Ideas are worthless. Will Smith said it well, “If you come up with a concept and you think it's amazing and I love it, that doesn't mean it can generate revenue.”
There are many other things to consider beyond a great idea before you dive too deep into the project - especially if you have no experience or even know where to start.
One of the biggest issues I have found is the big difference in ideas and making the idea a reality. At some point you need to take those steps to make that idea something concrete. Too many times I see new people getting overwhelmed by this.
Everyone has an idea for a product or service. But before you release your idea on the market, how do you know how much you can make money? How do you know whether people would buy your product? For example, many people have ideas for a new software program or cooler gadget. These people think: it's a great invention and everyone must need it. There's only one problem: They don’t know if anyone will buy it!
1. Validate your idea
Validate your idea before you start spending money. The internet has made it easier than ever to sell products online. And as more people create online stores, competition for the top spots on search engines is increasing. So how can you make sure that your business will be profitable and successful?
Here are some questions that you should ask yourself:
Who is my customer? What problem are they facing? How much are they willing to spend to solve their problem? What is their current solution to this problem? Why would they use my solution instead of their current solution? How can I reach them with my message so they understand the value of my solution? Will they pay me money for my solution?
If you cannot answer these questions then you should not build your product right now. You will waste time, energy, and money building something that no one wants.
How to find out the demand for your product?
The easiest way is to place a survey among family members and friends, asking them about their desire to buy such products.
2. Developing your idea
Set realistic goals when you are starting your business.
If you're looking at these marketplaces as a way to make serious money, think again. To be successful, expect to put in some serious hours promoting your products, answering customer questions (and sometimes handling returns). Most of the top sellers on Etsy and Amazon work 40 or more hours per week on their business, according to "Making Sense of Affiliate Marketing," by Robert Hoffmann. In fact, many sellers work more than 50 hours per week, Hoffmann says.
3. Know your competition
While marketplaces offer some basic tools for exploring existing products (Amazon has an excellent search engine), they don't give you much insight into what's selling well or what customers are looking for.
3. Making sure it's profitable
Remember that if you want to start selling online you are going to have to think about what kind of profit margin you might need in order to make a sale.
If you're going to be making a transaction from somewhere outside of the US, make sure that the currency used is one that works for both parties.
PayPal is one option for making these kinds of international transactions, but it may not be the best option depending on what you are selling.
5. What's the Key to Making Money?
Your first step is to figure out how to make money from your idea. In order to do this, you need to know what people are willing to pay for, whether you can offer them something unique or special, and whether there is a need for your product or service in the marketplace.
Once you've figured out how much your product or service will cost and how much it will sell for, you need to decide if it's worth going ahead with your idea or if you should keep looking for another way to make money from your venture.
6. Getting your idea online
Getting your ideas or products online is essential to growing your business faster.
Although, there are still the basics you have to do which is to tell people about it! If nobody knows you are online, how are you going to sell your products.
Growing an online business organically is a very slow path, so if you want to build your business faster, you need to invest in advertising. Which is a great way to get your products in front of people who do not know you.
My series of Shopify Made Easy books help you to get your products into an online shopping cart.