This, my friend, is a VERY important question. First things first: do some market research. Without the necessary information, you’re flying blind. Next up, is the timing right? Many products need to be timed to critical points in the business cycle. Is your business ready if the new product becomes a hit? I’m talking personnel and manufacturing. It’s a good idea to test-market the product too. Last but not least, start coming up with a promotional plan to make sure your products provide return on investment.
