5 Simple Steps To Help Decide What Will Make Money and Creating a Minimum ViableProduct
There are many ways to make money, but by using these 5 simple actionable step-by-step elements, you will be able to validate an opportunity before spending too much time, effort and potentially money in taking that idea further.
Step 1: Research the target market.
If you have an idea, think about the type of person or business that would be ideal for you to promote and ultimately sell to. This easy way to do some quick research is by typing in the people / area you wish to deliver your product of service to in Twitter (twitter.com/search-home) and Google and see what blog posts and discussions are going on, it will give you an insight in to how you may be able to help them with what you have to offer.
Also make sure you look for people around the edges of where you though your best customers may be as many great products have been able to profit form related marketplaces and you don’t want to miss an opportunity at this early stage.
Step 2: Post and pay attention. But don’t give your idea away.
The idea here is to sign up on one or two blogs or forums where you found multiple people recently interested in or talking about the area that your product or service relates to.
What I suggest is getting involved in discussions on general topics then and if possible helping those asking questions, after a few days, (depending upon how busy the site is and how many posts you have helped on), place a post there asking if people suffer form a problem that what you plan to offer may help with or fix, then see what people say, as it will help you make your mind up quickly and also see if there is competition for you out there too.
Step 3: Extend the value of your posts
Now you have seen if people want or are looking for what you plan to offer, you can enter in to conversations with individuals, the reason for doing this is to determine how important an issue is for the potential target market and also to come up with an opinion as to what people might pay for your helpful product of service, but remember don’t say you are thinking of delivering a solution, only that if there was one available it would be great.
Step 4: Now make some more solid plans
You often hear about people producing the “minimum viable product” and this is what you should be doing now, if you are going to take the concept further.
Plan out what elements or services you could build to generate interest and most importantly purchases form the target market but don’t spend too much time or money just yet and don’t feel you have to do everything to start with (some features you could remove at this stage), if you see it’s possible and achievable on a time and money level (this is also a great point at which to look at crowd-funding) the step 5 is ready for you.
Step 5: Create that minimum viable product
Now is the time to create the product or offer the service in a way that allows you to sell, not just promote what you are doing and see if early adopters will not just pay for but also give you feedback on it too. When doing this stage you should…
- Know your idea well and the most important aspects form a customer’s point of view
- Know your potential customers or at least where to start looking for them
- Have an understanding of the value in the market for what you will offer
- Understand the key points that will help to make a sale
- Have an outlet to start telling people about what you are doing at the right time
We always have people ask us what do we use on this site, so here are a few of the most relevant service providers:
- To manage our audience and email communication we use: Infusionsoft
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- Our web hosting and domain registration is done by: 123-reg and Realhosts.
- To automated and centralise our social media we use: HootSuite
- To help with SEO and lead generation we use: Webfire
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If you would like to find out more about any of the providers listed above, we review them honestly, provide details of alternatives (as they may be more suitable for you) and also other services we use in our resources section.