TheUnemploymentDojo's Blog

The 10 Q’s To Creating A Profitable Product…..During A Recession…..

Posted on: August 3, 2010

Profitable is the buzz word here! Profitable being the margin between what is put in versus what is reaped out! Many businesses create products that have no utility or are created out of ego or desperation to make money and hence one of the main reasons they fail! They forget to keep the customer in mind! The main pre-requisites prior to creating a profitable product are:-

  1. Purpose- Today successful businesses must have purpose or at least a social aspect to it! This becomes your mantra forget mission statements, most people don’t even believe in them!
  2. What problem does it solve….?
  3. How easy and fast can you create the product?
  4. Is it bootstrappable? If the product needs a loan approval from a bank or venture capitalist for creation, then forget it! Now is what matters not upon XYZ……
  5. Is there a community or do you have to create one?
  6. Is your product simple to use or do you have to read a 600page manual before use?
  7. What is the impact/outcome of using your product from a)Your perspective b)customers perspective?
  8. What is your perfect customer’s profile? How does he/she feel…..emotionally,mentally physically,financially…etc
  9. How fast can you deliver your product? Trust me customers want their products yesterday!
  10. Finally, is this product scalable? Can you scale up the product?

Bonus

  1. Can you prescribe your own medicine?

Answer these questions honestly and then go out and test very very cheaply before building a product!

CUT YOUR LOSSES AND LET YOUR WINNERS RIDE!

and it is easier to cut your losses when there is a minimal financial and emotional investment and finally don’t create a product that you can not use yourself!

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Lee Kariuki
1-888-MY-ETHER ext. 04466282

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