3 tips to define a realistic project budget From Product Idea to a Thriving Business

When preparing for the selection of new product ideas, one thing you need to know is how big the investment into this new product development is going to be.

Making money on a new product is one of the key parameters in the decision to start a new product development.

The required investment money you need, to realise your new product idea, is needed to calculate the profit and the pay back time.

As nothing is for free in life, there are many items which need to be taken into account when defining the project budget. The risk of forgetting lots of small items is definitely there in the busy lives of business owners, product & project managers :-).

If you recognize yourself, you might want to take a peek at my Project Budget Planner.

I have 3 tips for you to help you define a realistic project budget.

1. Check predecessor products.

2. Organise a brainstorm meeting.

3. Follow-up and adjust the budget.



If you like to read about this topic, you can head over to my blog post.

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