Basics and Products

Feasibility Questions
Some questions to be answered are:

  • Will the proposed business work?
  • Will the proposed business make a profit?
  • Will the proposed products and services offered be in demand?
  • Will your customers be prepared to pay the prices you are seeking?
  • Will the business be able to sustain its operation in the light of other competitors?
  • Will the business give you satisfaction, as well as profit?
  • Will the business affect your relationship with family and friends?
  • Will the business affect your health?
  • Will the business give you the satisfaction of being your own boss?

What is Your Firm’s USP?

The acronym USP (Unique Selling Proposition) is one that crops up time and time again in the marketing world. It basically means your uniqueness or that special ‘thing’ that your product or service has.

"Spend the time to work out exactly what your business's USP is ..."

It answers the questions of why someone should do business with you rather than with their competitors. Many business owners have enough trouble defining what their company actually does and don’t spend the time to work out what the unique selling proposition could be.

They need to know their USP in order to potential customers that they are the ones to deal with rather than other companies.

Professionalism Still Most Important
Your USP is important, but at the end, to succeed in business you still have to operate professionally and give good value to your customers. Sometimes you need to establish an edge to bring you the attention of your customers back to your business and to the products that you supply.