How to Turn an Idea into an Income Stream in 5 Clear Steps

The single most effective way to come up with a business idea is to solve a problem. It could be a personal pain (e.g., Razors are a pain to shop for) or a systematic problem (e.g., I want to invest but I’m not an accredited investor) you can be thinking about an idea for weeks, months, or even years. If you’ve had an idea brewing for a while,

The project phase is where most of us get stuck. Examples of projects could be an App, a book, an art piece, a service company, a service company, real estate, or an event.

Entrepreneurs and investors treasure Product-Market fit. Product-market fit happens when the right product reaches the right audience. If you sell Crucifixes in a town of atheists, you’ll go nowhere fast. If you cell Crucifixes in a town of Catholics, you’ll do better.

There’s no formula for setting the “right” price. However, the following two basic principles of economics will help you understand why you should charge more than you think.

1. Scarcity. The scarcer something is, the more it should cost, according to the law of supply and demand. 
2. Positioning. Customers equate price to value. High-quality products usually charge a higher price and lower quality products typically cost less. 

Your website is built. Your storefront is open. Your booth is set up. Your business cards are in your pocket. Now it’s time to scale. As much as creators hate to do it, this stage is all about sales and marketing. Think about the story of your product. Your story. What is something you believe in that your customers can get behind?

You may have one idea, no idea, or a notebook full of them. The first step begins with clarity. So wherever you’re at, use this guide to map out the next steps. 

Ideas die in secret. Don’t let your ideas rot in your head. And don’t abandon your projects half-baked. Use these steps to turn your idea into an income stream starting today.