How To Start And Grow Your Business. II
...continued... from part 1
When you are going into any kind of business, you should try and create a territorial dominance. A lot of people try to establish a big business in a place without considering others in farther location. When your good is a luxury good or a preference goods, it is normal that they would go anywhere to reach you but having your products in smaller places and outlets, would make it easier for your customers to reach your goods, thereby enhancing your territorial dominance. You can have small units of your product in not too distant locations.
In Economics, we always say to enhance your hold on any business, you must be solving a problem. What problem is your business solving? People will come for your product out of a need and because of the problem you are solving.
Identify a real problem and try to solve it. Are you giving people access to information and food? Are you giving them ease of purchase where your product is concerned or speed of purchase? Focus on the problem and try to find a way to make it easier for people.
The totality of the profit you will make is determined by the problems you are solving. What is the problem that your business is trying to solve? Research the problem. How many people are within your reach that you can solve this problem for? What is your method of reaching them to solve this problem?
You also need to carefully consider how often will they need it? If it won't be needed often, then you need a lot of people while if it is needed often, then you don't necessarily need a whole lot of people.
You need to come up with a strategy. What is your strategy? You might want to ask, how do I grow my business? Before you can grow your business, you need to build a structure, and without structure, your performance is limited. You can't grow a business without customer satisfaction. Customers want to pay for ease and speed and if they are not getting maximum satisfaction from the product they are consuming, they won't patronize you. Getting feedbacks would help you go a long way in growing your business and then know what people need.
THE END.
Thank you for your time.
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Still me,
My tongue is like the pen of a ready writer.
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