The Three Step Process to Discover Profitable Ventures within your Business
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There are plenty of great opportunities hidden within your existing work and business waiting to be discovered; these opportunities present new forms of income generation.
The best part is that, upon discovery, there truly isn’t a great deal of additional work that needs to be done in order to introduce something new to your market – - it’s already there and all you need to do is validate and solidify the business opportunity.
The exercise in this post will take you through the process of discovering these hidden opportunities so you can begin earning more money (while doing about the same amount of work); it takes just three steps to launch.
Step 1: Analyze
The first step of finding these vertical/horizontal opportunities is to analyze what you have to offer, the competition, and what your regular visitors demand.
- Identify the strengths and weaknesses of your current products/services to see whether there is an opportunity to offer a complimentary product/service for those that may not fully utilize what you’re already offering.
- Assess the workflow for the work you do in the industry and see if there are ways to streamline the process – - then bring that to the market as a product for others in the industry.
- Ask your community, friends, and business network if they have any ideas for ways to expand your product/service offering.
Let’s lead this one with an example: If you were to offer coaching services than you could discover the possibility to begin recording and selling these services through physical/digital media such as a coaching course individuals may download through your website.
Step 2: Validate
Next up, you’ll want to validate the idea so you’re not getting sidetracked on a project that doesn’t promise ample returns.
- Conduct a “soft sale” where you begin selling the product/service to measure the response; introduce the product if you feel there is a great enough demand or drop the project if there’s very little enthusiasm.
- Measure the product/service to your competition and see what areas of the industry it tackles that the competition seems to have missed – - ask whether it’s something valuable to your potential customers and if it’s unique enough to be a standalone offer.
- Recruit a team of affiliates and spend the next few weeks drilling them with questions about how you could aid them in the promotion – - they’re the ground level so they will come back to you with all they have to know about the market from their extensive research.
Don’t be afraid to drop the project if it’s not showing promise because you still have your “bread and butter” income sources already in play. However, do test out your ideas because you never know what may be the next big hit – - you don’t want to miss that opportunity.
Step 3: Launch
Finally, it’s time to get it into the market.
- Distribute a few copies of your product or get beta testers for your service so that you can begin soliciting reviews and testimonials which will be used on the landing/sales page.
- Hand over part of the work to a virtual assistant or in-house employee to do the smaller details while you hammer out the main aspects of the product/service – this will help speed the process along so you don’t get hung up before launch.
- Begin teasing the product/service to your community on social networks, email lists, and within your website’s blog.
- Give everything needed to your affiliates so they can begin running the rounds and doing a slew of promotions for the launch (give them bonuses, too, and they’ll work as hard as they can).
- Put it on the market, run some advertising, optimize it for search engines, solicit more reviews, do a giveaway, and tap into your network to get it shared.
Even if you don’t receive the level of response you had imagined – it’s still out there and it will pick up a buyer here and there – and all it took was a little extra effort to bring it to the market – great, right?
Hidden Opportunities, Big Bucks
Some of the most brilliant products and services on the Web have come about as a result of data mining what site visitors frequently request outside of the main offering. Every business has these hidden opportunities buried within the existing offers and all it takes is a little extra effort to unearth them.
Yes, even affiliate offers have these kinds of opportunities, too. You’ll find many complimentary products you could work into existing promotions to boost your chances of sales and commissions.
Upon reading this – what new opportunities could your business introduce?