and over again I see people with
fantastic products and ideas for
products – and yet they are not making
progress or money or their way to
being profitable. Their enthusiasm
for the product is great at first and
then there comes a point where the
business becomes stagnant – going
This is where you start doubting your idea, your abilities and your idea.
But the truth is the product itself is not everything – far from it. The "Product" is the tip of the iceberg. Sure it's got to be a great idea – sure it's got to be well thought out and sure it's got to resonate with the marketplace – BUT there is so much more to a product based business.
If you're not addressing the REST of the business, your BIG Idea will really never get off the ground to become the profitable business you deserve. When you have a great product idea, it needs to be shared with the world – and you deserve to make money and create your empire.
These are the biggest reasons why your product business is not working – take care of these and you'll create an EMPIRE:
1. Time Management: Let's not pretend that business does not require any work, it does. It requires your time and energy. When you spend your day doing menial tasks that someone else could be doing, you're doing yourself and your product a disservice. I hear it all the time – "I don't have enough money to outsource" The answer is – you don't have enough money to outsource because you're not outsourcing!
2. Decisions: Everyday you have decisions to make and if you don't you're moving backwards and not forwards. Each time you delay a decision it costs you time – and time in a product business is money because timing is everything. You miss a deadline, you miss a selling season and you have to wait till the next year. Everything depends on you making a decision. Decisions are about products – launching products – creating websites – marketing campaigns – trade shows – hiring people etc.
3. Yearly & Seasonal Planning: The key to a product based business is planning in advance with a calendar for production, marketing campaigns, trade shows, new product creation and projections. If you don't create a map with deadlines – how can you possibly know what you have to do to get where you want to go? It boggles my mind when I talk to small companies and they say they want to do 7 figures but they have no idea what that looks like in terms of how many units they have to sell – where they're going to get those sales and how they're going to make the product. You simply MUST create a plan. It will be the biggest eye opener for your business – and now you know what you have to do, where you have to start.
4. MARKETING: This is the really BIG one and why small product based business fail to reach their true potential. Marketing is where your business must excel – have a plan and where you must spend the majority of your time after your product line has been created. Without marketing you have no business. Marketing brings people in to see what you've got and without bringing potential buyers to view your goods you will not have sales. Marketing is the single part of your business that will make the most impact – winging it does not work – and word of mouth is not a dependable strategy. It's more than some marketing materials – it's a full blown strategy.
The truth is products based businesses start with the BIG Idea – but grow and prosper when the REST of the business is put into place. Doesn't your Idea deserve to be taken to the next level so it can be shared with the world and you can make money?