Lesson 1: Product and Service Development

Know how to develop a business model.

Once you’ve clearly defined what your business will focus on, it’s important to understand how to develop it from idea to reality.

Skills You Will Learn:

• What is your Unique Selling Point (USP)?

• Testing what works best

• Why pricing is important

• Choosing a great team for support

Product and Service Development

What’s Your Unique Selling Point?

Set yourself apart from other businesses like yours by coming up with a unique selling point. You could be selling fruits and vegetables but what makes yours special from the rest is that you grow them yourself, so they don’t have chemicals, which makes them healthier.

Choose a Great Team

You need a great team to support you, make your job easier, and help you achieve your goals. Look for people who are hard-working, reliable and trustworthy. Avoid working with people who don’t do as they say and those who are full of excuses. 

Price and Quality Are Important

Make sure that you offer good quality at an affordable price. If you have a car wash, try to not charge more than other car washes but if you do, make sure you offer the best service.

Test Your Product

It’s important to test your product as a prototype. A prototype is an early working example of your product. If you want to open a bakery, bake a tray of muffins and share them with potential customers to see what they think. Try and refine your product to make it a cut above the rest.