| Next on the checklist for starting a new business is | | | | be less than 50 words and have an emphasis on |
| defining your Unique Value Offering. If you've done | | | | benefits. Who are you and what do you do? Then |
| your homework correctly, or have an | | | | practice it on people! Doing this exercise can be |
| mba degree online it should be easy to define your | | | | therapeutic allowing you to feel out the interest in your |
| Unique Products. Great entrepreneurs build a product | | | | product or service. I will often times go to a tall building |
| line based on researching what people want or need. | | | | that has high traffic elevator usage of people who |
| Not coming up with random ideas and then assuming | | | | hate their jobs and practice telling them my positioning |
| everyone will love it. See Shark Tank. Not fun to see | | | | statement. I don't wait for them to ask, I just start |
| an idea flounder because consumers really don't want | | | | talking knowing I only have about 30 seconds to |
| it. | | | | intrigue them. Then I pass out cookies. And ya know? I |
| Recently I worked with a client on their product line. | | | | really make an impression on a few of em, mostly the |
| They started with a good idea and turned it into a | | | | security guards. |
| great idea as they looked to their market research. | | | | 2. Product Description including Pricing - Next describe |
| They slowly fine tuned their product line to match | | | | your product in detail including pricing. Your pricing is |
| consumer wants and needs. There were several 'aha' | | | | dependent on 3 key variables; Costs, Profit |
| moments for the client as they discovered their unique | | | | Expectations, and Volume. So where to begin? It is |
| advantages. In the end, establishing the right product | | | | actually a lot like the chicken or the egg dilemma. |
| line has given them more long term financial security, | | | | Which comes first? Price, Costs, Profits, or Volume? |
| because they methodically proved that consumers | | | | So do you set the price first, and then build the |
| want and need their products. Betcha wanna know | | | | product? Or Do you build the product first and then set |
| what it is, right? Well here it is...their world changing | | | | the price? Or do you set your profit expectations first |
| products are...wait. Hold on, someone's at the door. | | | | and then set your price? I can think of about 50 more |
| Ok, I'm back and let me just say I now have a freezer | | | | questions like this one. Enough to make your head spin! |
| full of meat. Let's see, where was I? Oh yeah, | | | | You will tweak this one A LOT before you find the |
| checklist for starting a new business step 2 | | | | right equilibrium. |
| establishing your Unique Product Line. | | | | That's it for step 2 Unique Value Offering on your |
| 1. Position Statement - Start with writing your position | | | | checklist for starting a new business. See you in the |
| statement. Most call this your elevator speech. Should | | | | elevators! |