Tips for Determining Your Products and Services
Starting off many small business owners struggle with finding the right combination of products and/or services. The truth is that there is an incredible world out there offering us many things. As business owners we know this, just as we know the benefits of variety as well as specializing.
So today, I am here to help you determine your products and services so you can finally move behind indecisiveness and start building your business. And my first piece of advice is to stop worrying and stressing. This is not the ultimate list that will be with you forever. It is a starting point for you and your business and one that will get you moving in the right direction.
Let’s get started…
Grab a pen and paper list out all the products and services that come to mind. Once you have a good list to start with take a little time contemplating the following for each one …
Does this product/service support the overall mission of my business?
Think about your “why” and the reason you launched your business in the first place. There was no doubt something incredible you wanted to accomplish. Now ask yourself, does this new product/service support that “why”? Does it strengthen your mission, or does it distract from it?
Trust your intuition on this one and go with your initial reaction. If you choose to pass, that doesn’t mean you can’t ever offer it. Simply create a new list titled “Products/Services to consider…”. It could just mean that right now is not the right time.
Am I excited to offer this product/service?
Any time you introduce something into your business you need to have an excitement that comes from deep within. The reason behind this is simple… when the excitement isn’t there, you will soon find yourself bored and feeling unfulfilled.
When this happens, motivation to keep going begins to decrease, and you are more likely to offer mediocre results, which increases your risk of low customer satisfaction. Things can quickly snowball from there.
Remember this is your business… so you get to define exactly what you offer.
Do I have the resources to offer this product/service in the most incredible way?
Having a great idea is fabulous! Having the resources to make that great idea stand out among all the other “great ideas” is the key to your success. If you do not have the time, money or support to dedicate to making this product/service outstanding, then now is not the time to offer it.
Instead add this product/service to the top of your “Products/Services to consider…” list and spend a little time each day addressing how you can get the resources you need.
Determining when it is to expand…
There are going to be times when your customers will inquire about something that hasn’t made either of your lists. Keep in mind that adding a new product/service on the fly is a step that can quickly add to resentment, overwhelm and mediocrity.
This is where your “Products/Services to consider … “ list becomes your friend. If the suggestion gets you thinking, “Maybe I should offer this.” Then by all means add it to your list. If not, thank you customer for the idea, and be clear it is doesn’t align with your mission and values at this time.
When you are ready to expand…
You have been adding things to your “Products/Services to consider…” list and now you feel it is time to expand. Before you dive in and start building, I suggest you take a little time exploring where you want to begin.
Adding one new product/service really well is going to support your success much better than adding three or more that fall into the “good enough” category. Make sure your new product/service is outstanding by going through the questions we listed above.