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One problem that many small business owners run into is simply thinking too small. I often have readers writing to me asking for helping getting t

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

heir business ideas off the ground. I also often hear from folks who have run their small businesses into the ground. There are five key areas whe

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

e you can think too small -- and doom your business to failure.

Niche Too Small

Is your niche too small? Finding a small market to target with y

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

ur business is key to success, but sometimes people narrow their niche too much. While doggy dental products could be a wonderful niche (as almost

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

any dog owner can attest) you could even narrow your focus down to a certain type of dog (such as lap dogs) but going for one specific breed would

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

be taking it too far.

Target Market Too Small

Is your target market too small? If you are looking only at one community or small geographic regi

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

on then you may well doom your product to failure. It is far too easy to saturate a small market and it is far too easy for any marketing mistakes

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

to end your campaign before it gets off the ground. In today's economy with the availability of global marketing you need to think big when you ar

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

planning your target market.

Budget Too Small

Is your budget too small? You don't need a million dollar advertising budget but you should have

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

ome seed money to get your business and its marketing campaign off the ground. It is possible to build a business from nothing but it is also a lo

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

more difficult and you might find yourself making some mistakes that cost you a lot more down the road than putting a little money up front.

Sch

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

edule Too Small

Is your schedule too small? Do you have enough time to devote to your business? Starting, running, and growing a business takes

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

ime. Some people get swept up in the planning and dreaming stages and never really start their business. Other people start before they have compl

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

tely planned everything out and quickly get mired down by unexpected difficulties. While others do everything right in the planning and startup bu

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

once the business is running they get overwhelmed by day-to-day business and never think aobut ways to improve and grow their business.

Mind Too

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

Small

Is your mind too small? You need to open up your mind's eye to continually seek new opportunities to find new customers, to find new potent

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

ial partners, to find new ideas for products, and to find new opportunities for marketing. Flexibility and adaptability are key to surival in toda

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

's business climate and you always need to have new ideas cooking to grow and expand your market and your business. This means raising your head u

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

out of the trenches once in a while. Yes, you might need to dodge the occasional missile lobbed your way but this is the only way to see those op

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

ortunities heading your way.

If you do your best to avoid these five not-so-small mistakes then you will be on your way to small business success

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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What's the dividing line in your business? Let's focus on the importance of setting boundaries in our business, particularly for the solo pro, or risk being overpowered by the very thing we love most.

Face it…you know you’ve got to do something to keep a steady stream of clients coming to your professional service firm. But when it comes to the m-word (marketing), you’d rather not. Do any of these statements sound familiar?

In customer service complaints are key to improving sales, retention and loyalty. A complainer is doing a favor by providing invaluable, often real-time feedback on what isn't working in your business or your relationship with them.

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