Help in Creating a Business Profile
Your business profile is a part of your business plan. It is carefully constructed after you have analyzed your market, your customers, the growth trends of your business and your method of pricing. The analysis will give your business direction to create a profile to accurately reflect what your business is all about.
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Evaluate Your Company
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Before you create a business profile, take the time to do a thorough evaluation of your company. An attractive and professional business profile shows investors that your business is credible and financially viable in its presentation. Customers want to know that quality is consistent and risk is minimized.The profile should be concise and accurately report what your company does, its structure, its policies and principles, your business's track record and its financial viability. With a proper evaluation, your business profile should attract customers and potential investors.
Targeted Market and Customers
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Your business profile should have a customer profile describing who your customer base is and why they need your product or service. For example, a golf ball manufacturer would try to identify the type of golfer most likely to purchase its product based on demographics, where it's most likely to be purchased, the frequency of purchase, the price and the value the customer requires. Sometimes the customer is not the end-user. For example, if you create a great board game for children, the decision maker and purchaser would be the child's parents. The teacher and possibly the child may be the influencer. For your customer profile, consider marketing to the purchaser and influencer.
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Growth Trends
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In your business profile, show growth trends in the industry you are in and the effect on your product or service. A trend is different from a fad. Trends are mainstream; fads come and go. Show the roots of your trend and how it has evolved and will continue to evolve with endless growth potential. Find trends online and on television through popular shows. Talk to teenagers. Explore shopping malls to see where their profits are coming from. Look for what's hot, what's not and what will be in the future.
Pricing Power
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Think about your product or service and their qualities that have an effect on its pricing as a component of your business profile. If you do not have a customer base yet, cost-based pricing would work for you, as this method does not take into account customer demand, but does include the cost of goods and cost of operating the business. Competition-based pricing is better suited for comparable products while still covering the cost of goods and operations. Customer-based pricing based on customer demand would work best if the product is innovative in the market and would work to boost its image and sales.
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References
Resources
- Photo Credit Women trendy wear fashion dress shop image by Tinu from Fotolia.com
