Defining Your Product or Service

Going into business without a clear idea of what you're selling spells disaster.

To succeed in business, you need to know exactly what you are offering your customers. Let's say you've decided to sell gift baskets. Your next decisions involve what the baskets will look like, what products you will put inside them, how many styles you will offer and how they'll be priced. Or, if you want to start a mail-order business, will you provide overnight delivery, allow customers to pay with credit cards or offer money-back guarantees?

Putting these kinds of questions on paper is a good start. Then, write a full description of your product or service. This will help immensely in the future, once you start creating advertising campaigns and sales presentations. The better you know your product or service, the better you can sell it.

Excerpted from Starting a Home-based Business