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Previous: Sky High Interest Rates? One solution By Janet Attard Are you having trouble making ends meet? Have you read stories about entrepreneurial types starting a business in the basement and turning it into a personal goldmine? Do you wish you could start a business, but wonder what you could sell that will make the most money? If you try to decide which products or services to sell based on selling price alone, you may have a difficult time making a profit. That’s because a high selling price, by itself, doesn’t predict profitability. To start a successful business, be sure you consider these factors as well: Is the product or service something that people need? Is it something you know well, like, and would like to sell? How many people are likely to need the product (ie, how big is the market)? Do you know how to reach the people who are likely to need the product? What will it cost you to reach the people who need the product? What’s the perceived value of the product? What does it cost you to buy or produce the product? (Don’t forget to account for the cost of your time.) How much more than your cost can you sell the product or service for? (What’s the industry standard markup?) Will customers reorder the product? If so, how often? What related products could you sell the same customers? Be sure to research the answers to all of these questions – don’t just guess on the questions about your market. Get the facts, then make your decision about what to sell. Posted by Janet Attard on August 27, 2008 at 9:14 AM | Comments (4)Comments You have rightly pointed out the factors. Most businesses colose down in first three years because the ownes do not take care of these points. Posted by: sarshar on August 28, 2008 at 12:40 AM This is a very timely Idea for me like all other daily business Ideas they have on a daily basis help to shape my thoughts and decesions as a business person and an Employee. Posted by: adeniyi Olabode on August 28, 2008 at 7:55 AM There are a lot of people out there who still publish out-of-date statistics about small business failure. The truth is that about 44 percent of businesses with employees surive at least 4 years. For businesses without employees, it's difficult to determine an actual failure rate, IMHO. That's because many wind down, rather than failing completely. Others never really get a business going - they buy into some supposed "opportunity" for a few hundred dollars, and then either don't really pursue it, or find that the "opportunity" was little more than hype. Posted by: Janet Attard |
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Copyright 1999-2012 by Attard Communications, Inc. and by the individual authors. |
it is thought provoking. what then can i sell plus that where can i raise capital to start
Posted by: jennifer esohe ajufo on August 27, 2008 at 3:23 PM