Business, Marketing

Five things to think through when starting a business.

Have you been wanting to start a small business but aren’t sure what to offer yet? Maybe you have an idea that’s keeping you up at night but you aren’t sure if it’s a good idea or not.

When it comes to what you’re offering your customers there are two routes you can go, either goods or services. What both of these have in common is that they have to provide a usefulness for your customer otherwise known as utility.

Clearly,  you want to provide something that people need and will pay you for! As you’re in the beginning stages and thinking through your business and the details, here are 5 things to think through the utility of your product or service.

  1. Form. What is the difference between you and your competitor? How is your product or service more useful than the other guy’s product or service? Highlight this when you talk about your business!
  2. Time. When can the customer get the product or service? Will it be available all the time as a download or will someone have to wait for you to custom make the product? Will you be able to get your product or service to a customer when they need it? If you’re a service based business, what is your turnaround time?
  3. Place. Where will you sell your product? Online? Stores? Wholesale? You want your product or service to be easily accessible to your target market.
  4. Possession. How you will get your product to your customer? Shipping can be a bear and getting the logistics down may not be easy. Will you be able to get the item to your customer?
  5. Psychological. When your customer gets their product or the service is rendered, will the customer feel like they’ve been treated fairly and are satisfied with the quality they’ve been given? Maybe part of the proceeds go to a non-profit or a cause that you and your ideal customer are really passionate about.

The world needs the product or service that you have to offer. Don’t be discouraged if you don’t have all the answers right away. Take some time and think through them to create a strong foundation for when you welcome your first customer.

One more thing, I would love if you would follow me on social media! My Instagram account is @dac_balance_llc and my Facebook page is DAC Balance, LLC. Stop by and say hello!

-Lydia

 

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