Hi Billy
I can absolutely answer your question live today but to offer some written context too – here are some summary points for us to discuss later:
To minimize risk with any retail business:
– Ensure you have a range of products vs all eggs in one basket.
– Avoid a range of products that are just variations of the same thing, because this will not expand your business and only dilute it and again, put all eggs in one basket.
– Research, watch and track your competition – conduct solid research on products and categories (use the PAB). Try and replace decisions based on emotions with data. Research what your customers like/dislike about products (product reviews). And before, during, and after you launch, constantly, track your metrics, and never ‘set and forget’. Being agile in any retail market is important.
– As for the Travel industry – I don’t think that is your niche, so you need not worry about a category that is unrelated to your brand.
Let’s catch up later today so that I can understand and help you with any other underlying concerns or question marks you might have.
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