I am currently going through Seth’s course on Skillshare, The New Business Toolbox – Help Your New Business Do It Right The First Time [aff link – use it to save $10 on the course] and one of the materials on the course resonated so well with me that I thought I would post it up on the wall above my working space, if my working space wasn’t already cluttered enough. I digress. He speaks about a few questions to ask yourself in the planning phase while you are trying to come up with a business model for your small to medium business. Better still, if you are looking for opportunities to improve, or turn your business around. These questions will guide your decision making as to different ways you can position your product or service and add more value so your potential customers are willing to pay more for it.
- Who is it for?
- What does this group (or market) believe?
- Have they bought a solution like this before?
- Do they know about you?
- Do they trust you?
- Are people paying with cash, attention or connection?
- Are you connecting one customer to another?
- Are you connecting one customer to your solution?
- Are you connecting one kind of customer to another?
- What job is your customer hiring your product or service to do?
- If this catches on, why won’t cheaper competitors be able to steal your market?
- What’s the hard part?
- What’s scarce?
- Does your offering become more valuable as more people use it?
- How much does it cost to make a sale?
- What is the lifetime value of a customer?
- Can you make what you make significantly more cheaply?
- Can you make what you make significantly faster?
- Can you add more value to what you make?
- When can you ship (if you have to deliver a final product)?
Image Credit – Lera Blog