How Much Is Your Online Business Idea Worth?
Sure you have some business ideas to start an online business. Well, you’re not alone, I feel the same.
As an entrepreneur every time I see a business opportunity I get new ideas. I’d be a billionaire if someone paid me for generating ideas. But the truth is that nobody makes money by just creating ideas.
After all having a business idea is not that hard.
Just stop and consider how many people had the idea of creating a social networking site 10 years ago. I am sure that among billions of people around the world there were many similar ideas floating around.
But there’s much difference between just having an idea and executing it in a brilliant way (Facebook!).
That’s why new entrepreneurs say they don’t want to hear your money making ideas. Rather they want to see the execution.
The money is in the execution
A business idea without being developed doesn’t have much monetary value. The most brilliant idea without developing would be worth about $20, not more than that.
A poor idea undeveloped maybe only $1.
Reading this, you can see that all your great ideas are not worth much as you thought. But you have to be asking yourself why there are other people who have good ideas and are making good money.
The answer is: they execute and develop those ideas.
The ideas act as a multiplier of the potential money it the development can bring.
If you have a poor idea but a great execution your project could be worth over 1 million. Instead, if you have a brilliant idea but with a poor execution it will only net you $ 1,000.
Note: this is not an exact mathematical formula on entrepreneurship, but an example to illustrate the concept.
It’s no use having a brilliant idea to make money online but don’t know how to develop it. If you can’t execute your own online business project your idea will never turn into profit.
Now I will show you examples of similar ideas that had a different ending. And also an example of how you can take an idea and turn it into a profitable business on the internet.
Multiple Money Making Ideas
If you are an entrepreneur like me, you must have many ideas. An entrepreneur is characterized by having a sixth sense for business opportunities where others only see problems.
But this is sometimes dangerous and can play backward. You don’t get anywhere if you just have a lot of ideas, but none of them are executed.
And this doesn’t mean that you have to go and develop all your ideas. If you try to cover many projects at once you will feel overwhelmed and will not able to put all the effort that every idea deserves.
Choose only one idea.
Here are some tips to choose your bright idea:
- First you have to like the idea.
- You need the knowledge to develop it.
- There is an established market niche.
- You can build a profitable business around that market.
- Think of the information products you can sell (courses, videos, eBooks, etc).
Using these filters will make it easier to choose your winning idea. And the first steps to becoming a great entrepreneur.
You’ll see later that it’s a great feeling not only having great business ideas but get your mindset and carry them out.
The way you develop your idea is really important. Remember that the execution will be the reason why your idea becomes in a multiplier of real money. It’s no use having an excellent idea, but not knowing how to fully develop it.
I have to thank Derek Silvers to show the world this concept a few years ago.
Put in simple language: You can have the idea of creating an elevator to Mars. But if you don’t have the ability and knowledge to build it will be very difficult for you.
So if you want to make money online I recommend you start with ideas that you are passionate about. Especially if you already have previous knowledge. So you’re not going to start from scratch and will achieve an advantage over others who don’t have the required knowledge and passion.
A similar idea but with different executions
Ten years ago in 2004 two giants of social networking were born, Facebook and Hi5. A great example of developing ideas that were conceived about the same time.
The main idea was very similar: to create a social network to keep track of people you’ve met in your life.
Each company developed its idea in its own way. Facebook started to focus more on a niche side with universities in the United States.
What gave the advantage to scale fast was the fact that they send mass invitation emails using databases of students from each university progressively.
Hi5 however, was more open from the start, too much for my opinion.
Another key difference between the two sites was the user experience and how they handled privacy.
And we can see the results.
Hi5 is in the Alexa ranking position #2135 (and decreasing every month).
Facebook is still in a privileged #2 position for some years.
Alexa is a tool that indexes almost all websites and places them in a global ranking. Having a smaller number means that you have more traffic. Is not 100% accurate, but is a good indicator of overall traffic.
The big change between positions of these social networks is due to the way they were executed. And if you check how much active users each network has the gap is larger.
So if you are an entrepreneur who wants to make money online not only I want to hear your ideas. I want to see them executed. I am always willing to listen and help.
Tell me your idea and how you plan to execute it so you can transform into a profitable online business.
Execute Your Idea
The most difficult step is to overcome fear and take action. This is what separates entrepreneurs from the rest. It’s normal to be afraid at the beginning of every project and with practice it will become easier.
You may have right now great business idea. But you’re afraid to tell it to someone else. Perhaps due to lack of knowledge of how to develop it.
The chances are that you will stay with your idea in your head forever and not develop it.
There are ways to jump that wall of fear faster. Experience and knowledge of the market of your venture is one of them.
Once you’ve jumped the wall and you are working in your business project will begin the heavy lifting. Show your idea to your closest relatives, professionals and people you know from your niche. They will be a great filter to see if you’re on the right track.
Don’t let your idea gather dust in a basement. Hidden for the fear that someone else will copy it. As an advantage, you will now have the opinions of these people. So use them to improve the development.
Especially if you are working on the internet chances are that you want your whole audience to hear your brilliant new business.
Another important part in creating an online business is to be clear about the essence of your idea. That fundamental part with which your online business may not work if it’s broken. Begin to develop your idea from that point.
Suppose you have the idea of creating digital courses on how to make cupcakes using a membership site. You might think that the most important part to execute your idea is to create a system of automatic payments, designed the way you want, to facilitate payments from users who want to register for the courses.
This would be the wrong way to begin. You don’t want to invent an online payment system, you want to teach others how to make cupcakes. Focus on the courses first.
The most important part of a course membership site should be the course itself. Create outstanding content for your audience to start with. It’s ideal to maintain a blog with fresh content related to your niche so you can attract new customers. If you need a site with hosting I recommend you Bluehost you can get a great hosting to start with for just $3.99 per month.
In this case, I would start by creating a blog to attract an audience and capture emails of potential future clients. Following this, I would create the course either in video format or an eBook. Then you can worry about having an automatic system to take care of the registration, payments and access to courses.
Of course, you do all this when you validate your idea and it makes sense to start development.
Turn your Idea into a Profitable Business
We will continue with the example of the idea of a blog about cupcakes. And how you can turn it into a profitable business.
At the moment, it’s only an idea and as just an idea nothing will happen.
To start, you should seek your own domain and hosting. Don’t use free hosting platforms if you want to build a brand and give importance to your own domain.
You can get the hosting through Bluehost and as a bonus comes with a free domain of your choice. You’ll save a lot of headaches since with Bluehost you can install WordPress, the platform of my site, with a single click.
Once the WordPress site is ready, you should include a logo and create a calendar to plan content creation. On this example of cupcakes, you should create content accordingly for the cupcakes lovers.
You don’t need to have everything ready from the start, the important thing is to start and set achievable goals to meet.
Until this moment, you will only have a blog about cupcakes, and a blog in itself it’s not a business. We must turn it into this profitable business.
The way to make money for this example will be selling a course to teach your audience how to make cupcakes. No Adsense at all, or any advertising whatsoever. Of course, this is just an example of a business model. There are many bloggers that make most of their income with private ads.
For this specific case, you should create a unique product with value for your audience.
Having blog is a great way to generate an audience and most importantly get future customers.
Once you achieved a goal of subscribers in both social networks and emails, you can start to work on creating a course. That will teach your audience how to do cupcakes in a spectacular way.
Since you already have a community, subscribers and a considerable amount of visits, the course will be much easier to sell.
Summary of steps for this business idea
- Filter your idea.
- Get a domain and hosting.
- Create outstanding content.
- Create a community.
- Capture emails from your audience.
- Grow your list of subscribers.
- Create a spectacular course.
- Promote your progress towards your community.
- Enjoy passive income.
In future articles, I will expand on these steps and will develop a site completely from scratch so you can follow step by step.
What’s your idea?
If you look closely, I always try to say that your idea must become a profitable business. It’s common to think innovative ideas but forget the monetary factor. At least you should be clear about how you’re going to make money with your venture.
Everyone can have ideas, even small children have valuable ideas for business. But the execution, the way you run your project, will be the factor that these 20 dollars multiple by 1 million.
The way you run your idea be the multiplier factor to make more money.
If you want to be an entrepreneur who earns passive money online, you have to find ways that you can improve the development of your project from the competition.
And you not necessarily have to do it from the beginning. On the way, you can improve constantly and discover new techniques to help you earn more money and transform your small idea into a great innovate business idea.
What do you prefer?
- Having many brilliant ideas but with a market value of $20 because they will not be developed.
- An internet business that gives you $1 million based on an idea with a brilliant development.
The second option sounds much more attractive.
Something I want you to remember is that the business idea is just a multiplier. And this is only going to gain value when it’s being executed. See you in the next article.
Links And Resources Found On This Article
Bluehost – Affordable and easy to install WordPress hosting.
Tell me in the comments about your business ideas and how you’re going to make them a reality.