What is the best way to capitalize on a new business idea?
I am in the business of art production. I have essentially developed a new category/concept of art and my business involves the creation, design, and sale of these unique products. I’ve come up with a name for this new ‘category’ of art, but I am not able to secure a patent for the concept.
I predict that there could be two ways of capitalizing from this business venture, which I plan to be involved in both.
1. Production Route: I will produce the artwork and sell one piece at a time, which is satisfying work but may not yield much money. Conceptually, the number of pieces I sell would be directly related to an increase in income. However, at this time, that would take a lot of time and work. It would also limit my income based on the maximum amount of art I can produce.
2. Promotion/Growth Route: I could try to leverage my income through the popularity of this art, not necessarily tied to sales or production. I have purchased the domain of the new art category to take advantage of things like; host ads on the website, market the art (not necessarily my own business), and ad revenue grows with the popularity of the art. In this growth route, my income grows with how many people become aware of it, not how much work I do to produce and sell the art. Leveraging my income through the promotion of the art gives it the potential to grow exponentially, which is what I'm searching for ways to do.
What other channels can I explore to leverage my income through the creation of the idea? Are there any other opportunities that I should be exploring to capitalize on the idea?
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Wow, I must say that im surprised by the approach or Kye grey and entirely diff from Mane.
You have traditional and modern ways how to approach for the full establishment of your business idea.
I would go along with a small paid way if you have a budget that can be assigned for business awareness.
The most important approach is to join as many groups and communities which have a heavy audience in your niche and give a go with an organic approach and reach and then paid if this need a little push.
Hope this will help.
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First, understand what you are working with. Nothing!
An idea is absolutely worthless, I will give you an example.
‘People flying to mars with jetpacks at the speed of light.’ - So where is my $1T dollars of funding?
The way you capitalize on a business idea is to get it into a prototype as fast as humanly possible, it doesn’t matter if it is a service or a product, you need to get it into your market FAST.
So why am I saying FAST?
Because, if it is a good idea, the chances are someone has already thought or is thinking about it and they will beat you to the market.
So the way you do this is as follows:
Do you have a market?
Does your market want your product?
Does the cost of the solution cost less than the problem it solves?
Is it scalable?
If you answered Yes to all 4 questions above then you need to get a working prototype on the market TODAY! Your strength current is your ability to pivot with customer feedback and also the element of surprise.
If you can conceptualize ideas faster you could try becoming a thought-leader in your domain. Conduct classes, attend networking events, art exhibitions, mentor other artists, give feedback & suggestion to different projects in your sector. For example, movie, theatre set creation, art direction, show stage design, movie production, mentorship, being a guest lecture to art colleges, becoming part of club & groups, etc. could help in generating alternate income with your idea creation.