As a small business owner with little or no experience of the business market, aside just the basics of buying and selling to make a profit, it is recommended of you to make proper research of your product and consumers (the buyers of your product and services) before diving deep.
Stop targeting rich people
Many business owners believe that the shortcut to making a quick profit is selling to rich people. The mindset is very wrong and can get you discouraged easily. Average people have the highest number of consumers of products and services. If you take a population of 1000 people, less than 100 are wealthy people, more than 500 are the average, while less than 400 are considered poor.
Avoid hiking price
This is a very common mistake which most will never figure out until it is probably too late. Before you add profit to the cost of production, consider the pocket of your clients, keeping in mind that your target customers are the average people not the rich. It is advisable to sell 10 quantities and make a profit of 100 units in a day, rather than waiting a week to sell 1 quantity at 100 units to one person. Always ask yourself, ‘if someone else is selling me this, will I buy it?’
Do not be rude to your clients
To be honest, customers are always right. When a customer approaches you with complain, or whatsoever you consider as rude, listen to them, give them time to vent out the act. Customers are like an infectious disease; act nice to one, they will recommend you to their colleagues and families, and vice-versa.
Avoid buying in large quantities
Business involves risks, but not a blind risk. Whatever you think is in vogue at the moment can stop making a hit in the market by tomorrow. That shoe, clothing, gadget, you are making huge sales on can stop in the twinkle of an eye, as a result of a better, cheaper or more attractive design just released.
Stop doing ‘Giveaway’
This act might seem reasonable to you, because it drives attention to your business page, but I assure you, most of the traffic you get from this is simply ‘audio,’ meaning once giveaway is over, they will all be long gone. Instead, do a reasonable discount, even if it only fetches you your cost of production without profit.
In conclusion, business is a game of tactics. If you play your games right, you will go home with a bountiful profit!
No one is a mountain of knowledge, feel free to add a missing point or correct the entire narrative. Remember, customers are always right!
