This section is designed to transform your approach to raising funds and building products. Instead of taking on risky investments from venture capitalists or family and friends, you’ll learn to use your knowledge and intellectual property to create momentum and have your customers fund your projects.
This includes the following steps:
- Feedback Loop:
- Engage with existing customers and fans to get feedback on what they need and want. This ensures you build something valuable and reduces the risk of developing an unwanted product.
- Use this feedback to iterate and improve your product continuously.
- Building a Team:
- Identify a basic team to get your initial version out to the world.
- Share the first version widely and allow customers to pay for early access, exclusive resources, or future bonuses.
- Cycle of Creation:
- Implement a cycle of creation to develop and refine your product with customer input and feedback.
- Aim for a minimum viable product first and improve it over time based on user experience.
- Questions to Guide You:
- Can you implement the idea with minimal upfront investment?
- How can you monetize each step in the cycle of creation?
- Who on your team has the right connections and abilities to implement this idea?
- Identify catalysts who can vouch for you and help pre-sell the product.
- Determine how the idea can be delegated or systematized.
- Leveraging Existing Platforms:
- Use free or low-cost platforms, apps, and websites to minimize investment.
- Consider using interns to gain experience and provide value.
- Creating Urgency:
- Offer compelling exclusive items for early buyers.
- Use past interactions to identify advocates who can help promote your idea.
- Promotion and Support:
- Promote your idea widely to reach the most people in the shortest time.
- Engage with networks and spokespeople to spread the word.
- Feedback Loop:
By the end of this section, you’ll understand how to profit from your ideas upfront, leveraging customer feedback and minimizing financial risk. You’ll learn to ask the right questions before investing time and resources, ensuring your ideas are aligned with your purpose and have a clear path to profitability.