Productization
Hey there,
Thank you for the AWESOME feedback on my first newsletter. I'm thrilled it resonated with so many of you who are eager to explore new money-making opportunities. Special thanks to those who encouraged their friends to subscribe 🤗
In my last message, I explained that a portfolio career runs off a series of building blocks and introduced the first and most crucial block: selling time vs. selling value. If you haven't at least skimmed that, I recommend doing so before moving forward.
The next building block is called productization (Aussies, please excuse my American spelling). You can find a link to that post here: Little by little, a little becomes a lot. It will provide you with a framework for choosing your domain, understanding your market, defining your solution area, and launching/iterating.
Before you go, let me share 3 observations to keep in your back pocket.
No. 1 → People tend to way overthink their product or service. In today's global market, there is demand out there for just about anything, and thanks to the internet and global distribution networks, you can reach just about anyone. So, if you have an idea that won't put you in prison, roll up your selves and get moving. To drill this point home, consider the following dumb-profitable ideas that generated millions. The next time you think your idea is not good enough, ask yourself - is it better than pet rocks?
No. 2 → People spend too much time ideating. In my experience, ideas rarely come out fully formed. More often than not, they evolve into something totally new - and that's the point. There's a great phrase I like, which is: ideas should be refined in the market, not in our minds. It is so important to just start, get feedback from legitimately objective sources, then adapt your offering as you see fit. Asking your mates/colleagues/family, whether they like your idea is NOT an objective test.
No. 3 → People think it takes a lot of time or money to start. This is simply not true. A basic website, for example, can be set up in a few hours. Same for a simple sales deck. Make something and start showing it to people that might be interested. Hear their thoughts and iterate, inexpensively. If you need help, it takes 5-minutes to post a job on Upwork to find someone to help.
So that's it from me for now. The next step is to check out Little by little, a little becomes a lot. This will give you the mental models you need to start generating product ideas or refining what you already have.
By focusing on incremental progress and continuous improvement, you can gradually build a robust and effective "assembly line".
Stay tuned for more insights and practical tips on how to implement these models and transform your ideas into successful offerings. Remember, even small steps can lead to significant results over time. Good luck!
If you find value, insight or motivation in this content, I ask that you encourage 1 person in your network to subscribe. If I get to 500 subscribers by the end of the year, I’ll know there's an interested audience. Please use this link to share.
Cheers, Reed
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