Dive Into a New Product Category

Ashton Harrison, president and co-owner of lighting supplies catalog Shades Of Light, Richmond, Va., offers this suggestion: “Go with your best buyer’s gut feel. [Then] research the field. Find an expert and hire that person as a consultant to hold your hand through product development.”

Next, decide what competitive advantage you can offer. “This is the most critical factor for success,” she notes. “Define your focus, and stick with it.” That’s how Harrison took her business from just lighting products to launching two new catalogs: Rugs Under Foot, started in 2002, and Curtains on Call, launched in 2003.