Checklist to start a new company - Steps to start a small business - Phase 2 - Unique Value

Next on the checklist for starting a business is defining the unique value offered. If you have done your homework properly, it should be easy to define the unique products. Great entrepreneurs build a line of products based on research of what people want or need. Do not come up with random ideas and then assuming everyone will love. See Shark Tank. It is amusing to see an idea flounder because consumers do not really want.

I recently worked with a customer on their product line. They started with a good idea and turned it into a great idea while they were attentive to their market research. Slowly perfected their product line to satisfy the wishes and needs of consumers. There have been several 'Aha' moments for the customer, as they have discovered the unique benefits. Finally, establishing the right product line has given her more confidence in the long-term financial as methodically demonstrated that consumers want and need their products. Betcha want to know what it is, right? Well here it is ... changing world, their products are ... wait. Wait, someone is at the door.

Ok, I'm back and I would only say that I now have a freezer full of meat. Let's see, where was I? Oh yeah, checklist for starting a new business pitch 2, which establishes the unique line of products.

1. Position Statement - Start with writing your stance. Most call this your elevator speech. Must be less than 50 words and have an emphasis on the benefits. Who are you and what do you do? Then practice on people! Doing this exercise can be therapeutic, which allows you to hear the interest in your product or service. I often times go into a tall building that has a high use of the lift traffic of people who hate their work and practice telling them my positioning statement. Do not wait for them to ask, I just start talking about knowing that only about 30 seconds for their intrigues. Then I pass out cookies. And do you know? I really make a good impression on some of em, mostly security guards.

2. Product description including pricing - Next describe the product in detail including pricing. Your price depends on 3 key variables, costs, profit expectations and volume. So where to start? It's actually a bit 'like chicken or the egg dilemma. What comes first? Prices, costs, profits, or volume? So, you can set the price first, and then build the product? Or do you build the first product and then set the price? Or do you set your expectations of profit and then set the price? I can think of about 50 questions like this. Enough to make your head spin! You can change this much before finding the right balance.

That's all for Phase 2 Offer Unique Value on your checklist for starting a new business. See you in the elevator! ......