Welcome to the Community.
Tell us more about yourself and your business.
Many of us (including myself) have written about new products in the past.
I also talk about the need for a Business Plan, a Lawyer an Accountant
and a personal banker.
Then there is SCORE. SCORE is FREE (both in person and on line)
Also love watching Shark Tank. Get so many great ideas from the show.
Welcome - we are happy you joined us and immediately jumped in with a very interesting post! I hope others will accept your invitation and share some of their stories/challenges.
Please share more about you and your business at Introduce Yourself so we will get to know you better. Again, thank you for your very compelling post. I will be watching for others to join in.
Developing and Launching a new product or service seems to be a challenge for many business owners. I see in the latest SMB survey that about 25% of business owners are planning to develop/launch new products.
I hear many small business owners say - "but we don't have the big money for new product development like the Big Guys..." But in my experience SMB's are more nimble, more creative and can fail quickly and often. Most large companies frown at failure, people are more interested in protecting their jobs etc. In fact many of these buy the smaller companies for their innovations!
Still innovation of any kind hits bumps in the road. I have noticed that SMB's struggle with a few key areas that can stop them from being successful at new product/service development including:
Fully following the research stage of the product idea - they often jump into developing the product immediately
Testing the prototype with multiple groups of interested parties
Training all people (staff, vendors and new users) in the new product
I say - go for it. Follow the process fully. And take your company into a new more profitable area away from the competition!
Anyone want to share their stories/challenges about this?