Most people just want to get on with setting up their business. They keep their head down in an attempt to progress quickly. Be careful that you do not fall into this trap. Keep your head up: don’t be afraid to spend time thinking about the future of your business. This helps you work out exactly what you need to do in order to move your business forward.
The more you are able to visualise your future business, the better!
If you intend to write a formal business plan, the information from this chapter can be included in the Vision section of your plan.
3. Products and Services
By this stage you will have an idea of what you intend to sell. Now it’s time to think about your business offering in more detail. You need to explore exactly what products and services you want to develop for your customers.
When you are working out your business offering, it is useful for you to ask yourself open-ended questions such as “who?”, “what?”, “where?”, “why?”, “how?”, “when?”. This type of questioning can encourage you to develop your ideas further, and will help you to better understand your products and services.
Whilst the question below may seem straightforward, it is an important question to ask yourself. Only once you have determined what you intend to sell, and the reasons why you have decided on those particular products and services, can you then start to communicate clearly about your business.
What specific products and/or services will your business sell and why?
My business will sell . . .
. . . . . .
. . . . . .
. . . . . .
because . . .
. . . . . .
. . . . . .
. . . . . .
It is never too early to think about the future of your business. Whilst some ideas for new products and services will only come once you are up and running and have a greater understanding of your customers’ needs, you may already be able to think about products and services which can be sold some way down the line.
If you do not yet have any ideas for such future products, a simple way to generate ideas is to think about what existing products and services you could offer to new groups of customers, as well as what new products and services you could offer to existing customers. And then there are entirely new products for both groups.
What other products and/or services could your business develop and offer in the future?
In the future, my business could develop and offer . . .
. . . . . .
. . . . . .
. . . . . .
Customer service is often underestimated by businesses. Neglecting it, however, sends a message to your customers that you take them for granted. Do not ever fall into that trap. Consider customer service as an extended part of your products or services. Remember that customers can be your best sales team. It is important to treat them well.
When thinking about your customer service, consider how the customer experiences your business – from their point of view. What would make their experience better? Offering a high quality customer service does not have to be costly. Often, it can be the little touches that count.
Great customer service can help you differentiate yourself from your competitors. So, it is worth spending some time thinking about what you could do to ensure your customers have an enjoyable experience buying and using your products and services.
What customer service will your business provide?
My business will provide . . .
. . . . . .
. . . . . .
. . . . . .
At this stage, you should have a better idea about what your products and services are. Whatever you intend to sell, it is worth spending some time thinking about how you can protect your products and services so that you can stop your competitors from copying you. Consider the products and services which you have developed (also known as your intellectual property) as assets which you can protect.
There are many different ways in which you can protect your intellectual property. It really depends on what your products and services are.
Intellectual property protection includes, but is not limited to copyright, registered and unregistered trademarks, registered and unregistered design rights, and patents. The Intellectual Property Office (www.ipo.gov.uk) is the UK’s official government body responsible for granting intellectual property rights. It’s a good idea to visit their informative website before deciding how you can best protect your own intellectual property.
Remember that if the costs of protecting your ideas are too high, or being the first to market is important for your business, then you could alternatively keep your design, formulae or methods a trade secret – like Coca-Cola has done with its recipe.
In terms of intellectual property protection, what measures can you take to deter competitors from copying you?
I will protect my business by . . .
. . . . . .
. . . . . .
. . . . . .
Summary
Some people may be tempted to jump the step we’ve gone through in this chapter. They may not see the value of time spent thinking through the details of their products and services. But do not underestimate the importance of developing your ideas.
If you do not have a clear idea about what you are selling, then you will not be able to communicate your offering effectively to your customers. Once you have worked out what you intend to sell, you are able to take the next step and identify how your products and services benefit your customers. You will also be able to pinpoint what makes you unique in comparison to your competitors. This is the beginning of successfully finding a market for your offerings.
Information you gather from this chapter should go into the Vision section of your business plan template.
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