No one needs to tell you this but starting a new business can be very exciting and frustrating at the same time. Some times with all your efforts it is hard to see the forest through the trees. This can be especially hard when you are trying to launch a new product while you are maintaining your current business.
The most important thing that can be done is to put a strategy together with defined goals.
1. Be sure to do your market research to be sure that your retailers will want and need your new product. Do some initial product pitches to make sure that the idea sounds as good to retailers as it does in side your head.
2. Start with the end in mind
a. If you do not know how you want it to end, getting there is going to be tough.
3. Make specific goals
a. Utilize daily, weekly and monthly goals to track progress
b. Have team members create individual goals that help to finalize the project on time
4. Make each part of the project definable and measurable, do not by loose or be filled with “hope” that it will all work out. Follow the SMART system that creates the tone for your project.
a. S – Specific
b. M – Measurable
c. A – Achievable
d. R – Realistic
e. T – Timely
5. Most important, be realistic. Do not stretch your resources to the point that it affects your other products or overall business.
Your goal is to grow your business, increase retailers and provide a service level above and beyond your competitors. Make sure that those three goals stay consistent and strong as you bring on new products for your customers.