diff --git a/Fakes/Fakes/Products/ProductFactory.swift b/Fakes/Fakes/Products/ProductFactory.swift
index 64df5917ad9..097a6d74665 100644
--- a/Fakes/Fakes/Products/ProductFactory.swift
+++ b/Fakes/Fakes/Products/ProductFactory.swift
@@ -24,7 +24,8 @@ public enum ProductFactory {
     /// Returns a fake product filled with data can be edited by the merchants
     ///
     public static func productWithEditableDataFilled() -> Product {
-        Product.fake().copy(name: "name",
+        Product.fake().copy(productID: 123,
+                            name: "name",
                             dateOnSaleStart: Date(),
                             dateOnSaleEnd: Date(),
                             fullDescription: "description",
diff --git a/WooCommerce/Classes/ViewRelated/Products/Edit Product/EditableProductModel.swift b/WooCommerce/Classes/ViewRelated/Products/Edit Product/EditableProductModel.swift
index b94d3f13491..efa3e69d0be 100644
--- a/WooCommerce/Classes/ViewRelated/Products/Edit Product/EditableProductModel.swift	
+++ b/WooCommerce/Classes/ViewRelated/Products/Edit Product/EditableProductModel.swift	
@@ -181,6 +181,20 @@ extension EditableProductModel: ProductFormDataModel, TaxClassRequestable {
     var existsRemotely: Bool {
         product.existsRemotely
     }
+
+    /// Helper to determine if a product model is empty.
+    /// We consider it as empty if its underlying product matches the `ProductFactory.createNewProduct` output.
+    /// Additionally we don't take dates into consideration as we don't control their value when creating a product.
+    ///
+    func isEmpty() -> Bool {
+        guard let emptyProduct = ProductFactory().createNewProduct(type: productType, isVirtual: virtual, siteID: siteID) else {
+            return false
+        }
+
+        let commonDate = Date()
+        return emptyProduct.copy(date: commonDate, dateCreated: commonDate, dateModified: commonDate, dateOnSaleStart: commonDate, dateOnSaleEnd: commonDate) ==
+               product.copy(date: commonDate, dateCreated: commonDate, dateModified: commonDate, dateOnSaleStart: commonDate, dateOnSaleEnd: commonDate)
+    }
 }
 
 extension EditableProductModel: Equatable {
diff --git a/WooCommerce/Classes/ViewRelated/Products/Edit Product/ProductFormViewModel.swift b/WooCommerce/Classes/ViewRelated/Products/Edit Product/ProductFormViewModel.swift
index d8730d16de1..52ffb0daf7c 100644
--- a/WooCommerce/Classes/ViewRelated/Products/Edit Product/ProductFormViewModel.swift	
+++ b/WooCommerce/Classes/ViewRelated/Products/Edit Product/ProductFormViewModel.swift	
@@ -221,7 +221,7 @@ final class ProductFormViewModel: ProductFormViewModelProtocol {
                                                   productOrVariationID: .product(id: product.productID),
                                                   isLocalID: !product.existsRemotely),
                                        originalImages: originalProduct.images)
-        return hasProductChangesExcludingImages || hasImageChanges || password != originalPassword
+        return hasProductChangesExcludingImages || hasImageChanges || password != originalPassword || isNewTemplateProduct()
     }
 }
 
@@ -620,6 +620,15 @@ private extension ProductFormViewModel {
 
         return controller
     }
+
+    /// Helper to determine if the added/editted product comes as a new template product.
+    /// We assume that a new template product is a product that:
+    ///  - Doesn't have an `id` - has not been saved remotely
+    ///  - Is not empty.
+    ///
+    private func isNewTemplateProduct() -> Bool {
+        originalProduct.productID == .zero && !originalProduct.isEmpty()
+    }
 }
 
 // MARK: Beta feature handling
diff --git a/WooCommerce/Classes/ViewRelated/Products/Edit Product/ProductFormViewModelProtocol.swift b/WooCommerce/Classes/ViewRelated/Products/Edit Product/ProductFormViewModelProtocol.swift
index 8db690e950f..13dc19b0b48 100644
--- a/WooCommerce/Classes/ViewRelated/Products/Edit Product/ProductFormViewModelProtocol.swift	
+++ b/WooCommerce/Classes/ViewRelated/Products/Edit Product/ProductFormViewModelProtocol.swift	
@@ -185,6 +185,11 @@ extension ProductFormViewModelProtocol {
     /// Returns `false` when it's a new blank product without any changes.
     ///
     func shouldEnablePreviewButton() -> Bool {
-        !(formType == .add && !hasUnsavedChanges())
+        switch formType {
+        case .add:
+            return hasUnsavedChanges()
+        case .edit, .readonly:
+            return true
+        }
     }
 }
diff --git a/WooCommerce/WooCommerceTests/ViewRelated/Products/Edit Product/ProductFormViewModel+ObservablesTests.swift b/WooCommerce/WooCommerceTests/ViewRelated/Products/Edit Product/ProductFormViewModel+ObservablesTests.swift
index 3381e605f8b..27f750cc3ea 100644
--- a/WooCommerce/WooCommerceTests/ViewRelated/Products/Edit Product/ProductFormViewModel+ObservablesTests.swift	
+++ b/WooCommerce/WooCommerceTests/ViewRelated/Products/Edit Product/ProductFormViewModel+ObservablesTests.swift	
@@ -159,7 +159,7 @@ final class ProductFormViewModel_ObservablesTests: XCTestCase {
 
     func testObservablesFromUpdatingProductPasswordRemotely() {
         // Arrange
-        let product = Product.fake()
+        let product = Product.fake().copy(productID: 123)
         let model = EditableProductModel(product: product)
         let productImageActionHandler = ProductImageActionHandler(siteID: defaultSiteID, product: model)
         let viewModel = ProductFormViewModel(product: model,
diff --git a/WooCommerce/WooCommerceTests/ViewRelated/Products/Edit Product/ProductFormViewModelTests.swift b/WooCommerce/WooCommerceTests/ViewRelated/Products/Edit Product/ProductFormViewModelTests.swift
index c3aa2d2eba0..e0500734386 100644
--- a/WooCommerce/WooCommerceTests/ViewRelated/Products/Edit Product/ProductFormViewModelTests.swift	
+++ b/WooCommerce/WooCommerceTests/ViewRelated/Products/Edit Product/ProductFormViewModelTests.swift	
@@ -542,11 +542,11 @@ final class ProductFormViewModelTests: XCTestCase {
 
     // MARK: Preview button tests (with enabled Product Onboarding feature flag)
 
-    func test_disabled_preview_button_for_new_blank_product_without_any_changes() {
+    func test_disabled_preview_button_for_new_blank_product_without_any_changes() throws {
         // Given
         sessionManager.defaultSite = Site.fake().copy(frameNonce: "abc123")
 
-        let product = Product.fake().copy(statusKey: ProductStatus.published.rawValue)
+        let product = try XCTUnwrap(ProductFactory().createNewProduct(type: .simple, isVirtual: false, siteID: 123))
         let viewModel = createViewModel(product: product,
                                         formType: .add,
                                         stores: stores,
@@ -560,6 +560,25 @@ final class ProductFormViewModelTests: XCTestCase {
         XCTAssertFalse(viewModel.shouldEnablePreviewButton())
     }
 
+    func test_enabled_preview_button_for_new_template_product() throws {
+        // Given
+        sessionManager.defaultSite = Site.fake().copy(frameNonce: "abc123")
+
+        // Adding some value to simulate a template product
+        let product = try XCTUnwrap(ProductFactory().createNewProduct(type: .simple, isVirtual: false, siteID: 123)?.copy(price: "10.00"))
+        let viewModel = createViewModel(product: product,
+                                        formType: .add,
+                                        stores: stores,
+                                        featureFlagService: MockFeatureFlagService(isProductsOnboardingEnabled: true))
+
+        // When
+        let actionButtons = viewModel.actionButtons
+
+        // Then
+        XCTAssertEqual(actionButtons, [.preview, .publish, .more])
+        XCTAssertTrue(viewModel.shouldEnablePreviewButton())
+    }
+
     func test_enabled_preview_button_for_new_product_with_pending_changes() {
         // Given
         sessionManager.defaultSite = Site.fake().copy(frameNonce: "abc123")