Are you worried your product/app will lose the momentum if it doesn’t get to the money-making stage quickly? Are you ready to sacrifice the last stages of your product’s journey to make that happen?
The rush you are experiencing is very common among first-time entrepreneurs, and it can have fatal consequences for your business. The good news is that simply slowing down could prevent the catastrophic failure of your project.
Why do you feel like “RUSHING”?
Many entrepreneurs feel the urgency to RUSH the last stages of their product launch – and it’s perfectly normal.
After all, you had this great idea that you decided to develop. You invested a lot of hard work, energy, time, and money. You finally see the results coming together, and you are chomping at the bit for the completion of the project.
You have done the engineering, you have the manufacturing lined up, you have done surveys, and there is consumer demand for the product.
There is nothing else to do but to get it out on the market, right?
Wrong! According to leading idea pros, there are many other things you want to consider if you want to avoid the crash and burn scenario for your product/app.
The questions you want to ask yourself before taking that final step are the following:
- How many types of prototypes have you done?
- Have you thoroughly tested the product?
- Do you anticipate returns?
- Are you prepared for returns?
- What happens if there is a flaw in the product that wasn’t discovered in the prototype stage and appears once you get even just a few hundred people using it?
- Have your fit and finish been tested thoroughly for the product, so that it will last a reasonable amount of time?
- How are the distribution channels going to work?
- What happens if you want to go to other retailers to use them as part of your system? Are your margins correct for that?
- How are you going to grow that business?
- How are you going to stay ahead of the competition?
- Who is out there already, and what are they doing?
- How are you going to differentiate yourself?
- What does your test marketing show you?
- How are you going to provide an experience so that when product number two comes out, you’re going to have this huge captive audience that already loves what you’re doing?
Crash and Burn Scenario and How to Avoid It
“Slow down and you’re going to win the race.” – Fred Cary, Idea Pro and Founder of Ideapros
Launching a product can be compared to a car race. You cannot maintain max speed throughout the entire course. If you do, you are going to run into the first wall because you are going to fast to react properly. You’re not going to get to the finish line unless you understand where the curves are, and when you need to slow down.
We can say the same about launching a product. Your engineering is fantastic, you’ve got a great manufacturer lined up, and you have a bunch of supportive people that want to see this product. If you don’t prepare for the wall that is coming up ahead of you, you’re going to crash and burn.
The other thing that makes it very similar to racing are competitors. You have to understand not only what you’re doing and how you are going to win that race, but you also need to understand what the competitive landscape is out there. Who is against you, and how good are they at outmaneuvering and outthinking you?
“Know who else is out there trying to win.” – Fred Cary, Idea Pro and Founder of IdeaPros
We all know about companies that had great products or apps, but when they got to the marketplace they crashed and burned. A good example is Friendster, the first social media platform before Facebook. They had a great idea, a terrific product, they were first to market, but they completely failed. They were just too early. They didn’t anticipate their audience. Believe it or not, the community was not ready to share their personal matters with the rest of the world and they weren’t prepared to handle that.
IdeaPros is Your Racing Partner
At IdeaPros, we know what it means to be excited about your dream becoming a reality. We want that reality to be a great one for every entrepreneur out there. We help our partners, as well as independent entrepreneurs, prepare well for the finish line ahead of them. Contact us and let’s win the race together!
The Importance of Having a Team
Being an entrepreneur is fun and it’s rewarding, but it’s also a lot of hard work. It requires a ton of patience and an ability to understand when you can’t do it all yourself. If you feel like you need some help with the research and strategies that will make you successful, please let us know.
As the “Idea Pros” here at IdeaPros, we have the resources, experience, and tools to help you at this step or any step in the entrepreneurial journey.
We partner with entrepreneurs at any stage and who are ready to invest their idea. Apply for an interview and let’s explore partnering with us as your idea pros.