These video tips will be focusing on the initial clarification stage of your new business idea as well as understanding your target customers.
The 5th video in the series is to help you think about Initial Customer Revenue. If you missed it, you can watch ‘Identify your future competitors for your idea’ here.
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Initial Customer Revenue.
So now its time to start thinking about money – revenue for your service, or your site, or your product.
It’s important to think about this early because it may start to shape the way you think about your idea from the early days. Now, you may be thinking about this idea not necessarily from a financial perspective and that’s fine, but even charities need to make money to pay their staff and even charities need to find a way to sustain themselves so that they can continue earning revenue.
So you may not be looking at charities, you may not be looking at building a big business, but it’s good to think early on about how revenue will be brought in to help it sustain itself.
Specifically, the sort of things we want you to think about here is: who is that ideal customer? Who is the one that is going to be paying you for your product or service? What are those primary needs that you will be meeting to enable them to actually feel that it’s worth investing time and money in your site?
And, finally, how does it make money? Now you may not be asking them for their credit card details to pay you a monthly subscription, but you maybe aiming to build a social presence – lots of eyeballs is actually a form of revenue if you can marry it up with a high quality advertising partner.
So give these things some thought and think about how your site is going to make money.
We’ll be sending you ‘Finding a Name for your Idea’ in a few days.
Tags: customer, future competitors, get viable, idea vision, new business, online business ideas, product, startup, startup ideas, startup vision, target customers, understand customers, understanding your vision, viable, Video, vision idea