Do you want to start working on and launch a new product or service for your business? Or are you just at the very early stages of business and still dreaming of starting your very own business? But … you don’t quite feel ready to put offering out into the world?
Feeling ready may never ever happen, and if you wait until you feel ready you will likely never start.
It’s daunting to start a business or launch a new offering. Often you are clueless and don’t know where to begin, and there can be a lot of fear as there is no guarantee things will work out they way you may hope, and let’s not forget about perfectionism which is a big factor holding women back.
“It’s a terrible thing, I think, in life to wait until you’re ready.” – Hugh Laurie
Whatever stage you are at in business fear, uncertainly and not feeling like you are ready doesn’t go away. And that’s OK. The most important thing in business is that you start, then see what happens, learn from things and keep moving forward.
Now launching a new offering or starting a business should not be done blindly, you should be prepared. Being prepared will increase your chance of success. However, keep in mind you can’t be prepared for everything. Your business will always be a journey of discovery and unexpected twists and turns, some things will work, some things won’t, some things may need to be adjusted slightly and some things may need to abandoned, but you will never know this until you actually launch.
Lean into uncertainty and do things before you feel ready, you need to actively go out and get experiences to see what actually works for your business.
3 things you should do before you launch something new:
1. Do your research
Minimise failure by doing your research first. You want to make sure there is a big enough market for what you want to sell before investing your time and money into creating something that nobody wants, or the market size is way too small for your business to be profitable. Research helps you understand your market, your competitors and your customers.
Create a list of relevant questions you want answered such as:
- Who will buy my product or service?
- What is the size of my target market?
- How will my offering benefit and fulfill my customer needs?
- What price will my customers be prepared to pay for my product or service?
- Who are my major competitors and what are their strengths / weaknesses?
Put a time limit on your research to prevent you from getting into analysis paralysis or spending way too much time researching that you never end up creating your offering and launching. Remember, the best way you will learn about your market and customers is by getting real feedback from a real product or service after you have launched.
2. Set a launch date
If you don’t set a launch date you risk get caught up in revising your product or service before launching, then tweaking it a bit more, and then revising and tweaking even more just to make sure and to be especially sure you tweak some more. You get the idea, you get so caught up continually tweaking which delays the launch, and sometimes you may not ever even launch.
Setting a launch date forces you do the work and focus on the essentials, the non-essentials and tweaking can come later after you have launched.
3. Be ready to adapt
Once you’ve launched your new offering, be prepared to adapt it based on customer feedback. Find out what your customers like / doesn’t like about your product or service, does it meet their needs, is the price right, the distribution channel right etc etc. Of course you’re not going to adjust your product or service based on each individual piece of feedback, but if there is an overwhelming negative response to a particular aspect of your offering then you need to assess and adjust.
Feedback is important to make sure you are on the right track, and don’t ever be afraid to make alternations to your product or service after launching, a few tweaks may take your business to greater success.
Stop waiting until you feel ready, start today before the opportunity passes.