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Early-stage Startups: How do you turn a product ( an app/ industry platform) into a business?
PK
PK
Prasanna Krishnamoorthy, Growth & Product Coach answered:

Questions to ask yourself:

* Do you already have customers for this product?
* What is the value to the customer in buying/using this?
* Are there competitors selling similar products? How do they price it?
* Is there a cost per customer for you?
* Is the value to the customer more than what it would cost you, and the competitors price also high enough?

The difference between a product and a business is a sustainable profitable revenue model. A revenue model needs value to the customer higher than cost of the product.

If you use the business model canvas, you will find that the product related parts are about a third of the canvas, a third is revenue/profitability, and a third is execution. Sketching one out will give you more clarity.

I can help you map out the non-product parts in your business model over a call. I've done this with more than 50 startups in the last 18 months.

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