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.

All three ideas are viable business ideas. How much success you could experience from each depends on 1) your strategy, 2) your execution, and 3) your team. Without knowing you, your strengths, and your business skills - it is very difficult to say anything more conclusive.

As all your concepts depend on a membership site, keep in mind that memberships must continuously deliver value and engagement, or people will not stay members for long.

It's also generally easier to sell a program that solves a very clear and specific problem - one that your clients currently feel deeply enough that they are willing to spend $$ to get it solved.

A cheap-simple paper product doesn't sound like it would be worth that much. Easier to get people to part with small amounts of money, but you'll have to sell a squat-load to make any profit (and that increases your costs too). But if you can leverage other resources and focus only on the marketing/sales side (e.g., using a fulfillment resource), you could make this work. But you probably should have some pretty awesome online traffic generating skills.

#2 sounds intriguing, but again, the perceived value of art lessons is relatively low (in general). You would need to establish a powerful motivating message directed toward a potentially lucrative audience. In short, your marketing strategy here is critical. But the content development could be quite simple, so if you master the marketing and have low operational costs, you can make large profit margins.

#3 could have a higher perceived value which can make the marketing message easier, but the content delivery side requires more expertise (e.g., coaching skills, parenting experience, and entrepreneurial expertise all rolled into one). This will be harder to resource (higher operating costs, tougher to staff, etc.), but with the right strategy could also be quite lucrative.

Happy to chat more by phone. I've helped hundreds of people get started with similar businesses....


Answered 7 years ago

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