Money is one of our needs to live in our society, it is sad but it seems that our world will only work if you have a money. You can buy what you need and desires if you have a money. However, the huge problem of the people is they don't know how to have a money, how to make a money—the answer is simple, work and build a business.
Business, it is an activity where you can produce a money depends on your strategy. It is not only for a group of people, you can still run a business if you are one person and even a small business. It sounds like simple but in fact, it is complicated. In addition, there are things to consider before you build a business for you to be a successful business person.
In the end of this article, you will encounter the following:
How is your location?
Who are your target consumers?
What is their status?
How is your location?
This may sound confusing but before you build a business you should know your location and ask yourself, “Is it worth it to build a business on this place?” and to answer this, you need to look on different aspects.
If you are going to build a business, make sure that the place has a lot of people that will need your product. It is like putting a bait on a big fish, let me use this example; if you are on one place that has no water supply, you can be the supplier of the water so the residents will be the one that will buy your product. It is your opportunity to help them and get a profit at the same time.
Another one is, imagine that you are on the place where there are only 10 simple and humble abode, and you are going to build a franchise of McDonalds, do you think you will gain a profit? Do you think that these 10 families will buy a food on your franchise? Probably yes, but it is once in a blue moon. The point is, build a business where you have a lot of consumers and buyers so your product will be in demand.
Who are your target consumers?
The second one is your potential consumers, who are your audiences? Who are your consumers? Business is like a blogging, you need to know your audience so they will always read your content. In business, you need to have a background check on your consumers. You can observe what are the needs of the your buyers in the community.
In small business or retail stores, they will possibly observe what you always buy on their store, for example most of the residents are buying an egg and hotdog, of course if I am the owner of the store, I will supply more of what they need. In that case, you can easily gain a profit.
If your store is near the school, obviously, you can sell school supplies such as pencil, pen, sharpeners and etcetera. You can build a sari-sari store in front of the construction site so the workers will buy your food. In business, remember this statement, “Sell and supply what your consumers' need.”
What is their status?
Lastly, their status. There are people who needs something but they cannot afford it. In this case, you need to look on their status and ask yourself, “Are my consumers can afford this product?” if you already found the answer, then decide.
Do not build a business where no one can afford it, are you going to sell a gold in a poor guy/community? This is not criticism but maybe they cannot afford it. The worst is someone will snatch it from you...kidding.
Let us put your shoe on the countryside/province where the houses are only simple nipa hut, are you going to build a business or a car store? Yes you can! But do you think they can afford it? Not. So better to look on their status in life, maybe they want it but they can't buy it. Well, it will be consumed if you decided to giving them away to those people!
Conclusion
There are more things to consider before building a business but I only included few and common things that everyone should know. Remember, you can build a business based on their needs and wants but you also need to look on their status.
Business is not a simple word because in reality, it has a lot of branch that you need to learn, it has a huge range and an individual should have an enough knowledge before opening themselves in a world of business.
Another thing that you need to remember is, not all businesses are successful. Some of them are failed because of the mistakes and conflicts that they can't solve. This is why you need to study your business carefully because we are talking about your money and future wealth.
“Health is wealth”
Don't forget to:
Subscribe in Mind++
Follow me on Twitter
Sign up in Publish0x to earn free iFarm and AMPL.
Sign up in Presearch to earn free PRE.
Published: June 27, 2021
We also need to consider consumers' needs