BUSINESS ANALYSIS
(Step 1: Business Concept)
Look at your community, the area in the city, the new mall or the local market. You are probably able to buy whatever product or service you like.
So why start a new business when you can already buy everything?
You have to do better
Because you can do better - hopefully. You have to ask yourself: “In what way is my product or service better than the ones already available?”
The differences can be small but crucial. E.g.:
Your family can supply you with fresh shrimps
Few have the computer skills you have
Your stand is very close to a bus station
Your cousin has studied in Europe and has contact with a European businessman
Your education gives you new knowledge to perform better
Your personality will give your customers a good feeling so they purchase more
You have, over the last 10 years, become friends with important purchasing agents
Unique Selling Point
The business term Unique Selling Point or USP means "In what way is my product or service better than the one already available?" If you find your USP you should use it as your best argument why the customer should buy your product.
Look at your community, the area in the city, the new mall or the local market. You are probably able to buy whatever product or service you like.
So why start a new business when you can already buy everything?
You have to do better
Because you can do better - hopefully. You have to ask yourself: “In what way is my product or service better than the ones already available?”
The differences can be small but crucial. E.g.:
Your family can supply you with fresh shrimps
Few have the computer skills you have
Your stand is very close to a bus station
Your cousin has studied in Europe and has contact with a European businessman
Your education gives you new knowledge to perform better
Your personality will give your customers a good feeling so they purchase more
You have, over the last 10 years, become friends with important purchasing agents
Unique Selling Point
The business term Unique Selling Point or USP means "In what way is my product or service better than the one already available?" If you find your USP you should use it as your best argument why the customer should buy your product.
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