Lessons
Lesson Info
Fund Your New Product
and second that you are able to come up with great pricing. So I asked my people, my audience what would you pay for this? Right. I got some amounts which actually was surprisingly higher than what I originally was going to charge, believe it or not. Right? So you'll be surprised sometimes the value that you put on something versus the value that someone else puts on something because they see it way more valuable than you do, right? So when you're thinking about funding your new product or service don't always feel like you have to have all this money and capital ready to go to make this thing happen. I have launched numerous products by pre selling them. Okay, so you could literally say, hey, I'm going to launch this new product or service. I am going to ask my audience this audience if it's something that they desire and it's so they are able to pre purchase it at a discounted price. This will give you a couple of things. One is going to prove to you that people want to buy this pro...
duct or service before you waste money investing in it. Two, it's also going to provide you with that working capital that you need to deliver the product and possibly even using some of that capital to to develop the product and also to start to market it. So I think that is one great way that a lot of times people just don't take advantage of pre selling, pre selling pre selling. I have pre sold so many things before I created it. Um and it's something that you can do as well and most consumers are, your loyal customers know that we're going through these challenging times, right? And so there's a lot of, most of them are very open to supporting your business because they already trust you and they know you're going to deliver. So give them the opportunity to pre purchase your service or pre purchase your new product at a discounted price to give you that capital that you need. But I would say before you go out and get outside capital really leverage your current customer base. They are ready and willing to support your business. They already love what you do, so reach out to them first and see if you have the opportunity to pre sell there so that you can get the capital that you need to launch this new revenue stream.