A Simple Strategy for Creating and Launching More Products

One of my goals this year is to sell more products and services that don’t require my direct daily involvement.

For instance, I’d rather sell a product and have it fulfilled automatically than book a copywriting job that I have to spend a couple weeks to complete.

Toward that end, I’m focusing on two specific strategies this year:

Strategy #1 – Quick Implementation

Increasing my speed to implementation is a primary focus for me.

I’m mapping out what I believe is my single best business idea, setting deadlines, and working relentlessly to launch the project as quickly as possible.

I’m using an 80/20 approach to launch a “good enough” product. If the product sells well or shows promise, I’ll improve the product and the marketing and leverage it as fast as possible.

If the project doesn’t work, then that’s okay. Because my second strategy will then come into play.

Strategy #2 – Fail Fast

I don’t intend for my ideas to fail, but I’ve got enough experience to know that not every new business idea will be a winner. Some will be losers, some will be so-so, and a few will be winners.

Which means, the faster I fail, the quicker I’ll get to a winning idea.

This is why I’m using what I’ve dubbed “The Baseball Method of Product Development.”

The business idea I’m working on right now is up to bat. Once it launches, if it delivers a base hit, a double, or a home run, then I’ll keep working to make the idea as successful as possible.

If it doesn’t work, then I’ll move to the business idea that’s on deck. The “on deck” idea is then “up to bat.” And if the “on deck” idea doesn’t work, I’ll still have a third business idea that’s in the hole.

Plan 3 Products Ahead

The idea is to have three business ideas total: One is being actively worked on. The second is being formulated, but not actively worked on. The third is the germ of an idea, but not being formulated or actively worked on.

This way, each project gets full attention in its own turn, and back-up ideas are ready to step in and take the place of an idea that has “struck out.”

I’m beginning to visualize the year as having 12 “at bats” — one month to create, launch, and test each product idea. Obviously, if one product or idea takes off, then it receives the focus of my attention until its potential has been maximized.

If your goal, like mine, is to launch more products and business ideas than you have before, then perhaps this approach will help you achieve your goal.

-Ryan M. Healy