If you are a small business owner reading this material, I am sure that you will agree with me that operating your own business is an exciting and eye-opening experience.
Besides the day-to-day operations and the monetary responsibilities, it is important to have a clear understanding of your product.
If I were to ask the average small business owner what his or her product is, I would most likely get the following reply, “my product is greeting cards (or insurance, car repair, image consulting, etc.) Let us take a moment and digest this answer. If your product is greeting cards, then what are you selling?
OK – I am sure that I have you completely confused. Let me explain.
In business, your product and item for consumption (merchandise or service) are different. Your item for consumption is what the consumer actually purchases from you. The product is you and your business.