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About the Episode
You know how most entrepreneurs rush to build their idea before really validating or doing any type of research? Well today’s guest shares a simple blueprint that you can use to validate and research your next idea. Also, if you are running an agency or freelancing then listen to the part of the show where he shares his thoughts on generating services for recurring income.
A Blueprint to Validate and Research Ideas
It all starts with understanding what your assumptions are. Do an exercise and bucket these three: what you know, what you think you know and what you don’t know. Do this with your team members and your clients in a workshop wherein you talk about the intentions of your product andthe intended business and financial model. By the end of this, you should be able to educate yourselves on what your general assumptions are and the things you need to get answers to. Document these and from here, you can now start to structure the research on how you can get those answers.
Generating Services for Recurring Revenues
Michael shares that for his team, everything they do is innovation and custom so it’s a bit challenging to maintain recurring revenue as they are basically seem to be starting over every time. But they have done it in small ways such as through ongoing maintenance arrangements with the products they built until that company grows to the size where they start to bring in their in house team.
In their specific field, the way they can increase their profitability and createa similar concept to recurring revenue is to develop things well for them to be extensible so that, over time, they can develop their code library to drive efficiency and will in turn, will make them profitable.
– Fav app: Healthy Brains: (iTunes)
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