increased sales, a more distinguished appearance, being acknowledged
and recognised, moving into nice surroundings or getting your competitors
where you want them.
What benefits and outputs will your product give the customer?
Different from your competitors?
Look at your community, the area in the city, the new mall or the local
market. You are probably able to buy what ever product or service you like.
So why start a new business when you can buy everything?
Because you can do better - hopefully. You have to ask yourself: “In what
way is my product or service better than the ones already available?”
The differences can be small but crucial. E.g.:
• Your family can supply you with fresh shrimps
• Few have the computer skills you have
• Your stand is very close to a bus station
• Your cousin has studied in Europe and has contact with a European
businessman
• Your education gives you new knowledge to perform better
• Your personality will give your customers a good feeling so they
purchase more
• You have over the last 10 years become friends with important
purchasing agents.
Clear goals
Set clear goals for your new business. By doing this you will put a
psychological pressure on yourself and probably perform better. The aims
have to be very precise so you are able to measure them.
Clear goals could be:
• Within 12 month six major customers will deliver 60 % of the turnover
• At least one new product has to be developed each year
• I will close down the business if it has not reached 70 % of anticipated
profit within 12 month
• The gross profit have to be at least 55 %
• After eight month I will have paid back the loan to cousin Giang
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