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:
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.