How to Take the Plunge

6 replies
I have an idea for niche site and a membership-based product. Users are very interested in the product, but I'm not sure they'd be willing to pay for it. The idea would cost me a few hundred to create (outsourced). My problem is I'm worried I won't make an ROI. I've never made money online before (haven't tried), so I feel like this is too difficult to jump into product creation and marketing right off the bat.

Should I start small before taking risks like this? I could make a smaller, cheaper product (~$50 to create) to giveaway to build a list with and then sell small cheap products through the list first. But I think this would make less money than my membership site.

My post is to request advice on how much is too much for a newbie to attempt to do. Or for encouragement to ahead with my idea. Thank you for reading.
#plunge
  • Profile picture of the author Joseph Robinson
    Banned
    I wouldn't recommend starting off with the big risk. You answered your own question about what you should do in the meantime though. Build your list, and get started like that. Then when you make your membership site you can build up a lot of excitement about it through your list, and then you are sure to make a profit.
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    • Profile picture of the author Michael Colson
      What is a reasonable small investment into a single project? $20? $50? $100?
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      • Profile picture of the author RandySeet
        You can write up a free ebook yourself by investing your time.

        Other investments are auto respondor, domain name and hosting cost up to around $50/-.

        Hope it help.

        Yours Sincerely
        Randy Seet
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  • Profile picture of the author RandySeet
    If you have a list you can simply send them a survey about your up coming product without much expense needed.

    These are some of the following questions you can use:
    1. What are your biggest problem in your niche?
    2. What things you desire for but cannot find in the niche?
    3. How much are you willing to invest with a product that solve your problems?
    Add some incentives to people who participate eg: 5 subscribers get this products for free.

    Or you may created an overview of your product first and give it away. While building your list you should also gather feedback from them and then create your paid product.

    Hope it help

    Yours Sincerely
    Randy Seet
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  • Profile picture of the author Mark Hess
    Without knowing the details of your project...

    You can build a list and have the membership site at the same time... offer people the opportunity to sign-up for free to your membership site and let them sample some of the content (or offer a free trial).

    Follow up with these people IMMEDIATELY and try to get them to become a paid subscriber.

    At the same time, you can release a low cost report and offer affiliates 100% commission. Funnel all of these buyers and get them to sign up for your "free" membership.
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