grow your brand would include YouTube and sound cloud. There you can put your musical covers and original work and draw to you the people that will grow your brand.
They are other social media platforms like Facebook, Twitter, LinkedIn, Pinterest and Instagram that you can use to grow your online platform and promote your work and each platform will respond differently for each business.
Figure out how to make profit and sustain your business.
After a lot of consistency, creativity and hard work you will have fortunately at this point already started making some revenue.
Now you will have to find a way to sustain your business and make profit for the foreseeable future.
Most businesses have fallen short at the point where they have to be creative and continue offering their services for the foreseeable future.
You can copy a working business model that has worked for your competition and has provided them with long-term success or you can create a whole new one customized to your business.
Better yet you can get help from a well-seasoned professional; it can provide you with the business wisdom and blueprint you need to succeed. It will also save you a lot of time, money and frustration, and help build your confidence to keep going.
It does take a lot of hard work but if you do have a good idea, especially an idea that provides a solution to a certain problem then you can turn it into income.
It all starts by believing in yourself and the value of what it is you have to share.
Create a solid plan and map out the details and set deadlines. Stay accountable to yourself and someone else so things get done.
Ideas are where the success stories are born.
What idea do you have that you wish to make money from? Leave a comment and share your thoughts in the section below.
Thanks for Reading :)