We’re now ready to select the exact products and services that will make up your product line or service offering. Most businesses start with a flagship or core product, which is directly related to the company’s core competencies. Often these core products are later expanded or integrated into a variety of other products, which provide the business with sustained growth potential.

In the next step, we’ll build upon the initial product research you did back in step 7, “Brainstorming Your Business Niche,” by utilizing a number of research tactics to reveal more about your customers’ needs, wants, and motivations – and what exact products and services will best fulfill their desires.

Whereas the research we did in step 7 was very general and open-ended, aimed at brainstorming and coming up with additional ideas to explore, the work we’ll be doing here should be very specific and laser-focused, aimed at arriving at the exact flagship product or service you will be building your business around. You can add more products and services later, but for now, we want to be ruthless about cutting out any potential distractions and finding “the one” product or service that will be the launching pad for your business.

Excerpted from:

Starting A Business 1-2-3
The premier step-by-step interactive training system
for starting your business with confidence and clarity

Module 1: Research and Development