Iphauxlaroid Business Blog: Product

Monday, April 3, 2017

Don't Let Overthinking Your Product Launch Cost You Competitive Advantage

When an entrepreneur comes up with a brilliant idea for a business, the first step is usually to spend months on intensive research. They will develop a prototype, market test it repeatedly, and hone the design until all possible bugs have been removed.

But is this the right approach? As many entrepreneurs have learned the hard way, there’s a downside to preparing for months for a business launch. In fact, there are some good reasons to forego delaying a launch in favor of opening for business as soon as possible.

Saturday, April 1, 2017

The Long Game: 6 Prerequisites for a Killer Product That Lasts Forever

Given the fact that only 29 percent of startups see the light of day 10 years after opening their doors, it’s no secret that to stay in the entrepreneurial game for the long term requires not just the individual capacity to focus, work collaboratively and take calculated risks but also the market awareness to constantly refine your product for appeal.

In other words, there are two simple questions every entrepreneur must ask that will determine one’s long-term viability to stay alive in the marketplace:

What is the problem I want to solve?

How does my product or service solve that problem?
Let’s assume you’ve already defined the problem set to solve for. The next step is a bit trickier and necessitates a detailed outline that should serve as an entrepreneurial blueprint. Here are six prerequisites for how your killer product should answer the call:

Need a Business Idea? Here are 4

CHIMNEY SWEEPLearning to be a chimney sweep may mean nothing more than apprenticing with someone already in the business. By becoming a chimney expert, you can combine a chimney sweep business with a chimney inspection service--covering more than just whether or not the chimney needs cleaning but whether the chimney is in good working order or in need of repair.
CLEANING SERVICEThere are many directions you can take this business. If you want to work during hours when no one else does, you can focus on office clients. You can focus on retail businesses and keep your customers clumped into one or two blocks. Restaurants are in great need of daily thorough cleaning and can be a great source of steady clients. Perhaps you would be more interested in house cleaning. Many times with cleaning services you don't have to spend lots of money on advertising or marketing because your customers will come by word of mouth.
COMPUTER REPAIRStudy the main types of software that system users will want--word processing, photo manipulation software, mail merge, spreadsheet, design and especially security software. Investigate all the components--monitor types in all their varieties; keyboards, from wired to ergonomic to wireless; mouse types; as well as peripheral components like printers and scanners. Become completely familiar with all the ISPs (internet service providers) available in the market area you plan to cover. Establish yourself as the guru who can meet the needs of the personal computer user, the small business or a larger corporation.
CONSULTANTTo be a consultant, you need to have an expertise in something so you can market yourself as an advisor to others looking to work in that area. Perhaps you managed several large warehouses in your career with a drugstore company, you did all the marketing for many years for a large shoe manufacturer or you set up a chain of beauty supply shops or take-out restaurants. You can use this experience to help others do similar things without making the same mistakes that you made along the way.