If you’re reading this post in search of a silver bullet or a get rich quick scheme, sorry move along. I create profit by moving ideas into action and it takes time. If you have a few minutes read on and I’ll explain how.
Ideation. I read. I observe all the time. I watch what other successful people are doing and I try to understand why it works for them. I’ve always been a big asker of – why? I ask it even more now. Why are we doing it the same way we have? Why are we doing it like our competition? Why aren’t we doing it like Street-Za Pizza? I don’t care that it’s a food truck, business is business.
Writing. As the ideas and the answers to to why come, I write down as much as I possibly can. I’m developing this post from written notes in a Moleskine notebook. Some people collect their “written” thoughts electronically. Whatever works for you is fine, just be damn sure to write it down. If this is not your first visit here, then you’re familiar with one of my favorite sayings “writing is the doing part of thinking.”
Planning. Once I have an idea I want to proceed with, I envision in my head what the result would look like completed and turning a profit. A good percentage of my ideas die right here. If I don’t get goose bumps thinking about the fully cranked up idea turning a profit it’s not going to make it past the early stages of planning. On the other hand if I get goose bumps, I start looking for success in an unrelated sector or business to model.
A quick story. I joined Third Tribe Marketing back in February because I trusted the people behind the product (and honestly they made us early adopters an offer I’m glad I didn’t refuse). I’ve stuck around and paid my monthly fee because they continue to add value. Here’s the funny part. I think about the value of the audio seminars and recorded Q&A calls often. I’ve, however, been so busy over the past month I have not listened to the new ones. That’s because I have found the real value of Third Tribe in the forums. Why? Because that is where I ask questions about my potential business models and lots of really smart people comment and help me refine ideas into reasonable plans. I do the same for them and learn a lot by doing so.
My next business idea will model Third Tribe Marketing. Now, before you think I’m crazy for trying to compete with them slow down. I’m going to build a Third Tribe like experience for a select group of people I do business with. Enough about that, it’s too soon to let the cat out of the bag. I can tell you this is an idea that will lead to more profit in the next year than my membership will cost for several decades. Modeling is not copying or imitating. Modeling is understanding what made someone else profit and applying it to your art. It’s your last 5% that makes what you do so different that people will pay money for it.
(By the way you too can join Third Tribe Marketing (affiliate link) for $47/month and be locked into that price. That’s only until June 1st when the price will be $97/month. I won’t lie I paid less than $47 but knowing what I know now, would even pay $97. You can cancel anytime and I’m pretty sure there is a money back guarantee.)
Produce and Ship It! In days of old I thought this was two steps. It’s not. I’ve already started shipping the idea with this post. You know I’m working on something. you know it’s a community that will provide an experience like Third Tribe. Now it’s my job to step back and figure out how to get my audience for this idea a working version as quickly as I can. When Third Tribe opened the doors so to speak, there was ONE audio seminar (with promises for more each month which they have kept) and a forum section that had tumbleweeds in it. They shipped it and we the members/subscribers ate it up and filled the forums with content. See how modeling works?
Great business people never stop this process. Think, write, plan, model, then produce and ship! I have not always done it this way, but now that I am the complete process is taking me about 30 days on average.
How are you converting ideas to profit? Help me out, I know my process can be improved upon.
Photo Credit: http://www.flickr.com/photos/joherob
Great article as always. My process is slightly different for each task or goal. But from a start-up / new business model it can be boiled down to this: see potential, see lack of efficiency in given product/service/market, brainstorm, plan, develop, test and launch.
Walkout Video's main competitor was huge (Rovion). Since I came on board and revamped the model their customers are actually switching to us. We offer more control over the ad content, flat fee rate, etc etc.
Now that we have grown so much in 12 months we have companies like Universal Studios and UFC talking with us.
Nothing wrong with seeing a successful business model and adapting it. Because, in the end, there really aren't that many original models out there. Just variations on the first – create something that works and people buy it.