3 Questions to Ask Before You Add a New Product or Service
What your business looks like now is probably not what it will look like five years from now. And, if you’ve been in business awhile, your business today has probably changed in many ways from what it was five years ago.
Growth and evolution are natural parts of high-vibe businesses. Your audience may be the driving factor in why you want to change your business. For example, maybe you’re seeing they want something different from you than they once did, or you’ve figured out a new and improved way to solve their problems or fill their needs. You may have even decided that you can best serve a different audience, and so you want to shift the kind of people you’re working with.
A change in your business might also be driven by your needs. You may be feeling the call to do a different kind of work or to work on a higher level. Or you may need to change your business because of changes in your life.
Contemplating a big change in your business, like adding new services or products, can feel exciting but also a little overwhelming. You probably have some intriguing ideas — along with concerns about viable those ideas are for your business.
So how can you identify the ideas that are best for business? These questions can help.
What feels exciting to you now? Even if your customers or clients are still satisfied, if you are just going through the motions on work you used to love, it’s time to contemplate changing course. If your heart isn’t in it, your audience will be able to tell eventually. Authentic passion is what draws people to your business, so you have to figure out a way to keep that flowing. What aspects of your work give you the most energy? Any new projects you take on should allow you to spend more time on those activities. At the same time, think about what’s draining your energy. Some of your offerings may be taking more from you than they’re giving. Outside of your own business, what do you find yourself attracted to or intrigued by lately? For example, are you noticing that some of your entrepreneurial peers are launching cool new content offerings instead of just working one on one with their own clients? The answers to these questions can give you a lot of direction on the kind of work you’re supposed to be doing now.
How do these changes fit into the rest of your business? You are probably already giving everything you can to your business. So adding a new product or service means you have to one of two things:
- Stop doing something else — specifically, one of those things you identified above that drain your energy.
- Get more help, so that you will have the capacity to tackle the new project.
Either one can really revitalize your business. We know it can feel uncomfortable to discontinue a service or product that brings in money, even if you no longer enjoy creating it, or to invest in a new team member or contract help. But both of these steps enable you to raise your energy, which is the most powerful thing you can do for your business.
Whatever you do, though, don’t try to launch new offerings without adjusting the rest of your business in some way. If your strategy is “I’ll just suck it up and make it work,” then you’re just setting yourself up for burnout.
What do you want the next five years to be like? Think about this question in terms of both your business and your life. What’s your big-picture vision? And how would the new products or services you’re considering get you closer to that vision — or move you farther away from it? Sometimes you might find that your ideas align with where you want to go. For example, starting that online course could free you up to travel more, which is one of your personal dreams. Other times, you might realize that while you have a cool idea, it’s not the right idea for you. For example, maybe it would raise your income, but it would take you away from the clients you really love.
If you’re feeling like it might be time to evolve your business, download "The High-Vibe Entrepreneur Method" from our website. This free workbook will help you take stock of what’s going on in your business now and where you want to take it in the future. We would also be honored to partner with you on evolving your business to the next level. To learn more about working with us, shoot us an email to schedule a call.