Category: Business plan

Just WHO is your Competition?

The first step of the competitive analysis is to determine who is your local competition whether offline or online.  This can be done quite simply by driving around and observing and by searching through a telephone directory or searching in Google for similar businesses.

The main question will be one of range and determining just how far customers are prepared to travel to obtain your competitors goods and services. As well as local competitors some businesses also have non-local competitors such as in the form of mail order companies for example.

To analyze the competition, it is necessary to determine what market or market segments they serve and what benefits they offer. It is necessary to determine why customers buy from them and also to gather information about their products and or services, their pricing and promotion.

Gathering information could be done by physically visiting a business or checking their website. Several physical visits to a business will enable a person to determine information about their product and the company’s treatment of customers. Invest in a course or product of your competition to see how they deliver their goods and how is their customer service.

Good sources of information about a company come from the company’s vendors, suppliers and employees. Attending a trade fair where the competitors are exhibiting is another excellent way of gathering information.

Once the information has been gathered it needs to be analyzed. By analyzing what a competitor does offer it is then possible to determine a niche market that can be targeted by offering something that the competitor does not.

The goal of the analysis is to identify and expand your competitive advantage by focusing on the benefits your business can offer that the competitor can’t or won’t offer.

Categories: Business plan

For a Successful Business Have a Clear Plan

When you go on a trip, typically you get out a map or you use GPS to ensure that you get to where you want to go in a relatively uncomplicated manner. You don’t just strike out without any idea of where you’re going or how you’ll get there.
The same thing should be done when you start a business. Map out a plan, starting with the end. Where do you see your business when it’s most successful? How can you ensure that you get there in a reasonable amount of time?

In order to make the plan, ask the following questions:

* Who Are You? – This question really has two parts; one, who are you personally and two, who is your business? How you want the public (and customers) to view you as a business is important, because it can inform how you proceed with every aspect of your business.

* What Do You Offer? – It’s true that you offer something that can easily be named, xyz service or xyz product, but what you really need to answer is what solutions are you providing? Is it freedom? Is it time? Is it something else? If you can answer that, you’ll be able to move your business forward faster.

* Who Is your Customer? – Customer identification is an important part of owning and running a successful business. It doesn’t end once you figure out who your customer is either, because you will need to continue to study them over time. Try creating a customer avatar so that you can look at it and know exactly who you’re doing it for.

* What Differentiates Your Offering? – Usually, someone else is offering something like yours or close to it. But, there is always something that makes yours stand out from anyone else’s. What is that thing? How can you emphasize the thing that makes yours better, different, or special?

* How Will You Deliver It? – It’s important to know the means by which you’ll get your product or service to your audience. Without knowing that, it will be difficult to succeed in your business. Work out these plans in advance.

* How Many Do You Need to Deliver for Success? – One thing many business owners forget to do is figure out how many widgets they need to sell (or hours if you’re in a service business) to break even, and then how many to be successful. When you know this answer, you can break that down to how many a day you need to sell. That then helps inform the rest of your plans.

* What Is Your Timeline to Profitability and Success? – Once you know all the other information, it will be easier to determine how long it will take for you to be successful. Knowing that info you can start from the date you want to show your first dollar profit, going backwards and entering in the actions you need to take each year, month, week, day and even – if you wish – hour of your day.

When you answer these questions seriously, you can easily create a workable daily plan of action. Before you know it, you’ll be successful because you have a clear plan.

Categories: Business plan, Run a Home Business Tags: Tags:

Unique Serving Proposition

 

 

Be the Golden Egg!

Be the Golden Egg!

Stand out from the Crowd!

Be the Golden Egg not the ordinary one!

 Always remember that you are absolutely unique. Just like everyone else.     Margaret Mead                                                                                             

In the fairytale the goose that laid the golden egg was unique as was the gold egg. You want to be the gold egg that people remember because you are “Unique.  

 1. What makes you unique amongst other businesses?

2. How do you serve prospects and customers differently from your competitors? 

3. How are you the solution to your potential customers wants, needs, problems, desires? How can you solve it with your product or service? 

After answering these questions and many more , how can you make a Unique Serving Proposition that is:

Short and sweet, 

Memorable

Emotional

Relevant 

Clear 

Go and download my free ebook and workbook, How to Stand out from the Crowd by subscribing to my newsletter and let’s start brainstorming! 

Feel free to enter your current USP in the Google+ Comments below and let’s get some feedback!