Is your product a business?

 As we draw closer to the end of the year I hope that you guys have been making progress on your business plans. Remember that the business plan is going to provide the content and answer questions when you present your pitch.

It all began with an idea....you looked for a problem to solve and you understood who the problem was being solved for where after you tested the market by creating your MVP and made a decision based upon the response you received for it.

Now its time for planning, we were introduced to the basic Lean Model Business Canvas which indicates the five most critical areas of your plan.

So now we need to ask: Is my product a business?

                                                          Check out the Vid

The answer can be yes or no, a business is a "vehicle" for getting products into the hands of the people it was created for with the intent of completing a mutually beneficial exchange of value.

Business Types

Business to Business

If you manufacture your own product then you need to consider manufacturing costs and what needs to happen for it to get to the customer, who in this instance is another business that will be selling your product to their customers. Your marketing and pitching will have to be adjusted accordingly and the required steps and costing must be compiled into a business plan.

You may also have a retail store of your own that should be a different business.

Business to Customer 

This business stocks items purchased from other businesses to supply to their customers.

Check out the Vid

Decide which of these best suits your idea and begin using the Lean Model Business Canvas that we have been looking at for completion on the website to qualify to pitch to the Investors on the 31st October 2024.

By now we need to be working on the process of how the product is getting to the customer, remember picture the moment of the transaction taking place, freeze frame and list everything in the image and then how it came to be.