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?
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.