Launching a product ? I’ve worked with many entrepreneurs who are eager to get their product on shelf and always want to know “what’s this going to cost me?” They say they have a limited budget and want to start making revenue before investing more time and money into their business….that’s the misconception. If you skimp up front, it will hurt you in the end.
Problem
Just like building a house, if you don’t start off with a firm foundation, you are simply setting yourself up for failure. Creating a detailed business plan, perhaps with a coach or mentor will help you figure out where to spend your time and money and determine your “proof of concept”.
Knowledge Is Power
Get all the facts. Understand the limitations of your category and learn as much as you can about what it will take to get your product approved and ready to go. If you are launching a food product, check into the FDA regulations. Learn how much precious shelf space retailers are willing to give your product…that kind of thing.
Begin With the End
When launching a product, you’ve got to think “big picture” and scalability. I learned early on that in business, you either grow or die. Think connection. How does my product idea connect to other business? For example, we are designing a line of consumer packaging for a client who is launching a new product. We have encouraged her to think about what other industries might be connected to her product, and how could she engage them, involve them perhaps for mutual benefit.
Use That Tight Budget Wisely
If your marketing budget is tight, use it wisely! Figure out what is important, and don’t skimp on the important things. Make sure your product looks professional, credentialed and believable. Make sure your marketing message is clear and not confusing.
There is much for the entrepreneur to sort out in the early stages. Hire those professionals who can do what you cannot, and guide you along the way. There is an abundance on content out there for new business owners, making it a fabulous time to launch! We send out a monthly BRAND BUILD email loaded with examples of successful businesses along with additional valuable stuff for the upwardly mobile–sign up HERE to receive it.