Written by: Vickie Sullivan | March 08, 2022
Before You Launch a New Project, Do These Two Things
During the height of the pandemic—when everything pretty much came to a stop—you probably reassessed your business. You had a lot of time to develop new ideas, and now you’re ready to launch that new project.
The problem is, if you focus on the launch and don’t build a foundation for the effort that ensures revenue, the project will fail.
How do you know if you’ve overlooked building a foundation? One of two things will happen: 1) Crickets—no one will react or respond or 2) you will get followers but not paid opportunities.
To prevent this predicament, here are two things you should do before you launch your new project:
• Determine what you want: A lot of us know what we don’t want. But what do we want now? And how is that different from what you had before? Example: Do you want to attract new buyers, or do you want your community to buy more/pay more? These goals require different market strategies. If you don’t drill down to specifics, you will send the wrong message to the wrong people.
• Know how to monetize what you want (aka the business model). I’ve seen many revenue streams that either don’t fit the market or don’t fit the business’s brand. Example: a premium-priced business model with a marketing plan geared towards low-fee buyers. This is the #1 reason why some of us have more fans than revenue.
Listen: Two Stories We Tell Ourselves About Launching Projects Too Soon
The common denominator here: alignment. Before you launch anything, make sure your efforts match your goals and the marketplace.
Now Read This:
- You Might Need a Better Business Model
- My Turbocharged Business Model Toolkit: How to Pick the Game You Can Always Win