Seven Priority Actions for a Recycled-Content Business Perform market research to test demand and test usability of the product and/or service Perform a competitive research analysis on similar products and services on the market Test market the prototype(s) to determine how well it is received, whether the target market seems right, and whether the product is in the right form, design, package, or size Create a strategic plan and project management plan to handle the management, production, and launch of the business, product, and/or services Learn how to plan, negotiate, and manage resources effectively Develop, implement, and follow a marketing plan Develop, implement, and follow a business plan

---

1. Perform Market Research To Test Demand and Usability of the Product and/or Service

Long before the business plan is complete, and production equipment purchased, a manufacturer or service provider must find out whether the market wants the offering. A product or service has to fill an unmet need or solve an existing problem that current product offerings (recycled or not) are unable to do. It is not enough to have simply a recycled-content product.

2. Perform a Competitive Research Analysis on Similar Products and Services in The Market Place

Finding the competitive products and services that exist locally and nationally are invaluable in finding niche markets, and avoiding commodity-oriented markets where manufacturers can only compete on price. The fastest way to achieve success is to create a market niche that no other business can fill. Competitive research may help flush out value enhanced services, strategic alliances, and customized features to solve industry problems or needs.

3. Test Market Prototype(s) to Determine How it Will Be Received, the Right Target Market, and Whether It is Offered in the Right Form, Design, Package, or Size

Before equipment is purchased, that may minimize flexibility in product design and manufacture, do two things. first, ensure the product meets applicable codes, or performance specifications for strength, structural, durability, or other important properties. Design experiments that will test representative sample(s) of the product at a certified laboratory and/or in field applications. Document the results for potential customers. If the product does not meet required or desired specifications, a redesign of the process, raw materials, or product may be necessary.

Secondly, leave product prototypes with target customers who would most likely respond and use such products and services. Have them test the product or service for a representative time period. Collect feedback and then refine the offering so that it meets the needs of potential customers.

4. Create a Strategic Plan and Project Management Plan to Handle the Management, Production, and Launch of the Business, Product, and/or Services

A successful plan provides a step-by-step prioritized list of actions that will lead to a positive cash flow. A project management plan that stresses a cohesive effort will ensure that resources are used effectively and that all involved know what needs to be done.

5. Learn How to Plan, Negotiate, and Manage Resources Effectively

Resources are time, money, labor, materials and people. A schedule of activities that determines when a product will be launched gives investor(s) and shareholders some confidence that their investment will produce a return. Owners will improve customer relations by knowing what has to be done, who will do it, when it must be completed, and what the desired result should be.

6. Develop, Implement, and Follow a Marketing Plan

Marketing is the act of consistently communicating the value and benefits of a product or service with a clear, positioning message. A marketing plan that states how this is to be accomplished, is one of the critical success factors in a strategic plan. A marketing plan is based upon the market research performed for the product or service. The plan determines how to distribute the product or service, educate customers, promote the product, and sell to the right target customer(s).

A good marketing plan is a step-by-step series of prioritized activities that focus on how to communicate with the target market. The plan is derived from this strategy is the most effective approach with which to reach customers; requires the least amount of education about the product or service; finds customers with the least amount of effort; and identifies those customers who will buy at a good price in the shortest period of time. The marketing message must be included in every part of the marketing plan.

7. Develop, Implement, and Follow a Business Plan

The primary purpose of a business plan is to provide a blueprint the manufacturer will follow to reach positive cash flow. The business plan includes the marketing and strategic plans. The business plan's secondary purpose is to provide enough information to potential investors to demonstrate how a company will get a product or service to market and why it will be successful.

Investors rely on the statements made in the business plan to judge whether a company has something of value and if management has the capacity to launch a product. The schedule of activities and budgets act as promises of action made by the company to the investor(s). If timely progress is not made toward achieving the proposed schedule and budget, investors may begin to doubt the company's management and planning capabilities, and market understanding.