Creating an Idea into Revenue with Custom Software
You’ve got an idea for your business that you’re really excited about. It has the potential to create a better experience for your customers, help your team work together more cohesively, and create a more efficient process for everyone involved. But — there’s one small problem. You don’t know how to actually make this idea a reality and even more importantly, how to generate revenue from it.
You may be in the early stages of an idea or have already tried tons of different pieces of software, but nothing has come together to accomplish your goal and hasn’t helped generate more revenue for your business either. The natural question is “Where do I go from here?”
Not every idea or business solution needs custom software, but many times, a unique idea or process can be realized because of custom software. If you’re considering a custom solution for your idea, you also want to generate new and increased revenue from it – but how do you make this happen?
At Mutually Human, we’ve been creating custom software solutions, helping business ideas become reality and create greater revenue for their respective organizations for years. We have found 3 critical elements that contribute to creating a custom software solution that will take your idea and turn it into revenue.
Before we dive into the first element that can create an idea into revenue, there are a few questions we should reflect on.
Questions to Reflect On When Considering Custom Software
Who are the users or consumers of the potential idea?
What objectives are you seeking?
How can you test your idea and assumptions?
Value Exchange is the First Critical Element When Considering a Custom Software Solution
It is also possibly the most important idea to consider when working towards taking your idea and creating new revenue with a custom software solution. You probably came up with your idea or vision for one of these main purposes:
- Increase Revenue
- Protect Revenue
- Reduce Costs
- Avoid Costs
While you may have had efficiency, a more collaborative approach or even something else that your idea would solve in mind, it probably boils down to one of the 4 items above. That’s not to say that your idea and its solution won’t create these improvements, but we need to get to the core of the matter – value exchange.
Your businesses’ fundamental function is about the value exchange between you and your customers. You provide a product or service to them and you receive compensation. Though this is obvious, it’s the first critical element when considering a custom software solution for your business.
But, it’s not just about the value that would benefit your organization. Consider the value you could bring to your customers. Ultimately, this is what really matters if you want to create a successful solution. When thinking through your new idea, you want to consider all users – those using the product for greater efficiency and those who might consume the tool or solution.
- How could they benefit from this new idea or solution?
- What would they want out of it?
- How can we balance our needs with the benefits of the consumer?
This leads us to our second critical element: Understanding Users. Stay tuned for Part 2 to learn more! Want to sign up for our free webinar and dive deeper into taking your idea and creating revenue from it with a custom software solution? Sign up here!