What is a client?
These are the people to whom you want to sell a product or to whom you want to deliver a service.
What is a product?
It’s the thing that you’ve decided you want to sell to people. For example, if you’ve decided that you’ll make and sell strawberry-banana ice cream, then your product is strawberry-banana ice cream
What is a service?
A service is what you offer to other people. For example, if you’ve decided that you’ll look after other people’s animals, then that is a service that you will deliver to them. Or, if you’ve decided that you’ll read books to older people, then you are providing a service.
Did you know?
You can also mix products and services to provide a unique business. So for example, you can develop a new shampoo or soap and use it to wash other people’s pets. In this way you have a new product which you use to deliver a service to people. Clever, hey?
What are needs?
Needs are the things that people really want or need. Everyone has the need to live in a house or to eat food. We need this so that we can stay alive. But people also have a need to sleep, so they might want to sleep on a comfortable bed and they want to eat well. People want to drive to places and thus have a need for transport. Some needs are created by people, for example these days many people want a computer and they have a need for it, while 20 years ago people didn’t need one at all.
What is marketing?
Marketing is to let people, who you really want as clients, know about your business using different ways.
What is bookkeeping?
Bookkeeping means always writing down all the money that you received, all the money that you spent, and all your costs.
What is an asset?
An asset is something that you bought for your business, for example a computer or a table. It is something that you can use over a long period. It is important to include the cost of your assets as part of the costs of your product or service, in other words what it costs you to make the product.