Good business practices for long term benefits

1. Introduction

Hi friends, a very good morning to you all ☺️ . There is always something special about the mornings when winters are fading and summers are stealthily moving in. My 6 year old clarifies it for me, he says its called spring time ☺️ . Spring time motivates me to write, so here comes my blog. Today, I am excited to share the dos and don’ts for running a business.

2. Things to avoid in a business

Greed! We all start our business to make a living. We must also remember that it is in our hands if we want our business to sustain for a long time. Making big bucks is all very exciting. It is shortlived, if you overcharge !

If you pass the burden of expenses to the  customer, it will be impossible to retain their loyalties. There are a whole lot of options available as we live in an open market now. The customer has the option to explore, way more than before. If you will provide tardy service or high cost, the well informed customer will move on.

You need to retain old customers. They are also sources of new customers, if  your product is good and has realistic cost.

3. Good strategy

We know now that we can’t overcharge, so how do we earn then 😀  ? 

As all parents with good intentions say, hard work 😊 . Yes, but hard work could also be stacking things and unstacking them, and so on.

You need to strategize. It is the toughest part and it requires patience. Find good sources of your raw material etc. Make  profitable alliances. This alliance should get all those involved their due. When all benefit, the business sustains. This is also the  principle of life ☺️ .

Forming a good strategy, being part of an income generating chain of people takes time and patience. Short term profits are possible, but they may not be self sustaining.

4. Book keeping

How do you know if you have earned anything yet ? It’s no brainer ☺️ . Keep track of all your expenses. Write down the amount you spend on every service, purchase, social media promotion etc. You can use the good old ledger book. Many softwares are available to do the same. 

Make a note of payments you receive. Do the simple math ☺️ . You guessed it, the difference of your expenses and payments received is your profit/loss. 

It is imperative to write down all the figures. Otherwise, we can get off-track easily. For eg. we may keep increasing our inventory, thinking all is good. Things may actually be the opposite, if we do the real calculations !

Summary

Friends, start writing down all your expenses and do the math regularly. Share and provide benefit to all the involved parties. Give all their due. Follow ethical practices, and see the blessings follow you ☺️ .

Popular business approaches

Friends, as promised in my previous blog , here I will try to state some business approaches effectively being implemented these days. These methods are not very difficult if you learn to bring social media to your use.

1. Research Amazon, eBay for ideas

Search on Amazon, eBay etc for the most popular items. Basically, you need to get an idea about what people are buying! Check what prices are those items being sold at. Once you feel comfortable about some products that you can sell, now it’s time to procure those products. 

A good approach would be to find a source that will help you maximize your profit. Alibaba is one such wholesale provider. They have almost everything that you can think of. You may also hunt for local suppliers who would help you get reasonable profit margins.

2. Open a shop on Amazon and the likes

Once you have procured the items you want to sell, you can open a seller account on popular online platforms like Amazon, eBay etc. You then list your products  on these websites. Your shop is up and running ☺️ .

This will be a very competitive platform, so you need to keep a close eye on your prices. Slowly, build a reputation. Get reviews. Good rating will help you get more customers.

These days, Amazon sends its people to you to help with packing and delivery. That reduces workload. Also, you get the advantage of humongous traffic of Amazon, you don’t need to advertise separately.

Disadvantage here is that we are really not sure what algorithm Amazon is using when people search for an item. So you don’t know what will get you in the top search results. Plus Amazon shares your profit ☺️ .

3. Your own website

When you have your own website, you have more autonomy about how you would  want your shop to look. And your profit is yours, no third party drain ☺️ .

The disadvantages: you tediously need to build traffic for your website.  You need to build in the payment gateway. And you need to handle delivery. 

4. Online+Offline shop

Sometimes, just online presence is not enough. To get the word out, or to increase the scope of business, you may need to handle both online and offline shop. It means, along with having business online, you may need to sell in real shops, advertise in tradefares, set up stalls in popular places.

This increases sales, spreads word about your shop, and you get live feedback from people.

Friends, I hope this was an intriguing read. I hope you will start taking real actions, and share your experiences ☺️ . Because nothing works like actualy getting down in the field and dirtying your hands! Have a wonderful day !


Testing the waters before jumping in

Let’s suppose you got a business idea now, and next logical step may seem to go all into purchasing, manufacturing  ( if needed) etc. You would want to produce sufficiently large amount of your product to meet the needs of your perspective customers ☺️ .

Please hold the enthusiasm for a little bit more time! Many a times we are too sure about our product, but it may not be that exciting for others to buy! So, its always better to get some idea about how people are going to react to our product.

The easiest way for us is to get feedback/view from our friends and family. That’s not the right thing to do. People close to us don’t want to say negative, they mostly encourage us to go ahead, or dilly dally on their response.

Target your future clients. You can try out by selling small number of samples in some possible outlets. Analyse the response to that. You will get a lot to learn from this little feedback also.

Another popular approach these days is using social media. Before even putting in a single dime, try this out. Create a webpage highlighting your product, it’s uses to the customer and how it will improve their lives ☺️ . Put in everything. Then create a google Ad that redirects people to your product’s webpage. 

This is where you will get the real picture. Analyse the response to your page . If you get sufficient traffic , congrats you will be rich soon ☺️ . 

If not, which is bound to happen many times, then your product isn’t going to create much waves. 

So, you see, without actually spending any money on your product, you will get good idea about how people are going to respond to it .

I will get into the technical details about  product webpage creation and google Ad integration in another blog soon ☺️ .

Have a great day ☺️ .