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Re-evaluating Launching a New Business

You have completed the homework from the past months' blogs and researched all the aspects of owning a business.  Just to make sure, it is time to reevaluate your decision.  This is not to discourage but play the devil's advocate to resurface the challenges ahead.

Competition.  If your competitors keep the same products, will you be able to withstand your business model?  If they spend money in Research & Development (R&D), can they easily wipe out your potential customers with a new product?  Compared to you, how long does it take the competition to create and/or push to market a new product/service?

Passion.  If your heart is not in it, your commitment will waiver.  There is more to owning a business than making a money.  When you are passionate about the work, the fulfillment will be able to get you through the tough times.  Tune into what makes you tick and what is dearest to your heart.

Brand.  New products/services are difficult to get off the ground without great branding and marketing.  Research the type of branding necessary to make your product stick out from the rest.  There has to be something in your logo, tag line, or favorite slogan that makes people remember the product/service.  Make sure you have a professional in place with the proper creativity.  Your professionalism should also be reflected in the brand.  If the finances are too tight to incorporate this into the launch, consider delaying a couple of months until the budget is better.

Re-evaluate, research, and re-purpose, if necessary.

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