Ten questions for new small business owners

So, you’ve done everything above. Now, can you answer the following ten questions? If not you still have a little more work to do before deciding whether the business idea you have will actually have a chance of being successful.

1. Do people need what you are planning to sell?

2. Can you clearly identify the people, or companies that may buy your product? That is,
do you know who they are?

3. Is the market big enough?

4. Do you know how you are going to reach potential buyers?

5. How much will it cost to reach the market and can you afford it, given your profit margin?

6. Do you know who your competitors are, and are they servicing the market need well enough?

7. Do you fully understand your competitors’ strengths and weaknesses?

8. Is your unique selling proposition strong enough to allow you take a share of the market away from the competition?

9. Do you know what price the market will bear?

10. Can you make a large enough profit, based on the information you get from your market research?

Read more ...

Having a USP for your business

Whatever business you decide to launch, it needs to stand out from the competition. If your business is identical to your competition, then you will be forced to compete on price alone, and that can be a tough fight if they are well established and you
are fighting for market share.

That’s where discovering, or creating your USP (Unique Selling Proposition) is a vital component of your start-up strategic planning. It’s tough to make a go of a new business and establish yourself, but it’s a whole lot tougher if there is nothing to set you
apart from the crowd.

A USP is something that makes you special in the eyes of your customers.For example Bikini Car Wash at Spennah Beach.This gives it a unique marketing edge over its competitors in the market. What you are doing when you create a USP for your company is positioning yourself, it’s a strategic activity and allows you to advertise and promote
your business with a unique message. USPs need to be specific, and are far more than
just words - they are more of a philosophy that underpins your business. It’s not about being the best – it’s about being different

Read more ...