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MenuHow would you monetize this idea?
I want to start a platform that helps teens and young adults prepare to navigate the real world - from filing taxes to job interviews, health insurance, renting/buying a place, saving for retirement. We will partner with relevant companies offering insurance, banks, career prep etc. I suppose this would be an affiliate scheme? Or pay to list?
Just wondering if there's another way to monetize? Like partnering with companies or unis?
Answers
I would not monetize this idea at first. I feel your platform needs to be able to provide this service prior to trying to charge companies to list their services. I feel this way for two reason, I as a customer would not trust the platform as I would believe that it only exists to pressure me to contract the services of the companies that paid to be there. I as a company would not want to put my company's reputation at risk prior to the platform having a good reputation on the market.
I agree with many of the previous comments with one caveat - if you can find a dedicated population to sell this to and make the content specific to them, it could a scalable idea. My first thought was this would be a compelling educational platform for foster youth that could be monitized through local and federal government contracts. Create the platform, prove the concept (by offering content for free and getting users) and then partner with an enterprise or large entity. Good luck!
Hello. Interesting idea. Partnering with companies and universities is certainly a good option. However I think that although you are catering to young adults, your target customer are parents of these young people since parents are the one who will have a huge influence in decision making process. So, keeping that in mind, you could also partner with banks where most of the young people open their accounts or with big MNC's where people work. A lot of MNC's have childcare companies tied with them so that their young parent employees could benefit from the services. Interesting idea indeed! Maybe we can have some more discussion to generate more details.
P.S: I am new to this platform but old with my skills.
you have a good idea but that is not what will make you enough money. do you consider providing such services and for people who want to live in the USA I think they would find a much larger range of people.
I would be assist you with the organization of your business and promotion. Of course, the marketing plan would be free for the next 6 months.
Does my offer sound good for you.Request my call
Already doing this on my YouTube Along with many others.
If you can take a discount from your partners (insurance and so on) you can sell the subscription to you customers that will save their money due to discounts on your platform.
Hello,
Hope this answer finds you well and Safe,
This is certainly a good, scalable and sustainable idea, that can be monetized in several ways and through different strategies, however, these strategies, their timing and implementation are subject to several variables, of which, the different products, their segmentation, the platform, the market, and maturity of the project.
To better advise you, it would be great to know where you are now in the project, at what stage, and the resources you have allocated for it.
Should you choose to take it further, I can assist you, all the way from where you currently are , till monetization and beyond, through analysis, marketing and business development strategies, monetization, market penetration and more.
And I decreased the call cost to about 2$/min
Good luck 👍
Ultimately, it depends on what your strengths are, and what contacts, connections, resources, and levers that you can utilize.
There are a lot of different ways to monetize this. I would focus on one of the area first, and look to partner with a non-profit organization who has an aligned mission. Trying to cover Job interviews, financial education, Real estate, and investing is a big undertaking. Focus on one, gain traction and expand.
For financial literacy, organizations like Junior Achievement have a local chapter with active programs in financial literacy for students. They also already have existing relationships with local banks, and big donors.
Non-profits are always looking for new programing and content. If you have the content, you can build a relationship with the non-profit where their corporate sponsors buy your programs at a wholesale rate, and your program is distributed through the reach of the non-profit.
The other option is to create micro courses for each topic, and create a monthly or annual subscription model to access all the courses. This turns you into a media company where you will need to be creating new content on a monthly or annual basis to provide continual value, and keep customers paying.
Happy to hop on a call and jam on any other ideas or angles that you think play to your strengths.
How to monetize + how to partner are 2x different activities.
To monetize, follow the https://Udemy.com model.
To partner, just get on the phone + start talking with people + companies.
All very simple. Just takes time + work.
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If I have a business idea for a large company, how can I give it to them and mutually profit, without them just taking the idea and squashing me?
Probably not the answer you're looking for, but companies have so many unimplemented ideas that the likelihood of partnering to implement someone else's idea is really low. And besides which, the idea is not something that has much value in and of itself. If you're passionate in the idea, build it yourself. That's the only way you can have leverage.TW
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What advice do you give to a 16 year old entrepreneur with a start up idea?
First, hat tip to you for being a young entrepreneur. Keep it up! If you have the funds to build out your MVP, hire a developer and possibly a mentor. If your idea is marketable, you don't need to give up equity by bringing in a co-founder. If this is your entrepreneurial venture, I would recommend you do retain a coach to help you see all the things you may not know. Have you already done your SWOT analysis? Have you identified your target market? What is your marketing plan? What will be your operating expenses? There are lots of questions to ask. If you would a free call, I'd be happy to help you in more detail. Just use this link to schedule your free call... https://clarity.fm/kevinmccarthy/FreeConsult Best regards, Kevin McCarthy Www.kevinmccarthy.comKM
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How can I become an idea person, as a professional title?
One word: Royalties This means you generate the idea and develop it enough to look interesting to a larger company who would be willing to pay you a royalty for your idea. This happens all the time. Rock stars, authors and scientists routinely license their creative ideas to other companies who pay them a royalty. Anyone can do it. Your business, therefore, would be a think tank. You (and your team, if you have one) would consider the world's problems, see what kinds of companies are trying to solve those problems, and then develop compelling solutions that they can license from you. You have to be able to sell your idea and develop a nice presentation, a little market research and an understanding of basic trademark and patent law. The nice thing about doing this is that if you develop enough cool ideas you will have royalties coming in from a lot of different sources, this creates a stable, passive revenue stream that requires little or no work to maintain. Start in your spare time and plan on the process taking 3-5 years. Set a goal to have a few products in the market that provide enough revenue (royalties) to cover your basic living expenses. Then you can quit your day job and dedicate more time and increase the momentum. A good idea business should have dozens, if not hundreds of license contracts generating royalties. It's possible to pull this off. And it is a fun job (I'm speaking from experience).MM
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To make 50k per month, what are some proven online business models? Which niches have good potential for this?
I think you need to think outside the box. You can definitely make 50k a month but someone just giving you ideas is not going to help you. Remember Ideas are just 1% execution is 99%. Find something you're passionate about. Find a problem that people have daily that can be solved. But if you wan't ideas: E-Commerce is going to be really big over the net few years. Helping people increase their conversion rate will definitely make you over 50k a year if you can execute it right.AC
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I have this social media idea,but no coding skills. How do I get someone to do the coding (cant afford to pay them) and not give away half of my idea?
Dilip was very kind in his response. My answer might be a bit on the "tough love" side. But that's for you to decide. My intention, just for the record, is to help you (and those like you) on your path to success. And that starts with having a viable philosophy about entrepreneurial-ism and business. And I'm going to answer this because I get asked some form / version of this question very frequently from newcomers to entrepreneurial-ism. The scenario goes something like this: "I have a great idea. It's amazing, I love it, and I just KNOW it's gonna make me a ton of money. But I have no money right now so I can't afford to (fill in the blank with things like "to build it / create it / market it / etc" or "to hire the required staff needed to work in my business to sell it / develop it / etc"). And I don't want to tell anyone about my great idea because I'm worried someone will steal it and make MY million / billion dollars. But I can't afford to legally protect it either... So how do I launch without the skills to personally create the product AND no money to hire anyone else to do that either??" The answer is ... You don't. Look - let's be honest. All you have is an idea. Big deal. Really. I'm not saying it's not a good idea. I'm not saying that if properly executed it couldn't make you a million / billion dollars... But an idea is NOT a business. Nor is it an asset. Until you do some (very important) initial work - like creating a business model, doing customer development, creating a MVP, etc - all you really have is a dream. Right now your choices are: 1. Find someone with the skills or the money to develop your idea and sell them on WHY they should invest in you. And yes, this will mean giving up either a portion of the "ownership" or of future income or equity. And the more risk they have to take - the more equity they will want (and quite frankly be entitled to). 2. Learn how to code and build it yourself. MANY entrepreneurs without financial resources are still resourceful. They develop the skills needed to create what they don't have the money to pay someone else to do. 3. Get some cash so you can pay someone to do the coding. You'll probably have to have some knowledge of coding to direct the architecture of your idea. So you will likely still have to become knowledgeable even if its not you personally doing the coding. (This is not meant to be a comprehensive list of options... And I'm sure some of the other experts here on Clarity have others to add - and I hope they do) To wrap up - Here's my final tip to you that I hope you "get"... It's FAR more valuable to have an idea that a very specific hungry crowd is clamoring for right now - One that THEY would love and pay you for right now - Maybe even one they'd pre-order because they just have to have it - Versus YOU being in love with your own idea. [Notice I didn't say "an idea that some as-of-yet-undetermined market would probably love"] I wish you the best of luck moving forward.DB
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