4 Steps to Nailing Perfect Timing in Your Next Business Launch
Can “WHEN-you-do-something” matter so much that it can influence the success or failure of your product launch, or your business as a whole? TIMING not only contributes to the success of your business but that in fact, it's the key ingredient.
Good timing can turn an average product into an overnight success while bad timing can destroy something that could have been an overnight sensation.
Whether it be a business deal, a product launch, a team meeting, a marketing campaign or a business proposal, timing is EVERYTHING.
So if the timing is so crucial, how do you create the perfect timing in your business?
Ask yourself these four vital questions, then decide if this is the right time for your business.
IS THIS THE RIGHT TIME FOR YOUR MARKET?
Don’t rely on luck. Do your research.
A great research tool to use when deciding on the perfect time to launch a new product or start up a new business is something called the PESTEL analysis.
PESTEL stands for Political, Economic, Social, Technological, Legal and Environmental factors. These factors all impact the market and can help you in deciding when the best time is to launch your business.
Understanding and knowing these factors and how they currently impact your market will help you make the right decision for the right TIME. Timing always plays a role when it comes to decision making.
You may be able to change and influence some PESTEL factors while other factors you may simply be able to monitor. Either way, knowing and monitoring these factors will help you when making important decisions for your business.
You will soon realise that it’s not luck that got you to launch at the most optimal time for success but rather research and knowing your market.
2. IS THIS THE RIGHT TIME FOR YOU?
If you put the market conditions, the economy, the competition and trends aside, in the end, it’s ultimately YOU that’s responsible for the success of your business.
So ask yourself, “Is this the right time for ME?”
But knowing whether the time is right for you can be tricky. So here are some things to consider to help you decide:
- Am I mentally and physically prepared?
- Am I an expert on the product or service I am hoping to sell? Or do I need to give myself more time to brush up on my knowledge and skills?
- Is this financially the right time for me?
- Do I have a reliable support structure in place?
- Am I schooled enough in basic business and accounting or at least have access to someone who is?
If you’re not answering a confident YES to these questions, you need to be considering if this is the right time for you to launch a new product or start a new business.
Remember, many can purchase a business license, but far fewer have the determination and passion to lead their business to success.
3. IS THIS THE RIGHT TIME FOR YOUR CLIENT?
Ask yourself, “Have I done the necessary research to know what it is that my clients want and if this is the time that they need or want it?”
Timing, when it comes to client acquisition, is delicate and needs to be handled with caution. You are working with people and this is always tricky as people have very specific wants and needs.
Finding the perfect balance between when to reach out to your clients and how often, can also be difficult. You don’t want your marketing to be desperate, but you also don't want to not market your product at all, or even worse, release a product or launch a business that no one wants or needs.
So it’s vital to do your research and come up with a well thought out strategy for client acquisition. Timing is everything, so include when you’re going to market your product and how often.
4. IS THIS THE RIGHT TIME FOR YOUR COMPETITORS?
This may seem like a strange question to ask, but the timing here is crucial for success. You need to know who your competitors are and the number of competitors you are dealing with before launching a new product or starting a new business.
Is what you are offering better than that of your competitors? If it’s not, then now is not the right time to launch. Go back and spend time bettering your product before launching.
Use your competitors as tools to improve on your product or service by identifying their weaknesses and avoiding them. Conversely, can you identify their strengths and make sure you are matching or bettering them?
Also, be aware of the number of competitors you have before launching. If there are too many it might not be the optimal time for you to join the competition. If there is little to no competition, ask yourself why? It may be because you have found a niche in the market, but it may also be that the product you are wanting to launch has been tried and tested by individuals already and found not to have worked.
Stop and take the time to consider if your timing is right. And when it is right, go for it!
We are excited to see what your business brings to the world and would love to share in the journey with you.
It’s often a whole lot easier to take the next step when someone walks alongside you and guides you. If you are looking for a coach or a mastermind class to help you grow your business then join the My Sexy Business Team today.
That’s what the My Sexy Business Team is all about - helping you make the right decisions at the right time, helping you create a sexy business for a sexy life when the time is right for you.
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