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Early-stage Startups

How do you turn a product ( an app/ industry platform) into a business?

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Alex Genadinik

$200k+ with Udemy, mobile apps, SEO

I have done exactly this with my business. I originally made mobile apps for entrepreneurs. You can find a number of them on Problemio.com - but after that I wrote books based on the apps, started a YouTube channel, made online courses and started coaching people. I completely self-branded as a business coach/expert, and have turned it into a business. I can explain exactly what I did if you want to have a conversation about it.

Answered over 9 years ago

Prasanna Krishnamoorthy

Growth & Product Coach

Questions to ask yourself:

* Do you already have customers for this product?
* What is the value to the customer in buying/using this?
* Are there competitors selling similar products? How do they price it?
* Is there a cost per customer for you?
* Is the value to the customer more than what it would cost you, and the competitors price also high enough?

The difference between a product and a business is a sustainable profitable revenue model. A revenue model needs value to the customer higher than cost of the product.

If you use the business model canvas, you will find that the product related parts are about a third of the canvas, a third is revenue/profitability, and a third is execution. Sketching one out will give you more clarity.

I can help you map out the non-product parts in your business model over a call. I've done this with more than 50 startups in the last 18 months.

Answered over 9 years ago

Nicolas Chaillan

https://en.wikipedia.org/wiki/Nicolas_M._Chaillan

This is the billion dollar question. Many times a product can become a full scale business. It will depend of how far you want to take it. Do you want to build a sales team and scale the business? I guess a product becomes a company once it generates recurring revenue and create jobs.

Answered over 9 years ago