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Before you invest a lot of time and energy into your business, you need to think about what type of product or service you’re offering and who it’s for.
There are a lot of ways to make money, but some are easier than others. You can make anything you want (and you can do anything you want), but if you want to make money, you must be strategic.
Consider this product spectrum with two general types of products you can make, each of which represents opposite ends of the spectrum:
- Money-making products
- Nice-to-have products
In addition to the wide range of products you can make, there’s also a range of people you can market to.
There are people who have money and those who don’t, and there’s a wide range in between.
You have to think about who you’re selling to.
Maybe your passion involves something that doesn’t solve problems or you’ve created a nice-to-have product. Well, you can’t just demand that the market pay you. The market decides what is valuable.
If you start with a money-making product and sell it to people who have money, it grants you the freedom to create whatever else you want for whomever else you want to market to regardless of whether you turn a profit.
Highlights, Takeaways, & Quick Wins:
- Two questions to ask yourself if you want to make money: What problems will people actually pay to make go away? What problems are they currently paying to solve?
- If you want to make money, look for the problems that other people have, problems that they are willing to pay for a solution to.
- The people making the most money are solving valuable problems for people with money.
- If you’re selling nice-to-have products to people who don’t have much money, don’t expect to make a lot of money.
- People will pay to get their time back. If you want to make money, find ways you can save people time.
- You aren’t limited to only making products that make money for people who have money, but if you need to make money, you need to be strategic about how you invest your time.
- When you start by selling products that make money to people who have money, you’ll make money (this enables you to do more of what you want to do).
- Start with the person: Whom are you serving? Does your product make money for this person directly or indirectly? Does your product solve a house-on-fire problem? Can this person afford to buy your solution?