KNOW

YOUR
BUSINESS
THE GUIDE
 WHAT IS YOUR

1. PRODUCT/SERVICE

OFFERING?

WHEN STARTING A BUSINESS, THE FIRST Think deeply about the products and services

THING MOST PEOPLE KNOW IS WHAT THEY you presently offer.

ARE GOING TO BE SELLING.
Write down your offering in as much detail as

you can.
FOR SOME PEOPLE, IT MIGHT BE A NICHE

PRODUCT/SERVICE WHICH CAN BE A LITTLE List all the different component; do not leave

BIT MORE COMPLICATED.

anything out.

Be concise. Your description of your product

NO MATTER HOW SIMPLE/COMPLEX YOUR
or service should be detailed, but easy to
BUSINESS MIGHT BE ; THIS IS THE FIRST

THING YOU NEED TO DO! understand.

 THINK ABOUT WHAT INDUSTRY YOUR

IDEA/ BUSINESS FALLS INTO

|It might be helpful to think about other

people doing things similar to what you

are doing or proposing.

WHAT IS YOUR POSITION IN THIS

What Cluster do

2.
CLUSTER?

you Belong t ?
|Are you a consultant? You're in

Fashion - Are you a manufacturer or

Your products and service offering retailer? -Think about your position

determines the industry cluster you belong across the entire value chain of your

to. Are you in the food industry? Do you sell industry. It is okay to

shoes and bags? Are you a blogger play multiple roles - but highlight that.

ACTIVITY : Write down where your

business fits in. Examples include:

Retailer in the Fashion Industry.

Consultant for Small and medium

sized businesses.

Interior decor blogger

 Think about the groups of people that will respond

3.
to your product or service in the way you desire,
Who are your
and most Importantly, Create a customer profile.

clients? Here are some characteristics you can include:

Im sure you've heard the phrase "The Name

Customer is King"a million times over. It's the

Gender
truth! The customer is really king! You can
Age
have the most fantastic product or service,
Marital Status
but if you have no customers that want or
Profession
need your offering, then you really have
Location
nothing.
Likes

Dislikes
Identification and understanding of your

customer is so important, because you then

know who you are targeting all your

marketing efforts towards, and can also

predict how they will respond.

 WHY DO YOUR CLIENTS NEED YOU?

Think about the needs or pain points of

your customers. Most products and

services are solving a need of their target

audience. Your solution might simply exist

to make an existing process easier and

more convenient, as opposed to solving a

4.
life-threatening problem, and thats okay.

Whatever value you think you're adding to

WhY?
your customers life, this is the 'why' you

want to pen down!

Your products and service offering

determines the industry cluster you belong WHY DOES THE MARKET NEED YOU?

to. Are you in the food industry? Do you sell

shoes and bags? Are you a blogger Above, you had to think of your clients, but

now you're looking at things with a wider lens.

What is your industry saying? Where do you fit

in? What makes you different from the other

people in the industry, and How are you

changing the game? Are you filling a gap?

5. Write Your Story

THINKING AND WRITING THINGS

DOWN WILL GIVE YOU A CLEARER

UNDERSTANDING OF YOUR

OFFERING. IF YOU'RE ABLE TO

UNDERSTAND AND COMMUNICATE

YOUR OFFERING TO YOUR

CLIENTS/AUDIENCE, THEN THEY

WILL EASILY SEE THE VALUE