The one question every aspiring business owner needs to answer
Updated: Feb 28
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I have been fascinated by being a business owner since I was a child. My father was a delivery man and held multiple contracts with companies like Staples, Caribou Coffee, Wachovia (now Wells Fargo), and Lab Corp. From what I could understand at the young age of 10 years.
Local businesses were in need of last-mile delivery of packages to their offices and retail locations. Think of reams of paper, lab specimens, and coffee beans. In small quantities multiple times a week.
This is where my dad came in with his cargo van and his son who was so eager to help that he would wake up at 5 am to help him every Saturday morning.
Some of my most cherished memories were of restocking Caribou Coffee on Franklin Street. Making multiple trips skillfully and enthusiastically weaving the hand truck (dolly) around customers to the baristas in the back. I barely could hold back my anticipation for the Caramel Frappuccino the baristas would treat me with.
My father ran a successful 6 figure business for over 9 years by identifying:
A business problem
Understood the value of that problem
Found customers that were willing to pay to have that problem solved
What should you take away from this story?
When pursuing any type of business venture you must always be able to identify your Value Proposition…
A value proposition refers to the value a company promises to deliver to customers should they choose to buy their product. A value proposition is part of a company’s overall marketing strategy. The value proposition provides a declaration of intent or a statement that introduces a company’s brand to consumers by telling them what the company stands for, how it operates, and why it deserves their business. (Investopedia)
Put simply, is what you’re selling more valuable than the cash in your customer's pocket?
With a strong value proposition, your customer base views your products or services as indispensable, and the only limit to your revenue is your ability to fulfill.
It really is that simple. Now that you know this where else do we see this playing out
Identifying your business problem
Homeownership is quickly becoming unreachable for Americans in the major cities within the U.S.
Understand the value of the problem
Boxabl manufactures $50K manufactured homes that can be transported by truck anywhere in the contingent United States.
Find willing customers
Boxabl has a waitlist of over 100,000 customers who have willingly given them at least $200 for the opportunity to purchase their product.
Once you the business owner have locked in on what your value proposition is you are on your way to creating value for your customers and local community.