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A USP can be created through the element of being first to a market, for example Uber was the first company to allow for taxicab hailing via mobile app.Because Uber had reached this market first, it had a USP and therefore it received loyal customers.
Curemark is a biotech company founded by Joan Fallon, who noticed that a lot of the children she treated were low on an enzyme for processing protein and since then she has quit her job and has built Curemark to solve this problem.
Curemark has now raised $50 million and is on its way to solving a problem that truly exists.
A unique selling point (USP) is the factor that makes a company or a product stand out from its competitors, whether it is through; pricing, quality, customer service or innovation.
Each successful company has a unique selling proposition (USP).
And if you are planning to expand an already established business, it demonstrates that you have carefully considered the pros, cons and odds; and focused on the development of the business.
If you are risking your capital, time, resources and effort to start a business; then you certainly need a business plan to help you mitigate against the risk involved.
Like many successful businesses have done, you can launch your business idea without the benefit of a formal business plan—but this applies only if you have all the funds you need or you are just testing the business waters to see how it turns out.
Writing your business plan is not the end of your business planning process because business planning is a never ending process.
Just as no two businesses are alike, so also are business plans; some aspects of a plan will be more relevant to some businesses than to others.
So, it is very important to tailor the contents of a business plan to suit individual circumstances.