The Best Way to Expand Your Business is to Get into the market and test your products and services ASAP.
Don’t make the classic entrepreneur’s mistake and wait too long to enter your market. Or it’s likely you’ll likely refine yourself out of the market and miss the boat. In other words your target market may move away from you.
Find out the actual [likely] demand for your products and services, and Then assess the quality and relevancy of your offering or proposed offering. Adapt based on market feedback!
One of our clients has been developing a particular type of software – a Web 2.0-based online entertainment portal. Sounds very exciting to us, Except the founder has been developing this software for 4 1/2 years. His beta test worked very well and his Relatively Small focus group of 7 people loved the product. What else would you expect (though the gang did make some recommendations for refinements and enhancements).
BUT, the founder has yet to launch the platform and therefore has No realistic sense of how many people will join. Yahoo is in this space and so we know there’s a viable market, but we can’t really assess how many people will adopt my client’s product. He’s sunk his life savings into this venture, even mortgaged his house and tapped his retirement accounts. This case may be or sound a bit extreme But it’s true.
Either way, don’t fall in love with your products and services.
-Let the market decide.
-Conduct tests.
-Launch your products and services as soon as you can or at least begin the marketing process as Early as you can.
-Get candid and relevant feedback
-Then adapt and upgrade your offering smartly, wisely, eagerly and quickly.
Please contact the Small Business Advisor so we can help you be more successful. I look forward to hearing from you and helping you grow your business.
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management, manager, run business, profit, cogs, cost of goods sold, revenues, sales, costs, gross profit business plan, investors, finance, profit, organize, plan, map, budget, resources, mission, goals,milestone, capital, vendor, supplier, employee Eric Gelb, Gelb, Joe Gelb EIN
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