Launching a new product requires a clear understanding of your target market and your competition so before introducing a new product into the marketplace, prepare a SWOT analysis-- a chart outlining the strengths, weaknesses, opportunities and threats facing your product/business model.

If you haven't tested the product in the market then that should be a next step. Set up shop at a local fair or farmer's market, rent space in a mall and hand out samples. Bring surveys along with you for testers to fill out and then you have more substantial data to support your market research.

Don't forget to give them information about the product and links to more information about the product-- via a website, for example (very important) - and how to purchase the product. Business cards or a brochure work best!

Once you've had a chance to get a feel for market adoption, then formulate the business plan, gather your funds and take all necessary steps in registering the business (GST/HST number, business name, business number). Launch away and best of luck!