Great to write again today on tuesday tips. I believe all of you are having great time and enjoying every moment of it. GREAT is the only way for us to grow successful. So Get Really Excited About Today………
Ideas, ideas, ideas, a lot of it coming up every moment. Look at something suddenly an idea pops up. read something again ideas pops up. I believe this is also the case of many of you too. However , are every ideas can make money? I believe it is not. We have to RAMP all ideas to get the right one. This is a technique that i been using since i learned about it.
AbangAbu is a creator by financial test and ideas seems always be up there in my mind. Thus , today i want to share how to RAMP our ideas and find the real money making ideas. Are you ready to RAMP?
Lets …. R…A….M….P.
This is the first thing that you should ask when analyzing an idea. Discuss about the exit strategy before even you begin. This is also happen to be AbangAbu’s rule in investing.
Ask if it is profitable?Will the revenues be higher than your expenses? What is the Investment needed? How much start up money?
The first step is analyze everything about return on Investment.
What are the advantages that your idea have? Barries to entry like competitors, regulations, ect .if there are many barriers to entry, it will be difficult to enter the market.
Do you have a proprietary advantages such as patents or exclusive licenses on what you will be selling? What are the distribution channels? Is it thru internet, sales people, retails? Can you develop a unique distribution channel.
M = MARKET
Who are you selling to? You must know the target market that you want to sell to? Analyze them , where they are? what they love doing? what they are earning?
All the above questions will help you in the pricing, what will you price your product or service? Mark up? Pricing is a very important in a business survival just slightly below marketing on the importance.
P = POTENTIAL
Today , business is about team . It is a team sport. If you want to grow big you have to team up or build your own team. Find a team that is right for the business not just because they are your friends.
Do you have knowledge in what you want to do? Is the timing right to launch it? Is the market ready to accept the idea? Does the ideas fit the goal that you have?
With RAMP method and questions you can RAMP your ideas into a viable business.
For those of you really serious about making your business succeed during this period never miss this WORKSHOP in KL…. Bisnes Berapi
See you again tommorow in wed wealth.