Things You Need To Know About Making Money
Making money in a business is not a simple task; it is all about patience and taking the right steps and following the best procedure. As an entrepreneur you have to understand the term “Business Objective”.
Business objective simply means setting target and walking towards this target or aim to be achieved.
STEPS AND PROCEDURES FOR MAKING MONEY IN BUSINESS
1. Generation of customer
When you just start a business, the first thing that must come to your mind is the creation of customer, creation of customers is the first thing to have in mind even before even talking of maximizing profit, because without customer creation or capturing of the market, the profit cannot be maximized.
Customers are king and they should be treated very well.
2. Sales promotion: Sales promotion is the group of marketing operations taken up to increase or boost sales of the item or product. Sales promotion can be done by giving discount on the product bought by a customer to make them want to come again and also giving incentive.
3. Advertising
It is a public notice that is usually done through different means
a. Internet
A business man can advertise his product through the internet by using social media; examples are Facebook, twitter, instagram etc.
b. Newspaper
Publishing your product on newspaper also promote the sales of a product
c. TVs station
Advertising your product in a visual concept allows household easily to see and understand your product
4. Maximization of profit
The essence of money over the operational cost of organization is referred to as surplus known as profit. After your product has been known, the next step is to make profit by adding extra cost to a product price.
5. Survival and growth
Going concern is the most adoptable concept that the business is employed. Most business sees survival as a necessary concept and without survival; a business cannot grow and expand.
After understanding the game, then you can expand the business as an empire.
0 comments:
Post a Comment