LTB Series Blog 16: Proof of Concept (part 2)

Last week we started with an idea called a proof of concept. Our main focus was answering the question: What is the objective or vision of your proof of concept?

We will continue in a similar fashion today on focusing on a description of what you will offer in order to make a success of your business. Firstly, you need to create a list of products and/or services. At this point I assume you have already done your research in terms of a target market, location, etc. The most important thing to remember here is that you should write this list first and foremost for YOURSELF. It is imperative that you understand it first. At a later point in time you can compile it into a document for other people’s comprehension.

It will be invaluable to organise these services in terms of demand products and impulse products. As clearly outlined in a previous blog, demand products are what clients need now and specifically contact you in order to gain. Impulse products are the rest of the products/services that clients utilise after receiving their demand products.

Remember there is a rhythm in business. Some products might be in demand one day and the next day is an impulse buy. You know your industry best, but try to discern between these two types of products/services in your list. This will be directly linked to your marketing plans and strategies at a later stage.

When creating a list of products and services you need to be sure that each and every one of them is profitable. This brings us to pricing. It is of utmost importance that proper research is completed before a product is added to the list. Here I would like to mention a relevant ethical business principal: different prices for different individual may be unethical. It is one thing to give a better price if someone buys in bulk, is a student or an elder, but always be sure to charge what is fair. Outrageous prices could cause others and even yourself to grow cynical regarding your business. In order for your prices never to be doubted by the masses, do proper market research on this topic. Charging what is fair makes business simple. Simplicity brings with it faith and favour.

A list of products and services with pricing is an essential part of a proof of concept and in the end will help you complete a business plan that is useful and effective. A business plan which could very well lead to a new and prosperous beginning not just for yourself but for everyone who opts to sieze the opportunities of your business.

By | 2018-04-26T10:46:23+00:00 March 29th, 2018|Let's Talk Business, LTB Blogs|

About the Author:

SUBSCRIBE NOW!

Subscribe to our newsletter to receive the

latest news and blogs.

Thank you for sending!