One of most common questions I get from entrepreneurs is “Will my business idea make money?”
I always want to answer them the same way, so in today’s solo round on The School of Greatness, I’m diving into this.
The truth is, anyone can find this out BEFORE they launch their product or business.
It just takes some research and strategy to test your idea before you invest too much into it.
So in today’s solo round I’m walking you through the 4 simple steps I recommend to vet your idea and guarantee it’s profitability before you invest in it.
Get ready to take notes and make money in Episode 443.
The School of Greatness Podcast
In This Episode, You Will Learn:
The 4 Part Process to Test Your Idea
- Do your research. A lot of people don’t put in the time to figure out if anyone else already has their idea and how well it’s doing. Explore what’s already out there in your space and what’s working and what’s not. Find what’s missing that people still need.
- Make an outline of how you can teach your idea/solution to people. Get all your ideas out on paper. Edit and organize until you feel like you can easily explain it to someone else.
- Test out teaching your idea to a few close friends or target customers. Get their feedback and make adjustments.
- Host a free live event like a webinar, Facebook Live or workshop and invite your target customers to come. Teach attendees PART of your solution to their problem and at the end offer your full idea or product at a price (even though you haven’t made it yet). If enough people pre-order it before you’ve even made it, you know your idea is profitable.
Continue Seeking Greatness:
- Check out DesignCrowd to get bids on your perfect custom design at http://www.designcrowd.com/greatness
- Handle your bookkeeping like a pro with FreshBooks at https://freshbooks.com/greatness
- Music Credit: Kaibu by Killercats
You may also like these episodes:
- Top 10 Ways to Make Money Online (UPDATE)
- Top 5 Ways to Succeed As An Online Entrepreneur
- How to Make 1 Million Dollars Online (Even If You’re Broke)
Did you enjoy the podcast?
What is your big idea? Let me know in the comments!