You come up with a great idea that you turn into a product: a new gadget, a special dish, a new way of providing a service. From there, you launch a business that begins to thrive. But as your business grows, you find yourself wrestling with a question many entrepreneurs eventually face: Is it time to introduce a second product or product line?

Growing your business with a new offering can be one of the most exciting decisions you’ll make as a business owner. It can also be one of the toughest and most complicated.

Rolling out a new product could be a game-changer for your company, creating new revenue streams and raising your company profile. But it could also be a risky move that might derail your growth.

...