As an entrepreneur, you must have come up with so many ideas in your head that sometimes it feels like you are going to explode if you don’t build them into something real quickly. Sometimes, ideas are hard to find no matter how long you think of innovation and creations. In running a business, turning idea into products or services cannot be done randomly or carelessly. The process requires thorough preparation and research because it can cost highly.
Turning your ideas into products or services
Running a business means you will be required to be more calculated in making a decision as well as solving problems. As for products or services creation, it needs to be done by following the right steps and calculations.
Value of the Products
First thing first, you need to make sure that your idea will have enough value when it becomes a product or service. You have to test the value of your ideas. You should find out if your ideas of products or services can solve the problems. Then, you should find out the value of problem solution. It is also important to keep an open mind for possibilities that your products or services can also solve other problems. It means, you should not get too attached to one problem to solve.
Testing the efficacy of your ideas before building them into a product or service is essential. It is basic step you should follow no matter how sure you are with your ideas. In this test, you should use an effectiveness scale such as 1 to 5 or 1 to 10 scale. Testing your idea of solution against the problem should result in clear scale. Sometimes, the result can be in the middle and leave you confused of what to do. If your scale is 7 or 8, it means you still have gaps to fill to make it perfect solution. It means, you don’t have to restart from the beginning, unless if your scale is 6 and lower.
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Cost and Affordability
After making sure that your scale in efficacy test is 10 out of 10, you still need to follow another step, which is calculating the cost and affordability. There are many factors you should consider when deciding the cost. The value of the products and services should be calculated thoroughly from the start. This cost will help you to decide the price tag in the end of the calculation.
The Actual Affordability
Then, affordability is also important to consider. It is not wise to randomly monetize your products and service just because your customers are high-end. You should also consider comfort points to compromise. This way, you still earn the profit without making your customers feeling robbed. The customers will still get the value of products and services as they expected.
Coming up with many ideas and building them into products and services are not instant process. Launching new products and services require you to make thorough calculation to avoid costly mistakes. Make sure that you consider important factors and follow essential steps as mentioned above.