This blog post is for all entrepreneurial minded people among us. When you are in the situation of starting your own business or if you want to check if your business story is cohesive this post is for you!
What is a business actually doing? In general it sells products or services. But to create and sustain a healthy business there is more to the equation. The products have to fit to a certain market. The cost and revenue structure must fit. There must be an ecosystem to create and channel the products. In order to package all these items and make them especially for current or future customers understandable a business story is very helpful. But most importantly is a description of the truth to building and sustaining your business.
To create a convincing business story I would like to introduce three leading questions, which will help you to create your three act story.
Act 1: What is your business doing?
This is the opening of your story. What is going on in your business and what are your products doing? Are you selling books over the internet? Do you offer consultancy work supporting your clients directly on site? It is important to be very specific about the key work in your business. The core needs to be identified.
Act 2: Why should people care about your services/products?
After a foundation is constructed the next step is to tell why anybody should care.
What kind of pain is your product targeting at?
Who is having this pain?
Why these people should buy your product and not from anybody else?
Describe examples. What kind of situation are your clients facing. Give them a character with an age, a job, a lifestyle. It should be very visual in order to get a specific picture of whom you are actually serving and why.
Act 3: How is the relationship between your business and your customers?
This question tackles how the infrastructure from you and your products to your customers is created. This should also answer the question on how you build trust. Why should customers believe you and your promise you are giving them with your offer?
This last part of the story should also describe how the product lifecycle works. How to get in touch? Where to get more information? How to purchase your product? How will the product be shipped? The process from the first contact to actually using the product needs to be shown. This has to be transparent and easy to understand in a way that potential clients can actually make a decision for or against your product or service.
When you are in the beginning of figuring out what your business should be about use the above questions for brainstorming sessions and then transfer the answers to a mind map to work out the details. Take your time to tell the whole story. In the end it is beneficial to write the story down.
Now I would like to know from you: What is your convincing business story? Can you write it down in 10 sentences or less?