Lots of people come to me with what they call business ideas. A general thing that they want to do. Often, this idea is really a formulated hobby and not a business. Why? Because they have not told me any way they plan to make money.
You can take beautiful photographs and have 15,000 Instagram followers, but that’s only a hobby until the money comes in.
There are many, many ways to make money off an idea. You can sell products, services or time. You can sell space or convenience. And the best ideas don’t just make money one way — they make money in many ways.
So what can you do to turn your hobby into a business?
Ask yourself these 3 questions to start making money:
- What is the specific unit you plan to sell and for how much? (what is one unit of your product or one billable unit of your service?)
- For a photographer, you might sell a photograph OR you might sell your time by the session.
- Who will buy it?
- Sure, friends and family are a great way to start for micro-businesses, but they will not sustain a business in the long-term. You need friends and family to tell other people about you as well. Also, friends and family often love you so much that they will tell you anything you want to hear… even if your product isn’t truly marketable.
- What is one way you plan to reach this customer with the message that you’ve got what they want?
- People can’t choose your product and service until they know about you. How will you make sure that the right customer finds out about what you’re selling?
Need help getting started? Schedule a free assessment to see how we could work together.