Is your big idea something people will pay for? In this episode, Kathryn and other Builders discuss turning an idea into a successful business. You’ll learn the importance of setting your pricing structure, finding product-market fit, and scaling up your business.
“What often happens with entrepreneurs is that they forget that a business is truly about creating something for people will pay a premium.”
A business is only an actual business when it builds a product for which people want to pay a premium. If people don’t buy your product at the price you need to charge to be sustainable, it will be tough for your business to succeed.
“Finding product market fit is the golden rail to building a successful business, whether a startup or a small business.”
To turn your business into a money-making solution, you must find product-market fit. That means you're building a product that the market wants, actively wants, and purchases.
“Make sure you always pivot and know when it's time to pivot and when it's time to add new products and services.”
If you’re trying to decide whether to add new products or services, you should use the Business Model Canvas tool. It’s a great way to operationalize whether or not a product or service is something you can do. It helps you save time and energy because it gives you a simple snapshot of your business so that you can determine whether a new idea can fit into it.
Guests
Hafeezah Muhammad: https://www.linkedin.com/in/hafeezahmuhammad/
Cheryl Contee: https://dobigthings.today/team-members/cheryl-contee/
Citi Medina: https://www.linkedin.com/in/medinaciti/
How To Turn Your Solution Into a Money Making Business