I may resolve a big problem, now how can I make a profit out of it?

[Minh NA]

Hi everyone.

(Sorry for my English)

My story is long, but I will cut it short: I quit my job, put everything in line to resolve a problem that I, and many people have. This industry is about > 2bn $ a year. When I start, my thinking is simple: resolve the problem, create a product that can help people better, and make my own profit. Now I may have the solution to the problem(I'm pretty confident), but it is so simple that it can't be made into a product. So how can I make a profit out of it? The thought of sharing it free cross my mind many times, but I made many sacrifices... and the thought of making a 2bn industry disappear frightens me.

@MJ DeMarco : Do you have some advice for me, pls? I have some ridiculous idea like contact Bill Gates and offer my solution to him , he seems to have real intent to make the world better.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[peddletothemetal]

Even if it can't be made into a product, extensions and periphery services probably could be, like businesses based on open source. Even if the initial offering is free (think wordpress.org) the important thing is to have it out there as soon as possible with your name on it, lest someone else beat you too it and reap all the future rewards of that brand.

Also you'd be surprised what people will pay for. They don't care how simple the product is or how they could just do it themselves. They're busy and they want the solution now.

So have a deeper think if there's seriously no way you can make a product out of the idea. I've seen people pay for ebooks that were just (and admittedly so) repackages of the blog content (where it was also sold from). You'd be surprised how simple a thing people will pay for. Think of baseball cards, bottled water, dropbox etc.

 

[Minh NA]

Even if it can't be made into a product, extensions and periphery services probably could be, like businesses based on open source. Even if the initial offering is free (think wordpress.org) the important thing is to have it out there as soon as possible with your name on it, lest someone else beat you too it and reap all the future rewards of that brand.

Also you'd be surprised what people will pay for. They don't care how simple the product is or how they could just do it themselves. They're busy and they want the solution now.

So have a deeper think if there's seriously no way you can make a product out of the idea. I've seen people pay for ebooks that were just (and admittedly so) repackages of the blog content (where it was also sold from). You'd be surprised how simple a thing people will pay for. Think of baseball cards, bottled water, dropbox etc.

Thank you for your answer.

The situation is a little unique, maybe I need to describe it more clearly.

Let's say(just example): People have wrinkles problems in the face. Now the solution is already there: botox, laser, face cream, etc..... But I found a solution with some exercises routine, no cost, 5 minutes a day, and have effect in 2 weeks. Because the exercise is so simple, the next people I tell (or sell an ebook) could share it with everyone, so I can't make a good profit out of it. I've seen many examples like that around. I know I'm a greedy bastard, but man...

 

[Djioul]

Thank you for your answer.

The situation is a little unique, maybe I need to describe it more clearly.

Let's say(just example): People have wrinkles problems in the face. Now the solution is already there: botox, laser, face cream, etc..... But I found a solution with some exercises routine, no cost, 5 minutes a day, and have effect in 2 weeks. Because the exercise is so simple, the next people I tell (or sell an ebook) could share it with everyone, so I can't make a good profit out of it. I've seen many examples like that around. I know I'm a greedy bastard, but man...

Hey,

Have a look at guys "selling" meditation techniques or fitness...

They write books, have a Youtube channel, are active on social media, have a website, have an app...
None of the meditation or fitness technique is complicated and most of the time, you are teached by someone who is already using this technique.

As I said in another post, I use the Wim Hof breathing method. Take a look at what he is doing to make money out of it.
More especially in this case, put the emphasis on bringing value and have the deep desire to help people struggling with their wrinkles. For the Wim Hof technique, you feel that this guy trully wants to help you and this is difficult to fake. As a result, I have no problem giving him a reasonnable amount of my money.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Minh NA]

Hey,

Have a look at guys "selling" meditation techniques or fitness...

They write books, have a Youtube channel, are active on social media, have a website, have an app...
None of the meditation or fitness technique is complicated and most of the time, you are teached by someone who is already using this technique.

As I said in another post, I use the Wim Hof breathing method. Take a look at what he is doing to make money out of it.
More especially in this case, put the emphasis on bringing value and have the deep desire to help people struggling with their wrinkles. For the Wim Hof technique, you feel that this guy trully wants to help you and this is difficult to fake. As a result, I have no problem giving him a reasonnable amount of my money.

Thank you, sir.

The thought of sharing my method for free cross my mind many times. If I'm 20 years old, I would do it happily. But now I'm 35, unemployment, very little saving money, my parent sees me as a failure because (they say) I quit my well-paid job to chase stupid things. If I fail this time, it's very hard to take.

I know about Wim Hof, he is a great guy. And yes I will put more thought into this, still a long way to go

 

[Guest-5ty5s4]

You could share your method "for free" and use that to build a massive audience and then make money from advertisements, other merch/products, or deeper information.

Like free information, that leads to paid courses or books that go into more detail.

Everyone does this.

 

[peddletothemetal]

Because the exercise is so simple, the next people I tell (or sell an ebook) could share it with everyone, so I can't make a good profit out of it.

Can you make more profit than $0? Because that's how much it's worth in your head.

If it's so easily copyable, its value is first mover advantage. The first inventor of something gets a brand value as long as they push for it. Generics and copycats always follow, but the original still leads, e.g. "roomba" vs generic robot vacuum.

If your concern is that other people will also make some money of your idea, and hence you're going to keep it to yourself to spite those badies, well simply put: business just isn't for you, and you'll have to stick to the wage life.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.