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5 Questions You Need To Answer

For small businesses it is essential to be able to answer these questions in order to utilize your resources in the best way possible.

WHAT is your service/product? What about it is unique? For example, say you sold toy figures for movies using 3D modeling and with special licensing & access to the actors.

WHO is your Target Audience? Who is your Ideal Customer? Specify as much detail as possible. Multiple types are fine, but focus only only 1 at a time. For the toy figures children are an obvious audience, but there are also collectors.

WHERE can you find your Ideal Clients? Once you know your customer you can find where they “hang out”. For the toy figures, we find collectors subscribe to magazine X & attend special conventions.

WHY should they buy from you over your competitors? Why is your service/product better? Why does it offer a better value? For the toy figures, we would stress the lifelike features & our proprietary access to the actors.

WHEN should you review and analyze your business and strategies? For the toy figures, we would probably review our advertising quarterly and after the convention circuit.

#smallbusiness #entrepreneur #startups #management

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