Last updated on February 28th, 2022. Posted in Developing Products Customers Love.
Starting a profitable business is certainly exciting stuff. But at the same time, it can feel pretty overwhelming and daunting if this is your first time out. On the one hand, there's this burning desire to work for yourself and freedom and all that stuff...but on the other hand, it can totally feel like you're wandering around aimlessly in the dark. So here, you and I will break down the big components for you to start a profitable business for yourself.
Here are links and resources mentioned in today's video. Enjoy!
Okay so, the first thing you need to do is make sure that there's demand for whatever it is you want to sell.
Now what happens most often is, new business owners start with an idea first -- they start with an idea for a product, service, or business that they're convinced is going to make them tons of money.
I call these "magical big ideas" because new business owners fall in love with them, and they take on an almost mystical power...because the business owner is convinced that this one single idea has the power to give them everything they've ever dreamed of.
Unfortunately, this isn't how business works -- not even close! And in fact, most "magical big ideas" die slow, quiet deaths right on the launch pad.
They never take off, because no matter how badly the business owner wants them to work, no matter how in love they are with their idea...nobody wants it!
So where do the best ideas for products, services, and businesses come from? They come from your audience...
...that is, the group of people that you want to work with and serve through your online business.
So the first big task you have is research -- it's to figure out what the sorts of people you want to serve actually want to buy.
And the bigger and more complex the problem is that your "big idea" solves, the more valuable it will be and the more money people will pay you for it.
The next thing you need to do is to take the data that you've gathered from your marketplace, and take it to your drawing board.
In other words, begin developing and engineer your solution, which is what your product or service is.
And the best way to work through this process is to develop low-cost prototypes as you go...that you can then show to members of your audience.
Show your solution to them..."Like this?"...and then use their feedback to iterate and improve your product.
But you do have to take what they say with a grain of salt. Oftentimes, people don't know what they want...so it's kinda like being a detective or an investigator.
And another word of caution: Don't wait your product is perfect before you ship it. Perfect is the enemy! Just get things to a "good enough" state, and then just ship the damn thing.
Don't worry if things aren't absolutely perfect...you have the rest of your life to fix things, improve it, and upgrade it.
So for now, just ship it...then perfect it later, as much as you want.
The last thing you want to do is to over-deliver on the value you're providing -- big time!
So if you charge $10 for your product, deliver $20 in value. If you charge $500, give $1000 in value...and so on.
Lemme tell you, way, way back, just fresh out of high school, I'd read somewhere to work harder than you were being paid for.
I can't remember what I was getting paid back then...probably minimum wage. But I took it as a personal policy to over-deliver...every single day, every single time.
Stack those boxes? I'm about to demonstrate to you that I am the BEST box stacker on the damn planet! Catalog that inventory? I already did that just after I came in for my shift...you know, this sorta stuff.
This personal policy of over-delivering value has served me very, very well over the years. It gave me a reputation among my employers and managers that I'd always perform beyond expectations.
It's this work ethic that I bring to everything I do...and I strongly suggest you do the same. That's a great way to ensure your customers stick around for a long, long time.