1. Account for risk in your business plan
Your business plan is your guide. It should be highly detailed with information on all aspects of the business, including an industry snapshot, go-to marketing strategies, finance, personnel and other various operating procedures.
To do this, ask yourself the following questions: What is the current state of the market for this type of product (think supply and demand)? What is our ideal customer profile? How do competitors fit into the landscape? How are we different? What is our profit margin and how do we plan to pay off debts? Do we have the proper contracts in place?
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Knowledge of risk factors and the ability to implement risk-management strategies is crucial before launching your brand.
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Conducting market research
Analyzing data to make informed decisions
Developing a product roadmap
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