Answer:

Business

In creating a business, it is of utmost important to know the nature of the products or services that you are going to produce or provide to the possible consumers or customers. There are some people who would prefer to sell products than services, while there are those who prefer to provide services than products.

In creating a business, it is of utmost important to know the nature of the products or services that you are going to produce or provide to the customers.

Ways of determining the products/services

1. Know your customers
2. Study the demographics of the customers
3. Know the demands
4. Conduct your research
5. Make your products or provide your service

Know your customers

The initial step and always will be in creating a business is to know your target customers. There are different types of customers. Below are some of them:

• Male
• Female
• LGBT community
• Old people
• Young people
• Children
• Students
• Teachers
• Businessmen
• Doctors
• Engineers

Study the demographics of the customers

Once you have already identified your possible customers, you can now start making graphs and statistics. Use these data in order to arrive at the most probable and customers and make them your target customers

Know the demands

This part requires us to use our observation skills. Observe how the target customers interact with other people. Conducting interviews or making surveys and questionnaires is also advisable during this stage.

Conduct your research

You already know your possible customers, have identified your target customers and have observed their demands. It is now the time to conduct your research on how to meet the demands your target customers have. Consider the following factors:

• Are they looking for a product or services?
• What are the most efficient ways to produce these services or products?
• How high are the demands?
• How can I meet these demands?

Make your products or provide your service

If you already did everything mentioned earlier, it is now time to put your plans and research intro concrete actions. Start looking for possible suppliers. Outsource people and finally, you can now start your business.