A restaurant menu is good analogy for what you need to have for your new business. You need to write down a list of what items and services your business will offer. For a new business, your business menu needs to be limited to only the items you are very familiar with and great at providing. Being an entrepreneur, you are naturally fearless and believe you can do it all, so how do you decide what your business menu should include?
Begin with what you are capable of offering without additional training and experience. For example, if you are starting out as a graphic artist, you may not be used to painting portraits. Say you have a business client who loves the ad you did for him and is looking for someone to paint a portrait of his children. He is willing to pay you big bucks for it, which, as a starving artist makes you literally drool. You decide to take the job for the money, but you really aren’t up to the task. Now you’ve probably lost a good client and damaged your reputation.
The same goes for retail operations, such as stores and restaurants. Maybe you have a diner, but you hear that sushi is becoming very popular and you think “What if I start selling sushi here alongside the homemade chili and blue plate specials?” You know what will happen. You’ll fail, because sushi should be left to the experts and you are not a sushi expert. Sushi customers will be disappointed and your diner customers will be confused about what you’re doing. Plus your inventory costs will skyrocket. Did you see how much blue fin tuna is going for now? Did you know it only keeps for 3 days?
As a new business owner, you will spend plenty of time learning other aspects of having your own shop. Don’t strain to provide goods and services you don’t know much about. Be honest with yourself and limit the number of items on your business menu to the number that you can deliver well.