Have you ever found yourself stuck in the development process and not launching your product? It can be frustrating, especially after investing so much time, effort and money into it. In this blog post, we will discuss the three biggest reasons why people don’t launch their product. Let’s dive in and see how we can avoid these challenges.
Not Getting Clear on Your Customer
One of the biggest reasons why people don’t launch their product is that they fail to get clear on their customer. Without knowing your customer, it’s easy to create a product that no one wants or needs. It’s important to establish your business foundations from the beginning to ensure that your product targets the right audience, ensure that what you are developing actually has a market. This requires a solid marketing plan, understanding your target audience, and conducting market research.
Getting Scared and Losing Confidence
Fear can be a major stumbling block in launching a product, and it can lead to a lack of confidence. Fear can come in many forms, like someone telling you that your idea is terrible or seeing someone else with a similar product or just a general lack of belief in yourself. To overcome this, we need to develop some mindset hacks to help us move past our fears.
One of the best ways to do this is to write a plan and follow through with it. Whether it’s a marketing plan, development plan, or business plan, having a plan can help override our fear and keep us on track towards our goals. Staying focused on our plan can help us overcome the challenges that come with fear and allow us to push through.
Running Out of Money
Running out of money is another major reason why many businesses don’t launch their product. It could be something unexpected, like a large tax bill, or investing too much upfront and not leaving enough for production. Sometimes, you may invest in the wrong areas, like trademarking overseas or buying expensive fabric before seeing a mock-up. This can cause problems down the road, leading to a shortage of funds when it comes time to launch.
To avoid running out of money, it’s important to plan ahead and make sure you have enough funds for each stage of development. Conducting regular financial reviews and making adjustments as needed can also help you keep on track with your budget. Work with someone who can give you these costs early on so you can plan. This is what we do with our Design Brief Document.
In conclusion, launching a product can be a challenging process, and it’s important to overcome these three obstacles: lack of clarity on your customer, fear and mindset, and running out of money. By staying focused and having a solid plan in place, you can overcome these challenges and take your product from idea to launch successfully. Remember, success requires hard work, persistence, and a belief in yourself and your product.
Have you ever wondered what if it actually is cheaper to manufacture overseas, or are you better off with local production?
If you want to know the Facts about what it ACTUALLY costs to make your product then…..
You NEED to attend this Masterclass
- You’ve been looking to start a label, but you are not sure what to do first and how to decide on where to manufacture.
- You have tried overseas manufacturers but the samples you got back are not right and you are wondering if you should persist.
- You have spoken to a local manufacturer, but you feel it is too hard and you could not work out the overall cost.
- You have a business and have been producing offshore but the costs are so unpredictable, but you are not sure if it is worth it to change.
- You are aware of the local desire for locally made products, but you are not sure where to start or if it is actually financially worth it.
- You are interested in simply understanding if those statements from agents and offshore manufacturers are actually true.