Business Checklist: Define Your Product or Products
What is it you are actually selling? Is this a physical product that has to be packaged and shipped, or an “Information Product” that must be downloaded?
- How will it be manufactured?
- How will it be shipped?
- What packaging is necessary?
- Are there any restrictions on content?
- Are there any regulations that control this?
- Will it be manufactured in house or outsourced?
- Will I maintain stock or will it be custom made per customer?
- What materials are necessary?
- Where will I get the materials?
- Will the product be fully assembled or in kit form?
- What user instructions are necessary?
- What required warnings must I include?
- What patents for copyrights might be necessary?
- Will the product be licensed?
- Who will be my primary suppliers?
- What is the warranty?
- What exactly is the product line selling?
- While the product be available in online?
- Will the customer be able to download the product?
- What copyrights are necessary for that product?
- What rights does the buyer have with the information product?
- How will enforce the copyright?
- Will I sell this product to others for resale?
- What components are with the information product?
- Educational materials?
- Marketing Materials?
- Will the product be a subscription product?
- Only online product also be available on CD/dvd or a physical package?
- Other product be a computer program?
- Who will do the program development?
- How will all upgrades be handled?
- What is the warranty?
Business Checklist: Determine the Market Geography and Demographics for Your Products/Services
Believe it or not, just because your business is primarily on the web, you must still consider the geographical considerations for your business. Rather than thinking in terms of physical location and distance to customers, you must now consider the international implications of doing business on the web.
- In what countries will you be doing business?
- Is your product of a legal to sell in all countries?
- What are the import and export restrictions?
- What countries do you not want to do business with?
- What will be your base currency?
- How will currency exchanges be handled?
- What are the tax implications of international business?
- Do I need to have a presence in every country that I market my product?
- What are the business reporting requirements for each country I do business with?
- If sued, will I need to go to court in that country?
Business Checklist: Determine Prices for Your Products/Services
Everything for sale is not $47 with an up-sell of $97. There is actual competition in the marketplace, because the marketplace is broader than just the internet. Before you can determine prices, you need to understand your target market and tangential markets that may have an effect on how you price your product. A more important question is. “What is the customer’s perception of the value of your product and what you think that customer would be willing to pay”? Another question to ask would be “What would the customer have to pay or what would it cost this customer if they did NOT have your product?”
- Market research. What are the prevailing prices for similar products and services?
- What makes your product unique? Why would someone want to pay more for your product?
- What are the costs of using your product?
- What are the benefits of using your product?
- What are the benefits of using your product as opposed to a competing product?
- Is this a product that your customer would ask for or must you convince your customer that he needs this product?
- Who is your competition?
Business Checklist: Determine Image You Want to Convey (in Light of your Target Market)
How to achieve that image though advertising, business cards and letterhead, brochures, office/store appearance, your appearance, etc.)
- How many different types of exposure would you have with your customers?
- Will you have face to face contact with your customers?
- Will you conduct webinars for your customers?
- Who would you want to be associated with in business that will give you a better image?
Business Checklist: Draft a Marketing Plan
Include the types of marketing, advertising, and promotions strategies you will use to reach each of your target markets.
- Direct mail
- Mass media
- Press releases
- Internet Advertising
- Web pages
- Social media
- Videos and YouTube
Business Checklist: Create Customer Order Collection Method
At some point you are going to need to take orders from customers.
- How will this ordered be handled?
- Who will handle the orders?
- How will the orders be fulfilled?
- What forms are necessary?
- Will orders be taken over the web?
Business Checklist: Join Applicable Trade and Professional Associations