What are Your Products and Services?

Probably the best business start up advice I can give you is – clearly define your products and services! Regardless of the type of business you are starting, you must have products and services that someone is willing to buy. In this section we will: Do a quick review of some of the concepts we discussed in the business ideas section because it leads right into defining your products and services. Provide small business tips on how to transition from ideas and trends to defining actual products and services that others will want to buy. Provide business start up advice that I and others have used to identify target markets for our products and services. Offer small business tips to help you perform the research phase of defining your products and services and finalizing your overall business concept. Share our business start up advice on initial pricing strategies for your products and services.

Business Ideas Review: As I said when we were discussing business ideas, I truly believe our best ideas are hidden within us! We just have to get them out of our heads and hearts. They are the things we are most interested in and passionate about. It may be something we have been doing as a hobby and now want to turn into a viable part-time or full-time business. It may be something we have developed throughout our careers or studied in school. For the paying of impuestos en andorra, you should have complete information about online business. The studying and training is available in the expert advice to get the growth and development at the platform. The running of the smooth business is possible with the paying of taxes. 

Don’t select products and services to sale for the wrong reasons and motives. What do I consider to be wrong reasons and motives? Fast money, easy money, a potential of a lot of money! I am not saying money is bad. Not at all. If you are not making money, you should not be in business. For-profit and non-profit companies need to make money. What I am saying is that if you lead with the money and make it your sole purpose for starting a business, your decisions will be motivated by money first. I strongly recommend that you do good work, provide quality products and services, take exceptional care of your customers and clients and the money will follow. I am sure we can all think of companies who have led with money and their decisions reflect their motives. It may show in poor workmanship, or cutting corners on materials and parts.

It may reflect on their customer service and accounts receivable tactics. It may even show in their accounting practices and unethical reporting. Bottom-line, it will ultimately come to light! If you are going to buy a business or a franchise, choose the one that has products and services that you will be excited about offering to your customers or clients! It is hard to get excited about something that you have no knowledge of or interest in. Think it will easy to sale products that you really like. Not necessarily so! Even if it is easy to sale the products there may be other issues. You must make wise decisions. As an example – if you want to buy Grandma Hazel’s Fudge Emporium because you love fudge, that’s great! You could be your own best customer, but maybe your worst employee since you may be eating a lot the inventory.

Of course, that will certainly reduce your profits. You must do the research to make sure that loving to eat fudge is not your only reason for buying the business. Business Start up Advice for Defining Your Products and Services Know Your Products and Services: Download our tutorial that will help you clearly define your products and services. Know Your Products and Services Strategic Benefit: This includes understanding the stage of product life cycle your products and services are currently in and what their most likely future position will be. Know Your Target Market: Who are your mostly likely customers or clients? Download our free guide to help in this area. It’s time to do some serious research! There is loads of information on the internet if you know where to look.

We’ll share some of the great sites we have all used to do our research. We can’t go any further without sharing business start up advice we have taken advantage of related to pricing strategies. There are several things to consider depending on if you are pricing a product or a service. The one thing I and others have learned is that this is an area that you need to constantly review. You cannot set your prices one time and keep them there forever without continuing to look at your competitors’ pricing, the environment you are operating in and the economy. What is your target market willing to pay based on the industry you are in? Who are your competitors? Download our template to define who your competitors are and how their products and services compare to yours. Do you have a unique selling position? If so, what is it? How will you test the market? Will you need to develop prototype products first? Can you pilot your services in a small segment of your target market?

After you have completed the work to define your products and services, understand your competitors and test the market – it is now time to use all of the results to re-evaluate if you are considering the right products and services, for the right target market, at the right prices. Our last business start up advice in this area is to make sure the products and services you ultimately select for your business have the “Right Fit” for you.