Use this tool to test whether your business idea is feasible — and check for potential risks before you go full steam ahead. This will help you get an idea of whether your idea will make enough money to cover your costs and show a profit.
Your unique selling point includes the competitive factors that differentiate your product or service from other companies’ offering. It’s the reason people will buy from you and not another business, so it must be clear and well defined.
Making your business stand out is crucial. It’s unlikely you’ll be the only business providing your product or services in your market.
Look for things that make your products or services stand out from the crowd. These could include being:
Remember, customers can buy just about anything online from around the world, so offering something that’s “unique” isn’t easy for New Zealand companies.
You could focus on what’s unique about your business, eg guaranteeing you’re the cheapest supplier or the brand consumers trust most. All these features help to build your brand and should feed into your marketing and sales plans.
Finding a point of difference and refining it into a profit-making business requires work.
Take these steps as a starting point:
The next step is to start planning how to turn your USP into a viable business.
Use this free template to help you write a great plan for launching your new business.
A business plan helps you set goals for your business, and plan how you’re going to reach them. When you’re starting out it’s a good idea to do a full and thorough business plan.
Quick-focus planning to make sure you work on the right things for your growing business - every day.
It’s important to take time to reflect on your business strategies and plan. It doesn’t have to be a difficult or time-consuming task.