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How to Build a Profitable Business

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1 month ago

How to Increase Your Business Turnover

If you are a business owner and want to increase your turnover, here is one tip that might help you.

Attend International Trade Fair

Trade fairs, trade exhibitions, or trade expositions are organized every year in many countries. These trade shows are organized on a big scale, they display products that you might have never imagined. Actually, a lot of companies launch their products at trade fairs (for this they even get free publicity). If you have a product to showcase, do it at a trade fair, however, if you are attending the show to see products, continue scrolling until a certain product pulls your mind. Get that product as a sample, businesses normally get a free sample. If they are not offering the sample, buy it. But get the product at any cost.

Bring that product at home and make a product related to the product you brought from the trade fair. Continue to improve your product. Voila! A single product will make you a billionaire.

A Business Strategy From Zara That You Need to Copy

Zara is 47 years old 13-billion-dollar company. Zara is also the world’s biggest apparel retailer. Do you know what helped Zara to become so big?

If you are thinking marketing helped Zara to become big, you are absolutely wrong. The industry standard marking budget is 3.5 percent of the sales, however, Zara hardly spends more than 0.3 percent of sales on marketing.

If that is the case how does Zara manage to make a lot of money and how the products are always sold out?

There are two reasons

1.       Create new products

The moment a Zara product reaches the market, Zara starts working on a new product. By doing this Zara discourages the competitors from copying its products.

2.       Manufacture in limited quantities

Zara does not produce its products in huge quantities. It only makes limited quantities. By doing this they create dead stock. They don’t have t bother with storage, and last but not least there will be a scarcity in the market. Scarcity will lead to the products being sold quickly.

OPM: Other People's Money

If you have a business and if you want money to grow your business, you need to remember one important strategy to grow your business, i.e. OPM. OPM is the abbreviation of Other People’s Money. The other people are the investors (either intuitional investors or individual investors). You can get angel investors, venture capitalist investors, business partners, or even investors through IPO. For a lot of people funding the business through a bank loan is the easiest method to grow a business. Well, if you trust the business idea, if you are fully confident that your business will become successful, there is no issue with getting a bank loan, but you should also think about the consequences in case your business fails. Another problem with a business loan is you will have to start repaying the loan before you are actually earning profits from your business. A loan is good if you want to grow your business but a loan is not good if you want to start your business.

Create a Brand That Connects to People

You cannot generate sales or excel your business unless you have built a brand. How do you build a brand?

Be realistic: Make sure your brand story connects with your business goal. In order to build your brand, you should know how to communicate your goals to your audience

Be authentic: Make sure to include values and offer a better solution and show yourself in action

Be empathetic: Make sure to connect with your target customers and show how the brand fits into their lifestyle. Customers are your heroes, your brand should have importance in their life.

Be emotional: Make sure you connect with your customers on the emotional level

Be convincing: Make sure you give enough reasons for them to take an action

Be relevant: Make sure you show your audience the benefits of your brand

Last but not least...

Focus on your true goals and the basic essence of your brand

Focus on your target customers and their sentiments and temperaments.

Focus on building a better future

Running a Business: How to Prepare for Recession

Technically speaking, at this moment you cannot see what challenges your business will face 2 years later. Time and situation will change, the market will change, and consumer behavior will change, how can you be prepared for the challenges you are going to face two years later? However, there are some steps that you can take to be prepared for future challenges. For example, you can have reserve funds to scale your business by introducing new products or reaching a wider market. You can also develop a strategy to cope with recession if it really happens in the near future.

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