Having a plan for your business and just knowing what to do is not the same. When people say they “know what to do”, they mean they’ve seen other people doing it and that they will do something similar. Well, that won’t even get them a serious start.
Monetizing your micro business ideas is about creating a business that will be sustainable and allow you the lifestyle you are aiming for, and it also means implementing a certain business model with which you will be able to successfully place your products and services on the market. Since we’ve already talked about general business ideas, it’s time to focus more about individual ideas within your micro business, like products and services.
- What are they exactly?
- Whom will they help?
- How will you make them?
- What will make it more engaging (a platform, a different format, the way it’s presented or executed)?
- How will you attract an audience?
- What’s the ratio between money invested to make the product and marketing that creates conversion?
- Doing surveys and testing
- making products your customers actually want, not what you think they want
- what’s the first product you should make or service you should offer that doesn’t pull too much money from your pockets, but it will profitable enough to get you going?
- calculate how many consultations will you need to give or how many glasses of wine served before you break even, and how many more will it take to get to a certain profit level
- what’s the kind of product that will bring you the money you expect to make in your micro business?
- plan to always have more then one income stream from your business because no big or small company made great success with just one product or one service given in one way.
- what other things can you monetize besides your products like doing workshops, hosting events, creating a product on request faster than anyone in your market; or can you do something in some other way?
Monetizing your website, your email list, your location are completely different things. It’s usually related to what we are talking about because, during the process, it involves those things, but you can monetize them for other purposes. I bump into articles all the time that describe the monetizing process something like this:
1) find your targeted audience
2) put some keywords on your website
3) put up some PPC ads – quality!
4) do significant social media
…and I laugh at that. Do you know what you need to do after reading that? Do you understand what monetizing means? Every product or service requires a different process which is a lot more complex then slapping a few steps you can only do online and which you, as a beginner, probably don’t even understand.
Planning how to monetize your micro business ideas is about going into a detailed process of creating products and services, it’s about integrating all of it into a business model, making it work with your business philosophy, helping create a stronger brand and having in mind you are doing it for people who are really ineterested in a certain topic or which have a certain problem they want to solve.
Every part of the business process has it’s place same as everything has an order in which is learnt best. Take time to focus on each part and create something great. Then come here and tell us about it!