What is a business?
So taking the explanation of money a bit further. We can say that a business is nothing more than a delivery truck for value. In other words, you have a product, or a service to offer so you “get into your business (your delivery truck)” and you are looking to deliver this “value” somewhere to someone in exchange for their money. If you agree with this analogy, let’s now look at what is marketing.
STEP 1: KNOW WHAT YOU INTEND TO DO IN BUSINESS
In entrepreneurship and nascent business development the first step of the ladder is to know what you are going to do and what domain is your business going to follow once it launches in the market. This is not the tedious of all parts but to describe it in its entirety considering all the important points that need to be mentioned in a precise elaborate description is a tall order. Following points should be focused on while shaping a dynamic descriptive excerpt.
1. What will you sell?
This part majorly deals with the explanation of the end product of your business. Starting from the raw materials and the initiating points you will eventually shed some light on the key product that is going to be in the market and is going to be a representative of your business. Secondly, the people who are responsible for the development of this product and the initial business venture are worth mentioning as this develops a more trustworthy relation in business dealings. There are numerous similar products in the market, there should be a feature that makes your product stand out of the crowd and shine itself. Also there should be a particular benefit to the customer who will be buying the product. After this a detailed description of the product including its origin and how it is finally shaped and packaged should be a part of the description. In the last but not least, if there are similar products and services that need to be mentioned should be brought into the spotlight and after sale services should also be discussed.
2. Who will buy?
This part majorly focuses on the sort of customers that you are looking forward to selling your product to. It can be any specific or a general community but you have to pinpoint a specific group as the key audience or as a target customer base. After this the demographics of this target population are to be mentioned and every aspect of individual demographic feature is to be related to the effect on sales of the target product. It will also be a positive point to explain the necessity of the target population that led to the development of the particular product and how it is going to be different and revolutionary and will bring about a change in the lives of potential customers. In the last but not least, the catch point or the salient feature of your product is to be mentioned which is going to make it the product of the choice amongst plethora of other products in the market. Finally, an expansion plan is to be mentioned detailing the sort of customers that you are planning to expand your customer base to and what is going to be your approach in that aspect.
Once you know the Type of Business you want to have, you now have to come up with the description for your business. Briefly describe what your company is all about? The description is made up of the following areas:
WHAT WILL YOU SELL?
Can you explain what your business does?
What is the key offering and who is the person(s) behind the business?
What is your value offering?
What is the key benefit to the customer?
Are you offering a product or service?
Briefly describe the products and services you are offering.
WHO WILL BUY?
Can you explain who your ideal customer is?
Who is target market?
What customers will you go after?
[Write a 300-word article about Marcus Lemonis’ 3-Ps of business: People, Product, Process. You can learn more this concept here and here.] We are trying to say that going forward, the reader should think about all aspects of business as falling into one these three P’s.
Business success is about the three P’s. –Marcus Lemonis
Learn the 3 Ps of Business Before You Enter the Market
Opening a business is one of the amazing goals in life as you become a boss of your own. However, there is one boss that will always lead you and it is ‘Money’. Every business entrepreneur is running after making Money. It is agreed that money is one of the key factors of establishing a business and running it ahead. Chasing money will not suffice your business goals. Multimillion-dollar business owner Marcus Lemonis right stated in one of his teachings; ‘Do not chase money, let the money chase you. This is possible only if you learn well the 3 P’s of business.
You can certainly not run a business FOR machines and robots or WITH machine and robots only. In a recent TV program, Lemonis beautifully explained the importance of people in every business, irrespective of small or large. The different roles of people in various business areas help the entrepreneurs to reach great success in short time. Every person plays a special role. People make an environment and they know the efforts required to run a business. A good businessman must know the right selection of people. During the selection process, he must first be a common person himself, instead of behaving like a boss. He must think of all the possible needs that will make people stick to the job. The most important thing to remember is the job satisfaction for people. Learn their work style, their expectations and their needs, so that they are passionate to work for your company.
The product is the second most important ingredient to cook the best dish of business. In one of the episodes by Lemonis, he explained how the product’s packaging, pricing, marketing, advertising, sizing and targeting, can make a strong business foundation. The more focus played with the product’s presentation, the better for the business. Whatever steps you take in business, ultimately the sale of the product is the end of the mission. Learn your market demand and supply well. Keep yourself informed about the changing technology and lifestyle.
The process of how a business works is the final element to reach success. Lemonis strongly believes that if your company seems helpless, or has no solution during a crisis, it means that your business was improper in operations. Do not sulk about what has happened. Create new solutions, change your ways and improve your business process.
The three step evaluation process will change your perception to do business and in a short time, you would start realizing the benefits you have earned.