Where To Start When You Have An Idea And Are Thinking On Making Money Online
How do I make money? Where to start? What do I do first? These questions are always the biggest road block for people when trying to make money with their great ideas. In fact 90% of people will never know if their idea can make money because they just don’t know where to begin. Here is a quick checklist to help you determine whether or not your idea or product has a chance for fame and fortune before spending a single penny !
1. Find Out If Your Idea, Product Or Service Actually Exist
With the power of the internet, you can search and find almost anything that exist around the world. Do a search on Google, Yahoo, You Tube, Ebay, Amazon and see if your idea already exist. Just because it does exist doesn’t mean you can’t still profit from your idea, you might have a better version or marketing plan, having a similar product existing can sometimes help you better evaluate the market.
2. Is There A Following For Your Idea Or Product
Again using the power of the internet, find out if there is a following for your product. Use tools like Google Trends, Google Insights and Google Keyword Tool to analyze if there is a potential demand for your product. If you have an idea for a cool new snowboarding hat, you can search for “winter sporting hats” and see what kind of demand there is in that market. A good idea can only make money if you have an audience willing to buy.
3. Test The Market
Publish articles or join forums and discussion groups and see what type of demographics like your idea. Listen to opinions and concerns and why your product can benefit the lives of others. This with be a huge advantage when you start you marketing campaign, knowing who to market it to and what they need will decrease your cost and increase your volume in sales.
4.Create A Proposal
Putting pen on paper makes your idea come to life. Whether it’s starting your own business or selling your idea to Microsoft, having a documented report about the product, target market, price point, cost will give you a sense of how real your idea truly is. Getting to this point really puts you in the position of turning your idea into reality. Not sure how to do a proposal, just search online for thousands of examples.
5. Read and Research
Educate and learn everything you can on how the whole process works. Starting from how to start a business, how to get your product made, how to patent your idea, marketing, accounting, financing, legal stuff etc … Make it your business to know your business. In order to succeed you have to reduce your chances of failure and the only way to do it is to educate yourself. Search online, talk to experts and read as many books relating to your product / business as possible.