Business development · 20 September 2018

How to launch a new product and get your business off the ground

When launching a new business, ask yourself why you stand out in the market and what you offer that nobody else offers
it’s fantastic to see such a strong drive amongst entrepreneurs in launching their products and services. However, this eagerness to launch can sometimes leave important elements of running a business, like market analysis or financials, by the wayside, which can have a negative impact on your long-term prosperity.

If you are about to launch a business, here are the areas you need to consider to help ensure success:

Know your audience

Ensure you?reallyknow your audience and the market in which they operate. What are their needs and desires, and ultimately, what makes them tick? This is where carrying out market research can be useful. Without this knowledge, you will struggle to connect and make a meaningful pitch.

Understanding your finances

Before your business is fully operational, identify the best tools to help keep track of your finances. There are some really smart, easy-to-use tools out there, that are a lot cheaper than you might think. A small business platform like Xero takes the pain out of accounting and bookkeeping and can provide so much more.

Whether you work with your accountant or not, you will be able to identify your incomings and outgoings, cash flow, inventory and payroll, alongside forecasted trends based on your business? performance.

What’s more, services like Xero can offer a totally tailored package dependent on your needs if you need a service to create timesheets, invoices, bank reconciliation and more, you can create a bespoke package so you’re not paying any more than you need to.

Brand identity

If you don’t have a strong identity, your customer won’t know what they are buying into. Brand loyalty and trust are very important aspects of any business.

Take two of the world’s largest companies, Nike and Coca-Cola. They take great care in ensuring their brand identify shines through in anything they do and this has contributed to their phenomenal global presence.

If you take a look at the insights from the?Edelman Trust Barometeryoull get a greater understanding of just how much a reputation affects the performance of a business.

As the business owner, it’s up to you to decide what your brand personality looks like. Think about what drove you to start a business in the first place, and then think about working with marketing professionals and/or designers to build out your brand strategy, so you can jump into action.

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Startup ideas

 

The ten best startup ideas for under 10, 000 you can launch today

To help kick-start a wave of entrepreneurial activity, weve brought together the best startup ideas under 10, 000 that could represent a viable business opportunity at a realistic investment.

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Standing out

it’s very important for a business to understand what their unique selling point (USP) is. Without a USP, you risk being lost in a sea of competition. Ask yourself, why you stand out in the market, what you offer that nobody else offers, and why customers would pick you over a competitor?

Discover what you do better than anyone else, and then amplify that message across all of your communications.

How to price your product


 
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ABOUT THE EXPERT

Donna Torres is the director of small business at Xero UK. Having held previous management positions at a variety of product companies, Donna joined Xero in 2014 and has been part of Xero's growth from its early stages in the UK. Donna believes that the biggest challenge facing small businesses today is HMRC's Making Tax Digital for VAT initiative, alongside the impact of late payments on cash flow both of which Xero is supporting SMBs with through its technology.

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