You have your great idea and you’re ready to start your business. You’re motivated and ready to jump right in or better yet, you’ve been working at it for a while getting all the pieces together. You believe in your idea and you’re ready to invest not just time but money.
So the $54,000 question comes up: how are you going to make money off your product or service?
Here are 7 questions to consider in monetizing your great idea into a great business idea. And if you are serious about making it on your own or presenting it to investors you will have to answer these questions anyway:
1. Is there a viable market for your product or service? Have some data or relevant information on your target market.
2. Do you have a compelling value proposition for your customers? Value perception varies, know your customers.
3. Do you know your development cost? Be realistic on the time and money it takes to get to the launch phase.
4. Can you reach your customers in a cost-effective way? The distribution channel and how to get there.
5. Are you competitive? Know your friends and enemies in the market.
6. Can you build a brand? The story behind your company and marketing tactics.
7. How far are you willing to go? Have plan B, C and D in case you aren’t so lucky in the beginning.