Growing your business

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Develop new products and services

If you바카라 사이트™re planning to develop new products and services, you should test them with your customers with just as much care and attention as a new business going to market for the first time.

By making sure there바카라 사이트™s real demand for what you바카라 사이트™re planning to sell, you can find out about any problems and fix them before you바카라 사이트™ve wasted too much time, effort and money.

  1. Talk to existing and potential customers and find out about their needs.

  2. If you can, develop a prototype as quickly and cheaply as possible. Work out the minimum investment that lets you find out if you바카라 사이트™re meeting a real need.

  3. Test it with customers and get feedback. Find out what they바카라 사이트™d be willing to pay for it. Try out different prices with different customers in a consistent, realistic way to see what people will really pay. Can you make enough money for a return on the investment you바카라 사이트™d need to develop your new product or service?

  4. If there are other businesses competing for your market, think about what will make you different. Can you provide something better than what바카라 사이트™s already available? And is it significantly different or better to what you바카라 사이트™re already offering?

Benefits of development

By developing new products and services, you can:

  • sell more to existing customers (making the most of existing relationships is cheaper than finding new customers)
  • spread fixed costs like premises or machinery across a range of products
  • diversify the products you offer so you바카라 사이트™re less reliant on certain customers or markets

Another way of expanding your product range is by importing goods from overseas to sell in the UK. Make sure you know the rules on things like tax and commodity codes if you바카라 사이트™re planning to import.

Business ideas and intellectual property

If you바카라 사이트™ve invented something or come up with an original idea that you want to turn into a product or service, you should register it to make sure nobody copies it without your permission. Find out about trademarks, copyright and intellectual property.

You can find local support in England for coming up with business ideas and developing them on the .

Other sources of advice and support include:

  • the
  • the

You may be able to benefit from developing your idea in partnership with experts in academic institutions through Knowledge Transfer Partnerships.

View a printable version of the whole guide

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