Five steps to follow when launching your product-based business

Launching a product-based business is one of the most rewarding ways of earning a living; however, it is not an easy option. As an entrepreneur, rolling your sleeves up is likely to hold a lot of appeal. The key to success is in the planning beforehand.

1. Set your objectives

Be clear on what you want to achieve and what will constitute success in your eyes.

Understand who your target customer will be, being as specific as you can. ‘Anyone who wants it’ will be much harder to market to than narrowing it down by age, gender, occupation, life stage etc, so be as clear as you can. Once you know who you want to launch your product to, you can start to plan how to launch your product to them.

Having a specific and measurable target will keep the focus and make sure you are directing your energy in the right direction.

2. Take stock

Once you know what you want to achieve, you will be in a much better position to understand what you will need to do to achieve it. Your list should include things such as a mailing list (print mailings will be much more expensive than an email list), content for a website, and social media assets. Print media might include things such as flyers for leaflet distribution in London.

3. Launch offer

A special offer to launch your product is a great way to generate interest, so be sure to promote what the offer is and how long it is valid for. What it is the ‘problem’ that your product solves? Show off the features and benefits of the product and highlight why someone should buy it. Can you offer any guarantee? Also, consider price and how you will take payment.

4. Build your team

Tempting as it might be to do it all yourself, you will need some help. Even if you are not employing any staff, there is likely to be expertise that is better outsourced. This might include web design, copywriting or social media.

5. Launch plan

The launch plan should be a detailed list of all the tasks you need to complete, by when, and – of course – in what order. Don’t forget things such as briefing content and content creation, including print, web and video, and list everything individually down to how many people are involved with leaflet distribution in London. It might be helpful to allocate a few hours at the outset to note everything down and blitz the full plan, either alone or with key colleagues or confidantes.

Don’t forget that launches are a lot of hard work but also a lot of fun. Once you have been through it once, it is easy enough to recycle and amend for next time. Once you have launched, make time to review how it all went so that you can tweak as necessary ready for next time.

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