Begin Your Journeys Now!

Before we embark on any business, we need to take due diligence, study the industry and come out with a game plan. Often, a BIG PICTURE with realistic intermediate goals has to be painted. Good businessmen do not just buy any product, find any place to sell his product at any prices. If he is to do that, then the BIG PICTURE will be BIG FAILURE for him. The BIG PICTURE is like the final destination of every journey, we need to know where we want to go inorder to reach there. We can embark on a journey to nowhere and that will be precisely where we would reach, nowhere. So make sure you have a final destination (BIG PICTURE) in mind. Successful businessmen silently include other measures to lower their exposure to risk, proactively and lovingly guide their business towards success. Their labor of love is the small difference between truly successful and simply doing well.

The following are 4 factors that budding and potential successful businessmen ought to consider.

4 Factors

(1) Market

(2) Location

(3) Product

(4) Price

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(1) Market

A good market or industry is an important factor in any business. Just to begin with, it would be an agony if one has to drag his feet to work. Customers will notice the difference whether one is just in a business simply to earn a living or one is passionate about doing something. Though subtle, one will find no enthusiasm in doing a chore and in the process, many potentially good customers would be lost forever. This is very obvious. Would any of us patronise any shop if we were disappointed in one way or other. Either in its service, products or failure to deliver? Definitely a no no. We may even swear never to patronise that particular shop ever again and chances that we will definitely tell our friends never to step anywhere within ten feet of that shop. I do find myself doing so, do you? Never underestimate the power of multiplication of words of mouth.

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(2) Location

A good location is vital to any business as it is the place where potential customers would come and buy your products. If your have your office or shopfront in a farflung corner, please do not expect that your will have throngs of customers coming unless you are the only one having that unique product or people just love to buy things from you for one reason or another. A good location can also serve as a form of advertisement for you if there is a good flow shoppers who can be turned into potential customers if they are approached properly by a good sales person. I used to think that a good location would mean that you are the only shop that sells a product (for example computers), but I was wrong. Reports have shown that if you locate your shop in a place where there are many other shops selling similar products, you would stand a good chance of having more sales. The reason is when people want to buy a computer, they would like to go to a place where there are many shops selling different models so that they can do some comparison and hope to get a good price since there are so much competition around. But a good location only will not suffice for a business. One would need a good product at the same time.

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(3) Product

A good product is the thing that people want so that they are willing to reach into their pockets and give the business owner their money. To get customers to come back for more, one's products must be superior or at least equal to his competitors. Your product must win the trust of your customers and only then would they remain as good customers.

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(4) Price

A good price when the customers paid and felt pleased with their purchase and it is be high enough so that the business owner is also pleased with the profit margin. Here, it is rather tricky with regards to fixing a good price. It comes with experience and there are certain ways to ascertain the right price for any products. Fixing too low a high will result in the customers getting a good bargain and the business oewner not being able to maximise his profits. Attempts to fix too high a price would scare the customers away. Therefore, it is crucial to strike a balance so that both parties (customer and business owner) are happy.

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