2.0 Business Description
How to Start a Business >> Each section contains key Action Items located within the downloadable Action Guide >> Click to Download Action Guide.
Now is the time to begin thinking about your product or service from a customer’s perspective.
You want to create your product or service’s “Value Proposition” and describe the features and benefits for the customer. Start simple by identifying your product or service, so that it provides a “compelling value proposition” to the customer. Think about how and why your new product or service is desired by your target market.
You must focus on why your product or service will be valuable to the customer.
Be specific when answering the questions below.
2.1 How would you describe your product or service?
What does your product or service do?
What are the features of your product?
What are the benefits of using or consuming your product?
How does it work?
How will your ideal customer use your product or service?
Is your product or service truly revolutionary?
Can your product be protected by a patent?
Does your product or service have a companion product or service?
Does your product utilize special components, ingredients, formulas, etc.?
Does your service require special skills?
ACTION ITEMS: Complete the Action Items in your Action Guide.
DESCRIBE your product or service in one paragraph.
2.2 Does your product or service solve a problem or create an opportunity?
How will your product or service help the customer?
Does your product or service offer a new solution to an old problem?
Can your product be combined with other products?
Does your service create a unique new market opportunity?
Is your product or service designed with proprietary information?
Will your product or service receive notoriety in the press?
ACTION ITEMS: Complete the Action Items in your Action Guide.
DESCRIBE how your product or service solves a problem or creates an opportunity.
2.3 Why will customers want to purchase your product or service?
What features would customers want to see in your new product or service?
What value does the service provide to your customers?
Will it simplify the lives of your customers?
Will it give customers more time in their day?
Will it make your customers more productive?
Will your service provide “piece of mind” for your customers?
Will your service bring a smile to your customers?
Will your service help customers with their business?
Will your product save your customer money?
Will your product save your customer money over buying another product?
ACTION ITEMS: Complete the Action Items in your Action Guide.
DESCRIBE why customers will want to purchase your product or service.
2.4 Describe your ideal customer and where you will find them.
Can you find your customers?
Where do they exist?
Are they hard to find?
Is your market filled with unlimited customers?
Are there very few of your perfect customers?
What does your ideal customer do?
Where does your ideal customer live?
Where does your ideal customer spend their day?
Where does your ideal customer work?
Where does your ideal customer shop?
Where does your ideal customer play?
Where can you find your ideal customer?
Does your ideal customer spend time on the Internet?
Does your ideal customer read the newspaper?
Does your ideal customer frequent local establishments?
Where would you find your ideal customer?
ACTION ITEMS: Complete the Action Items in your Action Guide.
DESCRIBE your ideal customer.
DESCRIBE several examples of where you will find your ideal customer.
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2.5 Describe your product or service in three words.
How would you best describe your product or service in a precise manner?
What would you type in Google or Yahoo’s search field to find your product or service?
If you had five seconds to describe your product, what would you say?
Is there a certain industry that could be included in your description?
ACTION ITEMS: Complete the Action Items in your Action Guide.
DESCRIBE your product or service in three to five words.
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