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10 Questions Entrepreneurs Need To Ask To Nail A Profitable Product Idea

There’s a common misconception that launching a new product-based business is hard, but meet Nicole de Larzac, Product Business Coach, who is here to guide entrepreneurs through that journey from product idea to launch.

There has never been a better time to launch a product-based business. Ecommerce is booming right now, and there are no signs of it slowing down. During this health and economic crisis, the focus has changed consumer behavior, and 82% of online shoppers are more inclined to pay more to shop local.

With the ease of the internet and platforms such as Shopify and Etsy, new products are launched every day by small businesses. The internet is an efficient way to sell your products, and there are few entry barriers.

Nicole’s business goal is to ensure that she can take her clients from idea to product design to launching the product, all while they feel supported and cared for. Nicole’s unique trait is to show her clients that there is always a way to achieve a goal and believe in the possibility.

Nicole outlines these questions to help entrepreneurs understand if they have a profitable idea that is worth pursuing:

1.    Does your product solve a problem?

When you are thinking of introducing a new product to market, this is the first question you need to ask yourself. If there is no purpose for the product, you may not have the best or most profitable idea. When the product resolves a pain point for the customer, you know you are on the right track. 

2.    Does it fill an unmet need?

When you introduce a product that meets the customer’s need where other products have failed, you are on to something. Meeting that need helps make your product unique as it resolves a unique problem that no one else has solved.

3.    Is it applicable to what is happening in the world?

Timing has a lot to do with the success of a product launch. If you are mindful of what is going on in the world and know that your product will help resolve a pain point that your customer is experiencing now, you are more likely to demand the product.

4.    Can you own the rights?

Is the product idea easily copied? If anyone can copy it, you’ll need to differentiate in other ways, like brand positioning. But if you own the rights to the design or formula (such as with a patent), you’ll have a greater competitive advantage.

5.    Is it profitable?

The reason businesses exist is to make a profit, and profit is vital for the long-term survival of a business. Ensure the product you are considering will be profitable. This means ensuring that each unit sold will make money (price – costs = profit).

6.    How much does it cost to develop?

Again, keeping in line with a profitable product, you need to ensure that the development costs do not exceed the price point in the long run. If you are not making money selling these products, your product and business will not be successful.

7.    Is it scalable?

It’s essential to start with a scalable idea that has legs and can scale to something bigger. Ideas that can scale, for example, line extensions, adjacent products, and repeatable purchases, have more potential than those purchased once by a few customers. 

8.    How large is the market?

The market size is an essential factor because, without demand, the product won’t be scalable.

9.    Did you test it in the market?

Having potential customers test your product and offer feedback to make improvements is vital to know if you are meeting the customer’s needs. This is an essential step that you cannot afford to skip.

10. Are you passionate?

If you are not passionate about your product, you will have a hard time selling it. You need to believe in the product and get behind it to sell it. If you lack passion, your customers will feel that and likely not purchase. Plus, your passion and purpose will help you overcome any challenges that come your way.

The bottom line is you can have the best idea, but if you haven’t your due diligence to ensure the success of the product, it will have less of a chance for success. Taking a product to market is achievable, but it is hard work. The passion for the product will fuel the hard work that lies ahead.

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