Having unique products is a crucial ingredient to business success. According to Forbes Magazine, the number of people starting businesses is significantly increasing. Every day, new business enterprises are starting up worldwide.
In the USA alone, over 500,000 new businesses start every month. That’s great. In 2002, Uganda had 160,000 firms, 87% of which employed less than five people. That’s according to the Uganda Bureau of Statistics (UBOA) report. Now the number has increased a bit. Unfortunately, about 90% of startups fail. Do you know why? One of the reasons is not having unique products.
What Does The Term “Unique Products” Mean?
The term “unique products” means having products that are the only ones of their kind on the market. If you intend to start a business, it’s essential to do some homework first. Do not jump into business before carrying out some research! Do not jump into any business activity before asking yourself the right questions! If you do, it will be the main reason for your failure. Before venturing into business, ask yourself: “Do I have unique products? How unique are they? Are they hard to copy? ” Remember that having unique products contributes significantly to the uniqueness of your business.
Why Should You Have Unique Products?
Every day new businesses crop up, copying other companies. Coca Cola, for example, has established itself as the world’s largest fish in the production of carbonated soft drinks. But there are other companies manufacturing products similar to those of Coca Cola. What are the chances that you will compete against them favourably if you venture into making the beverages they make? Have you found out if your targeted customers need other similar products? Do you think you will succeed? The reality is NO because the marketplace is full of products of Coca Cola and other established companies dealing in similar soft drinks. It’s one of the reasons why you should come up with your unique products.
Secondly, you will be competing against a company that has been around for 60 years if you start a business dealing in beverages similar to the Coca-Cola ones. Almost everyone in the world has heard of it and even tasted its products. They are already stable on the ground. In business, the first person usually takes the lion’s share. What are your chances of starting yours and beating Coca-Cola? Do you see why you should have your unique products to succeed in business?
Key Factors To Consider When Coming Up With Your Unique Products
First, your product must be exceptional and the only one of its kind on the market. Uniqueness is the main reason for business success.
2. Difficult to copy
Secondly, your product should be complicated to copy. If it’s easy to copy, someone else will quickly try to replicate it. And as a result, you are likely to be knocked out of business.
Thirdly, you should focus on the need for the product. Is there a market for it? Is it solving any problem of your targeted customers? Uniqueness alone without a demand for your product is not enough.
Last but not least, think about the benefit. Of what use is the product to your targeted customers? Does it have any intrinsic value? If you put yourself in the shoes of your targeted customers, would you buy it? Would it benefit you? If your unique products don’t have any benefits, no one will want them.
In conclusion, if you plan to start a business, focus most on having unique products. If you do that, you will avoid costly mistakes. You will prevent failure and start the road to your business success well.