Turning a great idea into profit
Do you have a product or service to offer?
Is that product or service marketable?
If the answer is yes, to any of these questions, then you need to start thinking about what’s next.
Many people come up with great ideas for products and services, yet they never do anything about it. I for one, have come up with loads of great ideas over the years only to find that I haven’t the time to make it happen.
So, my new year’s resolution is TO MAKE IT HAPPEN.
The image to my left is the latest great idea. Do you love it? I do! It is a design by my creative director that will be applied to a new product being released early next year.
Now, the design is unique and quite simply… amazing!! BUT… it won’t be success if I don’t ‘pull my finger out of my xxx’ (is that a Queensland expression?????) and MAKE IT HAPPEN.
So… how am I going to change old habits? Well, after listening to an Anthony Robbins audiobook I have realised that I don’t really need that to get me motivated. In fact, I don’t need to much…
- Write down how I can ‘make this happen’
- Remind myself daily of ‘what I have to do’ with alarms on my iphone / blackberry / computer
- Keep a ‘to do list’
- Create a ‘dream outcome’ portfolio
- Ask friends and family to ‘nag me’
- Send reminders of ‘what will happen if I complete what I set out to’
- Write the ‘reward’ on the wall in chalk (easier to come off then!)
Basically, write down everything! Writing a diary is always good also.
Now, to turn this into a profit, you need to market your product or service. That means following some basic marketing tips from people who know more about marketing than you. Also, following some intuition and doing some market research is always a good idea.
To turn it into a product, work how many sales you expect to make and what is going to drive those sales. Work out what the COGS is and BOB’S YOUR UNCLE!