Questions

I am ready to become an online entrepreneur. I have several ideas and am having trouble picking which would be best. I'm seeking a solid, concrete opinion from someone who's started a successful business. #1: A product (paper, cheap and simple). It's a very simple and unique goal-setting program that would require a monthly subscription. #2: Art lessons. I'm an artist and could build a list around a free lesson, with an upsell for monthly subscribers to join a live feed each week teaching them how to draw. #3: A membership site geared to help mentor youth. Resources for teens and their parents to help the two connect and help youth get set up for life, especially as entrepreneurs.

You need to do market research. Plain and simple. What is happening already in the markets you are targeting? What is the competition doing? Do you have something unique to offer? Is there a part of the market that is underserved? Where you can stake a claim and build a strong position? You'll also have to take off the business owner hat and put on the customer hat. Who do you suspect is your customer? What do they value? Do they really have the problem or need that you think they have? Hypothesize and go test that hypothesis. Keyword analysis is one way. Are people activlely searching for the answers you can provide? Another way is to sort of A/B test each pitch and see which garners more attention. You'll have to create a minimum viable product for each put it out there and see if you get bites. Sort of like fishing. We're not interesting in hooking them just yet, just seeing if you get bites. You may discover one of the value propositions (pitches) gets more traction. If so, that may give you a nice size piece of the puzzle you're trying to solve. You'll need more pieces, of course, and there's lots more to do, but this'll get you going. Good luck and best to you.


Answered 7 years ago

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