6 Things to do Before you Launch a New Product or Service

It seems as if this pandemic has fueled entrepreneurial zeal! In some cases out of necessity and the need to provide financially for one’s family.  In some cases, spending time in the house under quarantine provided an opportunity for individuals to tap into their creative genius and business acumen. Among my circle and network, I observed a boom in new and expanded businesses.  Have you noticed the same?

I came across this article on the ETF Trends website, “The Pandemic Has Created a New Generation of Entrepreneurs”. It’s a quick read if you are interested.  It confirmed that my observation is more widespread and extends beyond what I have observed from my vantage point.

“The National Bureau of Economic Research reported a record number of new business applications in the latter half of 2020, and continuing on through May of this year.“

“The National Bureau of Economic Research reported a record number of new business applications in the latter half of 2020, and continuing on through May of this year.“ – EFT Trends

What about you? Did you launch a business during the pandemic?  Let me know in the comments how it’s going for you so far?

If you haven’t launched a new product or service? Are you curious? Making the decision to launch a business requires a mix of faith, knowledge and determination. The same is true in terms of expanding your current business and creating new products or services. In the fast-paced, technologically advanced world that we live in, flexibility and the ability to pivot products and services is essential.

In today’s post I am going to share 6 important things you should do before you launch a NEW product or service.  

6 Things to do Before you Launch a New Product or Service

1. Check the season – is it the right time for you
2. Check the market – is there a need
3. Ensure Alignment – is it a good fit for you
4. Ensure Capacity – do you have or can you make time
5. Confirm skills – do you have or can you acquire necessary skills to execute
6. Calculate the cost – are you able to invest in your success

Before you launch out on your entrepreneurial journey or seek opportunities to further grow your current ventures, take a moment to walk through the six recommendations above. Entrepreneurship is a rewarding roller-coaster. But if you take the time to reflect and do some upfront leg work, you can position yourself to enjoy the journey.

Entrepreneurship is a rewarding roller-coaster.

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