I have recently been studying and reading books on business. I have learned a couple of basic things I would like to share. Most of these things you already know but it is a nice little reminder.
Sales: If you can not sell your business will die. Sales are the life blood of every business. You do not need a ground breaking idea to make it big. You just need to be able to sell.( And then retain with high quality service).
Online business's- Yes, they can be great and low cost to start ( Especially if you have tech skills) . But they are not for everyone. Do not forget about traditional business's models.
Sell big items- Some here might say this is wrong but I would much rather sell 100 items for a 100k profit then 10,000 items for the same amount of profit.
Items with high profit margin- Houses, financial products ( stocks, insurances, mortgages) Cars, trucks, RVs, ect have caught my attention. ( Add to the list if you have ideas of high dollar items with margins)
Scale- If you are building a brick and mortar you will need to learn how to manage people. (Read the e-myth) Hire A+ players.
Demand- Believe it or not most of the things we buy are commodities. People can get them elsewhere. So you will need to provide more value then the next guy offering a similar product. Again learn sales and customer service.
Leverage- We have 24 hours in a day. You can only do so much. Learn to build systems in your business and it will eventually prosper without your assistance.
I am personally learning to become a master sales person. I will then invest the funds into real estate and possibly a company in one of the areas I mentioned with high margin ( 2K-10K per sale).
Sales: If you can not sell your business will die. Sales are the life blood of every business. You do not need a ground breaking idea to make it big. You just need to be able to sell.( And then retain with high quality service).
Online business's- Yes, they can be great and low cost to start ( Especially if you have tech skills) . But they are not for everyone. Do not forget about traditional business's models.
Sell big items- Some here might say this is wrong but I would much rather sell 100 items for a 100k profit then 10,000 items for the same amount of profit.
Items with high profit margin- Houses, financial products ( stocks, insurances, mortgages) Cars, trucks, RVs, ect have caught my attention. ( Add to the list if you have ideas of high dollar items with margins)
Scale- If you are building a brick and mortar you will need to learn how to manage people. (Read the e-myth) Hire A+ players.
Demand- Believe it or not most of the things we buy are commodities. People can get them elsewhere. So you will need to provide more value then the next guy offering a similar product. Again learn sales and customer service.
Leverage- We have 24 hours in a day. You can only do so much. Learn to build systems in your business and it will eventually prosper without your assistance.
I am personally learning to become a master sales person. I will then invest the funds into real estate and possibly a company in one of the areas I mentioned with high margin ( 2K-10K per sale).
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