Yesterday while working away on a few things I stumbled across a song by Macklemore and Ryan Lewis “Make the Money”. Its been on auto-play along with a few other songs and it got me to thinking around something I read last night around start-ups and entrepreneurs. When it comes down to business “…executing an idea, means monetizing that idea…”, something off a podcast by Sarah Prevette, founder of Sprouter. The idea was that failures in start-ups serve to make founders stronger and enable them to move onto larger projects, with the concept that when you start something regardless of its failure or not you need to keep the monetization opportunity in mind. Whilst there are many opinions on this, the idea makes complete sense, no?Whenever I evaluate a new idea, I am always focusing on the rough idea of what the business model could look like. I don’t believe that when you launch a product or service that you need to charge from day one. If you look at some of the projects we have launched over the past months including KLG Music, myVISTA.eu and KLG News, we decided not to make premium content or features for users to subscribe and pay for from day one. These are more projects that came to life out of ideas that we wanted to execute on. Yes, they contain ads in the most minimal sense however this is only to see what we do with these projects down the road. Nonetheless, when creating a product or service you do need to come with a proper plan, alternatives if I may, around what your potential revenue stream may be.
Along with that you need to be flexible, because at some point you may need to pivot the whole idea in a different direction but always keep in mind your targets and overall strategy when it comes to your revenue model. Reducing the risk reduces failure.
If you plan to start something and pursue a new idea than make sure you know how to monetize it. If you do not find a revenue model before you launch than most likely your chances are that you wont find one down the line. If you want to turn your passion into your job than “make money” is the thought you need behind the planning and execution phases.
Think about your ideas. Do they have “Make Money” potential?
Father to future trailblazers. Husband to my rock. Athlete who's logged thousands of miles and reps. Entrepreneur behind ventures like NutriPlay and HK ImPulse. Investor spotting the next big wave. Tech maven turning ideas into impact.
