How do you know if people will pay you to do X, Y, or Z thing?
First, let's clear our heads and consider some products and services that people already pay for and why:
No business sells what it looks like it's selling.
Once you've narrowed your list of business ideas down to ones that you really like, ask yourself the following questions:
Figure out what your target clients' DEEPEST PROBLEMS are and then SOLVE THEM.
- Don’t re-invent the wheel. You don’t have to create something that’s never been created before. If other people have proven that X service works, why change it? The way that you’ll differentiate yourself is by how you do it, not by what you do. Copying someone's idea isn't stealing as long as you change the way you deliver it.
- Know what people are already paying for. This goes hand-in-hand with the first tip, but it’s important that you understand what kinds of things people pay for. When you ask them this question, make sure to ask them about the FEATURE and the BENEFIT. In the case of the above example, I'd ask entrepreneurs "Would you pay for a yoga service directed towards helping busy, creative professionals like yourself to have oodles of energy and feel a sense of focus and calm over your day so that you could get more done in less time?"
- Save people time or money. If your service does this, you’re golden. (Your service doesn’t have to save people time or money, however most things do. FIND A LINK.)
- Know what problem you’re solving. Is it a problem that people are willing to pay to have solved? Remember to look for the REAL problem. How is their life going to be more beautiful? More happy? More ideal? How will they have more energy? More ideas? More organization? More inner peace? What will their life look like AFTER they use your product/service?
- Do your research. Nothing substitutes for getting out there and asking questions. Interview your prospects. Ask them what their problems are. Go online and see what kinds of services people are already offering. Most people won't do this. If you do, you're roughly sixteen lightyears ahead of the game.
- Pick a business model. This should be obvious, but based on the amount of people who have told me that they dream of being “bloggers” I feel obliged to make this point. Blogging is great, but it’s not a business model. Figure out where the money is going to come from first. Worry about your website second. (Yes, it's totally fine to start a blog first and then monetize it later (that's what I did), but eventually you will have to bite the bullet and offer a service or product. I recommend doing it off the bat so that you can get over the fear!)
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