Apart from being gainfully employed comes the idea of earning money through buying and selling. Doing business requires a lot of not only hard work but also patience. Time will not always be by your side, and more often, first-timers have to struggle a lot in getting opportunities or chances in getting recognised by the public; thus, a cost-effective marketing strategy must be a top priority.
In reality, you shouldn’t expect to make earnings from what you do for the first three to five years since these periods are considered as the break-even point; meaning no loss nor profit. The initial capital invested is returned to your treasure chest. Though this is not really conclusive to all types of commercial activities, it is a significant part of the business cycle.
The Product
Every business is born from a concept or idea. Restaurants and diners, for example, rely on the need for people to eat three to five times a day. What they sell is one of human’s basic needs. Normally, almost everyone in the local community is a sure customer; yet, the competition will always be there. At times, food may have the same taste; so the challenge is: what will you do to make your customers come back for more?
Clothing and Apparel
These are items no one can say no. People who are inclined to express themselves through fashion can either go visit a shop or boutique of their choice or prefer visiting an online or virtual store. Sellers are currently using all forms of social media to entice customers to purchase items by choosing from a wide array of bags, shoes, shirts and all occasion dresses, especially for women.
Beauty and health products
People are normally conscious of how they will look in front of their friends and with the public. This is the reason why a lot of these items are promoted through different forms of ads on paper, print and broadcast. The marketing strategies may seem overwhelming, and more often, customers may have a difficult time choosing from what to buy; thus, sellers must have to strategise on how customers exercise product recall and loyalty to a single brand.
The Price
A lot of products are sold in the market, and one of the most important concerns to address is on how your product or service can have the edge over the other similar competitions. The following steps or ways may help you decide on what to do next:
- Go for wholesale purchases – Products or items that are sold in bulk are less expensive compared to retail buying. Adding on a few cents or dollars to an item can be possible and flexible as you would ever imagine. Other products with current high demands can be sold as twice the price during peak seasons.
- Convert an amount of profit into a discount – Individuals who are in dire need of limited products will never bother asking the price. In fact, discounts may at times be ignored or no longer needed because people normally wouldn’t mind money over what makes them happy and content.
The Place
Aside from establishing friendship and nurturing familiarity with your loyal customers, choosing a strategic and convenient location to do business is a must. Private schools, for example, have a captured market for their food products and services since students would prefer eating in the cafeteria or canteen rather than buying outside their learning premises.
The Promotion
As mentioned earlier, products and services could be promoted through TV ads, print and broadcast media, billboards, etc. in order to maximise reaching the target market.
Famliarise the 4ps of marketing and strengthen your business.
