Ready for your product to hit the market? Yes? Well, are you sure about that? It’s important that you ask yourself a number of questions before you take something to market, especially if you’re new to being an entrepreneur.
How Much Capital Do You Need?
If your product turns around quickly, such as a phone app or game, then you don’t need that much money. However, if your product takes a much longer time to sell, such as a piece of health equipment, then it’s time to start tucking away those dollars. If you don’t, then you’ll find yourself incredibly poor without much chance of surviving the next few months while you wait for the deal to be finalized. Don’t force yourself to work a second job – just plan ahead accordingly.
Can You Make Your Idea Grow?
Some ideas have a limited amount of time, and that’s all they have. That’s just it. They aren’t going to grow any bigger (let’s think about the Snuggie for a moment), but that doesn’t mean you can’t make a pretty dollar on them. However, if you can, you should be able to expand your product instead of making it a one-hit wonder. Consider carefully how easy that will be before you dive head first into it.
How Much Will You Make the First Year?
Many businesses take many weeks or even months (and sometimes years) to make any money. Amazon took almost three years before they saw any positive numbers, and that’s even with good sales and a good plan. So your next move should be analyzing just how much you’re going to make and what you’ll need to spend down to the very last cent.
