Conduct customer research to identify new ideas
Ask your customers about what new products or services they would like to see added to your range. Brainstorm ideas with your staff, along with which new markets to target. This article has some advice on how you can unlock innovative ideas.
Check financial feasibility of any new product or service
Calculate whether you can make a profit from your planned new product or service. Carry out some market research to be sure of demand. For example, if you’re a manufacturer of sports goods and you’ve created a prototype for a new style of cricket bat, get opinions from a whole range of cricketers, from kids up to professionals.
Test new offerings with your customers
Before introducing your new product or service to the market, make sure you test it first. Listen to consumer responses and take on board any advice before going to market.
Protect your Intellectual Property
Once you’ve developed some intellectual property (IP), it’s vital you protect it. Have a look at the IP Australia website for detailed information on what you need to do to protect your business ideas.
Licence other products
Consider licensing another business’s products or services as a way to extend your product or service range. It’s especially effective if they’re complementary to your own offerings. Read our article about some other profitable ideas you can learn from larger companies.
Look to joint venture with other businesses offering different products
Keep an eye on other successful businesses within your industry, or those targeting markets that you’re interested in, and look at how to develop a strategic alliance.
Import products unavailable in Australia
Search out products that aren’t available or are difficult to obtain in Australia, but will potentially open up new domestic markets.
Why not book in for a 30 minute meeting with one of our expert accountants and business advisors to brainstorm the above ideas and create a tailored Action Plan to help you unlock your innovative ideas – leading to more profits for you and increasing the value of your business! Call SMART Business Solutions on 03 5911 7000
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