Tag: Business

A full-time income on part-time hours revisited part one: An exciting business opportunity for you!

“Remember to keep an open mind and get some new information!”

Two key focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. I originally published this series back in November of 2013 when I wrote for the Examiner. Of the businesses that the average working-class person can get involved in, none are more controversial than “Multi-Level Network Marketing” businesses (MLMs). I bought into a MLM when I first started my federal career which was a learning experience. It sounded like a good idea at the time but didn’t go quite as planned. This series talks about what I both experienced and learned during that little experiment.

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This next series of articles will veer off the path of scholastic education and literacy, and venture into the world of financial literacy. This series will look at Multi-Level Network Marketing businesses (MLMs). It’s an subject area rarely explored in print, but one which we’ve all experienced through personal participation, being recruited or being sold a product or service by someone else.

These business models and the people involved with them are already highly scrutinized, thus the intent of this series is not to do more of the same. The goal will be to simply take an objective look at them from multiple perspectives: the business associate, their prospects, friends, relatives and coworkers. As a writer, my goal will be to be fair in my commentary.

This topic will potentially touch multiple people. It’s particularly relevant in this era of recessions, further potential government shutdowns and sequestrations where people are being forced to consider alternative ways of earning income. Again, the goal here is not to sway anyone to a particular side, but simply to educate readers curious enough to read this series.

“Hey man, I want to talk to you. I’ve been watching you. You look like a serious brother, and I have a business opportunity to turn you onto,” a bus driver told me at the beginning of my commute one morning. “I don’t want to drive this bus forever, and I want to make some real money! Take this brochure and if you text me your number, I’ll invite to one of our meetings so you can get some more information!”

I could hear some contempt in his voice, particularly about having to work his job which was interesting. It raised a couple of questions in my mind. Why would someone feel contempt about working their job? Why would someone feel contempt about working a job? Why would someone feel resentful about having a paycheck? Many would say that there’s dignity in working. We’ll revisit this later in one of the subsequent parts of this series.

Besides being surprised that one of the metro bus drivers ‘prospected’ me for recruitment into his business, it brought back memories of my own experiment with Multi-Level Network Marketing. Just briefly, Multi-level Marketing is a marketing strategy in which the sales force is compensated not only for sales they personally generate, but also for the sales of the other salespeople they recruit.

What made this bus driver prospect me? And what made him consider me a “serious brother?” It could’ve been my regular ridership on his route most mornings. Perhaps it was my “serious” appearance and disposition that made me seem like someone who could effectively work in his business and help he and his colleagues achieve their financial and life dreams.

My thoughts reflected to the many network marketers encountered during my travels in person and on social media, and what their motivations were. My motivations at one time for participating in one were: becoming rich, taking advantage of business tax breaks, and being able to walk away from my job.

Since 2005, multiple opportunities have come across my path. The first was from an Indian man in his late 20s in a supermarket late one night just before I moved away from Michigan. After striking up a friendly conversation with me about my life and aspirations, he started talking about an ecommerce business he was involved in. He encouraged me to learn more about it and to, “keep an open mind and get some information,” common phrases used by prospectors. Have you ever experienced anything like this?

Since then there have been numerous offers to participate in businesses involved in ecommerce, financial counseling, travel services, weight loss/health products, legal advice, organic coffee, and health care services. The list goes on. You name it, and someone has gotten it covered.

At their informational meetings, most if not all the network marketing businesses had elaborate presentations, and marketed dreams of:

• Financial independence;
• Making multiple residual passive income streams;
• Walking away from 9-5 jobs;
• Taking vacations whenever desired;
• Making your own schedule and;
• Making a full-time income on part-time hours.

This topic will be examined in greater detail in the subsequent articles. People’s motivation for joining this type of enterprise will be examined in part two of this series.

Thank you for reading this blog post. If you enjoyed this piece, you might also enjoy:

• Are you getting your Matching Contribution? A discussion on saving for retirement
• A look at the Law of Compounding Interest and why you should care
• Your Net Worth, your Gross Salary, and what they mean
• Is there power in budgeting your money
• I still don’t have a car in 2018: A story about playing financial chess
• We should’ve bought Facebook and Bitcoin stock: An investing story

If you’ve found value here and think it would benefit others, please share it and or leave comments. To receive all the most up to date content from the Big Words Blog Site, subscribe using the box in the right-hand column in this post and throughout the site, or add the link to my RSS feed to your feedreader. Please visit my YouTube channel entitled, Big Discussions76. Lastly follow me on Twitter at @BWArePowerful, on the Big Words Blog Site Facebook page, and on Instagram at @anwaryusef76. While my main areas of focus are Education, STEM, and Financial Literacy, there other blogs/sites I endorse which found on that particular page of my site.

Dealing with Tough Times as a Small Business

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Many businesses face tough times at one point or another. If and when it happens, it’s important to understand how to adjust. The following contributed post is entitled, Dealing with Tough Times as a Small Business.

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Every business owner that has been around for a while knows: you have great years, and you have lean years. The success you might be experiencing right now is not a guarantee for the future. Having a buffer in the finances helps most medium to large companies deal with trialing times, while they either wait or get organized for better fortunes.

Photo by Tim van der Kuip on Unsplash

For smaller businesses, these types of financial buffers are usually non-existent. If the cash flow dries up, there are serious risks to not being able to pay suppliers on time or, even worse, the payroll. Companies do well to have a contingency plan ready to deal with meagre times and, as the saying goes: mend the roof when the sun is shining, perhaps already incorporate into your business to become more agile and responsive. Here are some areas to look into.

Switch Up Your Marketing

There will be no new business without significant marketing in place. That doesn’t mean climbing in the phone to the next media buying agency to get yourself a costly TV campaign. It means, especially in this digital times, to go smarter with the market budget and try to reach audiences you haven’t reached before. Think direct to consumer marketing campaigns, social media campaigns, or pay-per-lead type marketing activity. In the new age, going small for just a leads/new business campaign is possible, but do consider that eventually, you will need brand saliency for real growth. Going full digital marketing and lead/sale based only will work in the short term is no real replacement for the longer term. Also, don’t fall in the trap of only focusing on short term marketing, you will always need a vision in place how your proposition will evolve over time.

Investigate Your Cash Flow

Thinking about cash flow issues, especially in regards to being able to pay suppliers is another challenge business owners will have to get their head around. In some cases, the solution is as simple as coming to an agreement with your suppliers. One the one hand they have no interest in one of their customers going under, on the other hand, they will have to pay their own suppliers and employees as well.

In some cases, there is a good middle that can be reached to alleviate the pressures of paying a full invoice but also respects the relationship you have with your suppliers. Running payroll is more challenging as it will be a large chunk of the finances. Of course, you can try negotiating, but don’t be surprised if employees walk away quite quickly. Ask yourself “what is factoring” for a solution in this area.

Keep Improving

Ensuring a stream of jobs and managing your cash flow are the main life-line for companies in difficult times, but it doesn’t end there. What might seem to be a luxury, thinking about the future 3-5 years down the line, as you are fighting for survival, might seem daft, but it’s precisely what you will need to do. As a business owner, you need to be continuously navigating the challenging waters of threats and opportunities to come out of it stronger, more robust, and on a path of healthy growth.

Making Sense Of Your Website Engagement

Three of the focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and Technology. If you’re using a website as a part of your business, you want to understand its engagement with your customers. An effective website will draw in more customers and increase your profits. The following contributed post is entitled, Making Sense Of Your Website Engagement.

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Pexels

As a business that runs a large amount of its customer-facing approach online, you will be subject to plenty of data over the years. User visiting time, the visitor’s geography, what ads or social media links have led them to your site are important, and yet barely scratch the surface as to what data is available.

But to an untrained eye, this data can often look completely out of the norm, and sometimes, even random. This means that making sense of your website engagement becomes a vital tool in trying to assess what your customers want, and how your business is performing across all of its web portals.

But more than that, breakthroughs in data analytics consulting have allowed businesses the chance to construct models regarding those they could potentially sell to, ensuring that marketing is more targeted in both its content and delivery methodology. Like any good business leader, you are likely also interested in the metrics that can give you a surer shot when aiming for gold.

So, let us serve as the scope:

Understand Your Promotional Reach

It’s essential to consider how your homepage is structured, and what drives the most attention. Do visitors often click on your promotional bar at the top of the screen? What has driven more traffic? Which social media pages do you often get the most engagement from? Do you find that enabling social media replies and comments is worthwhile, or that they quickly devolve into unrelated arguments (as is the way of the internet?) Furthermore, have your sponsored posts gained the traction you were hoping for, or is simple excellent hash tagging and posting at the right time of day almost comparable in the results they achieve? When you view the data of your promotional reach and branch out to make the correct changes, you have an access of power to this end.

Visitor Time

When a customer visits your website, how long do they stay for? In other words, how much functionality do you offer? For example, do you list all of the specs on your product page, as well as the different payment options, a video demonstrating the product in action, or perhaps discussing how your product differs from comparable items on the market? Do you offer them to talk on ownership forums that allows your community to get together and discuss various impressions they have? All of this can increase visitor time to your website, and every second spent there is another potential second where a purchase or booking can be made.

Feedback Forms

Sometimes, you need to hear directly from your users in the first place. Feedback forms can be a fantastic measure for this in the long run. There you might find that someone using a particular web browser has trouble loading your web pages, or perhaps an intrusive advertising strategy is breaking some of the widgets you use. It can be easy to have blinders on in regards to these issues, and so we would recommend you keep an eye on them ahead of time.

With this advice, you are certain to make sense of your website engagement.

Ways To Improve Your Business Profile

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. One of the most significant pieces of building your business’s reputation is word of mouth. The greater the reputation of your business, the more profit you’ll make. The following contributed post is entitled, Ways To Improve Your Business Profile.

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As a business, we all want to have an influential reach to a wider net as possible. The more you can grow your audience, the better opportunities you have in making more money and having further success too. So here are some ways that you can improve your business profile.

Image Source

Make An Impact

Many companies now can often fade into the background because they are often shadowed by companies who’ve made an impact by pulling a stunt or have gone viral. These are often the best ways of getting exposure for your business and to rocket your profile into the limelight. So how could you make an impact with your company? Is there anything right now that could be taken advantage of? To make an impact, you have had an awareness of what’s going on around your business but also the outside world. Something online that’s made news headlines or sparked a significant amount of interest might be an opportunity for your company to piggyback off its success.

Improve The Quality

Quality is certainly important to business, and if you haven’t got quality in your products or services, then you’re not going to make money, and the only place your profile will go is down. How can you expect to provide excellent services without the proper knowledge? If you are an IT company for an example, then IT services for medical offices are going to function differently than other packages you offer. One service doesn’t always fit all, so look at what can be improved.

Focus On Your Current Consumers

To build and improve your business profile, you need to know about your current consumers and what they want from you. Learn more about their interests and how they came about your business in particular. Their interests and their data are going to be very handy for you to find similar consumers that have not yet come across your company. Word of mouth is certainly the most effective advertisement so focus on giving your current consumers the best experience ever. Work out how to improve customer service as this is the one area that tends to be often neglected by other companies. Show that you are wanting to go above and beyond. The more data and research you can gather, the better.

Hire A PR Firm

PR firms can be great for business. They can very much be useful in situations where you need to handle yourselves in the correct manner when perhaps you or your team don’t have the right skills or awareness to do so. But it’s good to be wise when it comes to hiring a PR firm. Not all of them are great, and some will specialize in certain areas, so you want to ensure you’ve got the right one for your specifics. Sit down with these PR firms first to get an idea of what you’d like and what they can offer. Look at their previous work for more of what they have done in the past.

Continue To Network Regularly

Networking can be difficult if you don’t have the skills or confidence to do so. However, it is one of those things that you need to master in order to raise your business profile. Becoming more integrated with your industry is important, and it’s how you find the doors that are needed to be opened. You’ll never know who you might meet at networking events or business events where you’re meeting new people. There could be people or other companies out there that can offer you what you need to gain a lot more success. So don’t dismiss a networking opportunity and if you’re nervous about doing one, then take a friend or have some personal training in socializing in a business environment.

Align Yourself With Bigger Companies

Everyone has to start from somewhere, right? And that means that the bigger companies that you look up to had to start from the bottom. Do you think they got there all by themselves? It’s likely that they aligned themselves with bigger companies in order to raise their profile. Just like celebrities try to hang out with ones that have more influence, having someone with a bigger reach is going to help. Don’t be afraid to reach out and to take advantage of anything that these big corporations can offer you.

Improving your business profile is something that is certainly ongoing. You should never stop trying to raise it because the business world is particularly cut-throat, and being complacent will only spell trouble.

Great Ways to Innovate in Business

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. As business owner, it’s important think about how to create innovative products and services. Doing so will keep you at the forefront of your area and assure continued patronage. The following contributed post is entitled, Great Ways to Innovate in Business.

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When you are a small business owner, then being able to continuously innovate is something that is not easy. But if you don’t keep thinking of new ways to do things, then it can lead to diminishing results, for sure. So think about how and why you find it hard to innovate. Plus, you then need to do it over and over again, which is where the problems can lead to. So how can you make sure that you’re able to repeatedly bring new things into your business, as well as new products and services, that are going to help your customers in new ways? This kind of continuous innovation isn’t something that is easy, and it isn’t something that you can forget about. Quite simply, your business can be impacted if you don’t change and progress how you do things. So try innovating how you innovate, by trying out some of these ideas.

● Copying someone else’s idea isn’t as bad as it sounds. Simply, one of the best ways to innovate is to look at how someone has already done something, and then find a way for it to work for your business. For example, Airbnb and Uber are both businesses that have done really well recently, but they weren’t exactly reinventing the wheel when it comes to a business idea. They took something that worked and just found ways to make it better.

● Asking customers is another thing that you can do if you want to know exactly what they want. You could send out a survey to them, ask them in-store or on social media. But if you’re after some incremental innovations, then this can give you a good indicator of where to go with things. Usually, things from customers will be around how to make something cheaper, or how to make a product simpler to use. So ask them, listen to them, and make steps to change.

● Adapting a product to give it a new use is another way that you could innovate for your business and change how things are done. For example, if you click here then you will find that there are many ways to use certain products; you just need to find out why it will be of use to your business and how it can be used differently. You could quite easily find an entirely different application for an already existing product.

● Is going back in time, something that can make a difference and help? If you look back at different methods and services that have been used in your industry sector a while ago but hasn’t been used since, you could get some idea of how to refresh things or bring things back. Can you do something to bring something back but in a new and updated form? For example, it has been reported that the concept of Speed Dating was a relaunch of a Victorian dance format where, where people had cards with different appointments on for the night.

How To Buy A Data Cabinet

Three of the focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and Technology. In our modern digital age, it’s highly likely a major component of your business is its information technology (IT). As such, you’re likely using or will need a Data Cabinet. The following contributed post is entitled, How To Buy A Data Cabinet.

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A data cabinet or a server rack is something which is used to store IT equipment. It is vitally important that any individual or business that has such equipment stores it properly in order to avoid any damage.

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There are a whole host of different server racks and data cabinets available in stores all over the US and on the internet, which companies like Midwest Data Center make the most of. This is great because it means that there is a lot to choose from when it comes to selecting the right one for your business equipment. Nevertheless, this can also make it more difficult to actually know which one is the best option. In order to help those searching for data cabinets narrow down their search this article will help by providing some points people should be considering when looking for such goods.

The first aspect which needs to be thought about is the height of the data cabinet. Most data racks are measured in the ‘U’ measurement. For those that do not know, ‘U’ is the measurement which is usually used for all rack mount equipment and it translates to 44.45mm. This may seem like a random measurement to many. However, one U is used to display how many units the server cabinet in question can hold.

There are a vast range of different size data cabinets available today; typically shops tend to stock anything from 12U cabinets to 47U cabinets. Obviously the height of the server rack required depends on how much equipment a business is intending to store. The individual in question should sit down and come to a number of how many equipment pieces are going to be placed into the cabinets, this will give the person an idea of what they should be going for. However, it is always advisable to buy a rack with a few more added spaces, as you never know what else you may need to accommodate for and it is always better to be prepared for more.

Obviously the size of the cabinet does not just depend on the height; there is the width and depth to take into consideration as well. The size a person opts to go for obviously also depends on the equipment which needs to be stored. In general the two main options with regards to width is 800mm and 600mm and when it comes to depth the three main options are as follows; 800mm, 1000mm and 1200mm.

Remember it is also important to keep in mind the weight of the data cabinet because it needs to substantial enough to carry the equipment which is going to be stored inside of it otherwise it may cave in and thus a new cabinet will be needed altogether.

In addition to this, the price of the cabinets and racks will need to be considered by businesses as well. At the end of the day, each business is different and each business will have their own budget with regards to what they can afford. It is vital to devise a strict plan and stick to it as it can be very easy to get carried away and spend a lot more then was initially intended.

Finally, it is also extremely important to make sure that any data cabinet accessories are considered. These can include things such as; fixings and fans.

You Need To Take The Best Possible Care Of Your Employees

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. No matter what kind of business you’re running, keeping your employees happy will be key. Taking care of your employees will likely ensure their loyalty and maximize their productivity. The following contributed post is entitled, You Need To Take The Best Possible Care Of Your Employees.

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Image Source – CC0 License

There are a lot of things that a business needs to be successful. It needs a product. It needs capital and investment. It needs relevant technology. These are all incredibly important. But there’s one thing that a business needs more than just about anything else. A business needs people. Without people at the heart of it, working hard to make it as great as possible, a business is doomed to fail. It’s absolutely crucial that you take care of your employees and make sure that they feel valued and important to the business. Here are just a few ways that you can care for your employees, for the good of them, you and your entire business.

Be honest with them

One of the most frustrating things in the world for an employee is when their boss isn’t being straight with them. If there are changes coming up in the business or adjustments to the way people work, don’t keep them to yourself. Be as open and upfront with your employees as much as you possibly can. This might mean that you’ll sometimes have to be the bearer of bad news. But you employees will appreciate your honesty far more than if you kept them in the dark for extended periods of time. This is a great way to maintain an atmosphere of trust. If employees don’t feel like you’re being honest with them, any trust and goodwill that you had will go out of the window pretty quickly. By being honest and upfront with your employees, you remind them that you’re on their side and that you’re there for them. Even if it’s difficult, make sure that you don’t keep things from your employees that you should be talking to them about. A difficult discussion early on is better than having to explain why you kept them in the dark further down the line.

Show your appreciation

Consider just how obvious and easy this is, it’s shocking how many employers forget about it altogether. Don’t just leave your employees to get on with it and never let them know how much you appreciate them. Eventually they’re going to start to resent their work and by extension, you. It’s just human nature to want to be rewarded for a job well done. This doesn’t mean you need to offer a raise or a promotion every time someone completes a task. But if you do little things every now and then to let your employees know that their hard work is being acknowledged, it can make a big difference. Offer a small bonus near to the end of the year. Maybe set up small outings to do things like beach cleaning for your employees as a team building exercise. Not only with this offer them something fun and different to do, but will bring them closer as a team as well.

Unhappy, frustrated employees produce work that is shoddily done and half finished. I you want your employees to help your business run as successfully as possible then you need to make sure they’re well taken care of. Even just small things like this advice will make a massive difference to the attitude of your employees.

How to Work With The Right Companies In Business

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. In business, it’s not enough of run a quality operation yourself, but you also must eventually work with other quality companies. If you’re new to the business world, this might not be obvious to you at first. The following contributed post is entitled, How to Work With The Right Companies In Business.

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There are so many companies that exist out there, and some of them will be able to help you whether it’s too do with accounting for your business or supplying materials for your products. Here’s how to work with the right companies for your own business.

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Get Help With A Database

Why trawl through hundreds of websites and going through every single tender individually, when you could get it all in one place. There are plenty of online tenders that are grouped together on websites to help you easily navigate all the services that you may require and to help you find the best one for your location, budget, and requirements. These websites are going to make it much easier for you as a business to find someone that’s reputable and is going to be able to provide what you need. With so many listed on a daily basis, why would you want to waste your time doing all the leg work yourself? That just seems silly!

Look At Their Previous Work

When it comes to working with other businesses, whether it’s to work on your latest marketing campaign or manufacturing, it’s important to look at the company’s previous work. What have they achieved so far, and what level of results have the been? Have previous clients been satisfied? Many companies will likely want to show off any positive reviews they’ve received or testimonials from clients who’ve been impressed so if they don’t have any of these, then that should be raising a few red flags.

Discuss Your Requirements Beforehand

It’s good to know that the company you work with is going to provide you with what you’re after. It’s foolish to rush into agreeing on a contract or business deal without having discussed it in length prior. So set up a business meeting, to begin with, and figure out what you’re criteria is and whether they can meet it and how much they are going to charge you for it. This is important because you may be able to find something for a lot less but with the same quality as the company you’re discussing it with right now.

Keep Up The Conversation

When you’re discussing the business arrangements over email, then it’s very likely that progress will slow down and when you’ve got a strict timeline, that’s not something you want. So try to keep up the conversation from your end and ensure that you’re getting some sort of response from them on a daily basis. If they’re taking their time, then get in touch via phone or arrange a face-to-face meeting. The more you keep on top of them, the more efficient they’ll be in getting things done quicker. Unfortunately, it’s something that you as the requestor will need to be leading.

Working with the right companies is important to business success especially, as every mistake made can be problematic to your company. Follow these tips, and you’ll find that fewer problems are likely to occur.

Things To Consider Before Entering The Hospitality Business

Two of the key focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. If run properly, the hospitality business can pay great dividends. There are some considerations before getting involved. The following contributed post is entitled, Things To Consider Before Entering The Hospitality Business.

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The hospitality business can be a tricky one. If you’re planning on starting some kind of hospitality business, like a restaurant or a cafe, then you need to make sure you’re cut out for the job. Not only do you need great food and drink that keeps people coming back for more, you need highly trained staff, a great theme, a unique selling point, and the perseverance to see it through no matter what. Some months might be quiet, and then other months you may feel overrun with customers. You need to be prepared for just about anything in this kind of business, from people attempting to run out without paying, to others making complaints. No two days are the same!

Let’s take a look at a few things you should consider before you enter the hospitality business:

1. Do You Have The Right Stomach For It?
As no two days are the same in the hospitality industry, you need to make sure you have the right stomach, or the right personality for the job. How will you deal with a customer that’s seriously upset because they found a hair in their food? What about one that doesn’t want to pay because of a ‘rude’ member of staff? Being able to think on your feet and deal with any situation is a must! Some customers may be within their rights to complain, while others might just try to get a freebie.

2. Do You Have The Right Skills For It?
It isn’t enough to have the right stomach. You need the skills! Do you have people skills? Customer service skills? The skills to run a business? Consider doing a few courses and workshops at the very least before you start.

Image – PIXABAY

3. Are You Prepared To Take Your Time Hiring The Right Team?
You’ll need the right team on your side, and you need to be prepared to take your time when hiring them. Interviews should be thorough, and you need to make sure they have the right personality. Training your team is still important, but if you take your time at this stage you’re half way there.

4. What Sort Of Look Do You Want Your Business To Have?
Having a clear theme is essential for bringing in your target audience. You may need to remodel your restaurant if you’ve purchased it from a previous owner. Know exactly who your audience is and how you can draw them in with the design.

5. Do You Have Competition In The Area?
Extensive research on the competition is a must, and the only way to differentiate yourself in the area.

6. What Will You Do If Things Get Quiet?
Things will get quiet from time to time. You’ll need money in reserve to keep afloat – and it’s probably a good idea to hold off on hiring too many permanent staff members in the beginning.

7. How Will You Get Feedback And Improve?
Make sure you listen to your audience and aim to improve. Doing this constantly will ensure you build a business people truly love!

Tips That Will Help You To Price Your Product Way More Effectively

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. No matter what you’re selling, you must understand how to properly price your product in order to compete. Proper price setting will give your business every chance to succeed. Improperly pricing your products will hurt your business. The following contributed post is entitled, Tips that will Help you to Price your Product Way more Effectively.

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Pricing your products can be difficult to say the least. If you set the price for your product too high, then you may find that people can’t afford to buy from you. If you set it too low then you may find that people associate your business with poor quality and low value, and this can be detrimental to your level of success. Striking the happy medium is crucial here, but if you want to get some help with that then you can find out whatever you need to know, right here.

List the True Cost of Your Product

There’s a high chance that a lot goes into making your product everything that it can be. One way for you to set a fair price for your product would be for you to take into account the cost of creation. When you do this, you have to make sure that you include the cost of all materials, regardless of how small they might be. You also need to include worker benefits, labour and your overheads too. These might not be associated with your product directly, but they are expenses nevertheless. This can include your taxes, insurance, rent and even transportation too. You also need to take into account your salary and replacement for your machinery as it ages. If you’re not careful then this can easily add up and you might run into problems. To get the best result out of your calculation, consider thinking about MAP pricing too.

Source: Pexels (CC0 License)

Don’t be Afraid to Experiment with Higher Prices

The cost of running your small business will always be way higher than you think. If you have been in the business for years on end, then you may find that some of your earlier processes are clumsy and that they need reoptimizing. You should set your prices a little higher than you think to try and accommodate this, and you should also make sure that you always think about the future of your company.

Analyse your Customers

If you have the capital to hire a firm to handle your market research for you then this is great. If you don’t have access to a resource like this then you might want to think about conducting your own instead. This can be done through surveys or you could even scout out your competition instead. This will help you to find out how much your competitors are charging, and it will also help you to see how much of a demand there is for your product too.

Don’t Try and Compete Too Much

Comparing your small business to that of a corporate empire won’t get you anywhere. If you try and undercut huge companies then you will be doing yourself a disservice and you may even find that you end up losing out on money. The reason why corporate companies are able to offer such low prices is because they buy in bulk and it’s super unlikely that you will be able to beat that.