Micro, small and medium enterprises (MSME) start up everyday to produce or manufacture, process or preserve and generally render services. If you’re interested in starting a business, Sterling bank shares these 5 questions to guide your decision.
1. What is your value proposition?
As a business owner, what are you doing to make your company or product attractive to customers? Ever heard of this term, ‘PACKAGING’? How do you present your company?
Quality is the best business plan- John Lassiter
2. Who is your target market?
Who are those that are going to consume your goods or need your services?
Don’t find customers for your products, find products for your customers- Seth Godin
3. How is your product different?
How does your product stand out from the rest? What’s different or unique about it? Why should they buy yours rather than others?
You need to give customers a reason to patronize you rather than your competitors. Be unique.
4. Does the business scale?
No one goes into business with the aim of loosing money or wasting time but with the sole aim of making profit.
You need to consider if that business has what it takes to multiply revenue with minimal incremental cost.
5. What will your price be?
Of course you can’t miss this. How much are you willing to sell your products or services?
ONB & Sterling Bank wishes you success in your business.
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