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How do you create value on a raw material?

Discussion in 'Starting Your Business' started by Lazy Hermit, Apr 18, 2016.

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  1. Lazy Hermit

    Lazy Hermit Member

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    Good day Mr. Ghadini.

    I am an aspiring entrepreneur from the Philippines, and I would like to ask a question on how you can create added value on raw materials that don't have a lot of value (individually) to begin with.

    Despite its rapid progress, the Philippines is still very much an agricultural country, and I was thinking of opening an organic fertilizer business for urban and rural farmers. The problem is, there are quite a few people who've had the same idea and have done it before me.
     
  2. Pejman Ghadimi

    Pejman Ghadimi Member

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    Who has done something before you holds no relevance on what you can do but it offers you an opportunity to watch what they did and learn what worked or what didnt.
     
  3. Prinston Hicks

    Prinston Hicks Member

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    This an interesting question. In the book Brainfluence and Getting more they talk about the picture in person's head. This concept states (and you can look it up in these books for yourself, don't just take my word for it) that people do business with you 55% based on who you are, 37% based on your processes and systems, and only 8% on what you actually sell. Now you still, of course, have to know your business, but people will do business with people they like, connect with and provide value to their lives. Add excellent products, services, and systems on top of that and you have a recipe for a full on VALUE OVERLOAD! No matter what the business people want value brought into their lives.

    Think about how you can provide more value outside of just delivering your services!
    • Can you make it more convenient?
    • Can you provide a better customer experience?
    • Can you provide more knowledge to make an informed decision?
    • Can you give them insight on how this will benefit them?
    I hope this helps and good luck on your business endeavors!
     
    VirtualGlobalPhone likes this.
  4. VirtualGlobalPhone

    VirtualGlobalPhone Moderator MVP Member

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    @Lazy Hermit , the question you are asking is not simple and one sided view. @Prinston Hicks covered one of the petal of this beautiful thing called 'business flower'.

    I may would address two more petal of the same flower.

    The way you add value to existing product is to research on whats available, and find out one thing that really addresses the concern. For instance 'Bread' makers highlighting on 'gluten free', '100% atta' etc.

    One more petal is the cost, you have to find out if you can really compete with others giving at lowest rate.

    Get all this and see what flower you make out of it.

    Best wishes...
     
    Prinston Hicks likes this.
  5. Prinston Hicks

    Prinston Hicks Member

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    @Lazy Hermit well put! Great way to look at it with the business flower concept.
     

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