Jan 05

Understanding the Basics of Business

Most of us want to earn money and have heard all around that the best way to do that would be to have a business of your own. But most of us don’t know the basics of the game.

Basics of Business

According to the Chambers Dictionary, Business is, quite simply buying and selling of goods. It is interesting to note here that it doesn’t really matter what is the end of the same, the only absolute essential is that someone is there to buy it. Demand calls for supply.

What it Involves?

Money – Whether you are creating a business that caters to customers or to other businesses, the primary aim of any business is to make money. However all businesses don’t set out with the only aim of making money. A good example of such a business would be a charity – all charities give away their profits to help people in need.

Ideas – Ideas run businesses and the idea needs to have the potential to be of value in the market. People should be willing to pay for your idea as that is the only way it can bloom into reality. You might be creating a tangible or an intangible, it needs to have an intrinsic value for it to hold any ground the market.  

Research – Understand that the idea is only the beginning when it comes to business. In fact the moment the idea ends business begins and business begins with research. Sometimes businesses kick-start after years of research, none of which ever goes into waste. Other homework includes figuring your target audience, deciding on the price of the product after calculating the cost of making, advertising etcetera. All of this must be figured out before you start the project. This is what you’ll need to show your investor so you can start a functional business.

Outlay – A small place to put things together or a multi-storey building, you need an outlay to set things in motion. Your staff needs to be trained to produce the item or service and you need a factory to start spitting product. While some folks head to the bank others make do with the savings of the founder.  

Operation – You’ll need to find stability first. Sure, aiming for large profits is great but it is more important to get stability first. Once you reach a stable point you’ll no longer have to worry about every step you take and all the possible losses it can incur. It is a comfortable position to work from and necessary for providing a base for good decisions.  

Growth – Most people would agree that along with all the hard work that you put in, there is also a massive stroke of luck needed to make your business a hit. See examples such as Apple, Google and Facebook all of which began from very small points. But more than that it is the timing and the discretion of making the right decisions at the right time.

Jan 05

How to Become a Great Marketer in a Few and Easy Steps?

By now you know that you didn’t have to be the top of your class back in school to hack marketing. However being a good marketing requires customised skill for one trick doesn’t work for all business plans. You will need a different set of skills to make beauty salon work and a bank work. Investing your time and resources wisely as you build your business is what will make you a genius in your industry.

Business and Marketing

Follow these few steps to make your mark in the marketing industry and see your business bloom.

  1. Know what you’re going in for. It’s great to know all that you have to do and even better to know all that you shouldn’t. Learn from other people’s bad experiences.
  2. As a marketer, you absolutely need to know who your customer is and what they like and dislike. Build relationships on the basis of this and people will always come back to you.
  3. Figure out your target audience. Which group of people does your product appeal to the most? What can you do to make it more exciting for a different group?
  4. Marketing is very different from advertising. There are so many ways to make your business work, so feel free to cross out ideas that are likely to fail or those you cannot invest in right now. Remember that advertising is not the only way to get customers.
  5. Set targets for yourself. It is very well for you to make all these changes to make your business work but all the more important to track how well your audience is taking it. This way you can also moderate your expenses and put your money in the right place.
  6. Product, pricing, placement strategy and promotional strategy are the four Ps that need to work together for good marketing.

To be a good marketer, you need to make sure you have the following in place.

  1. A plan to execute and a budget to determine how much should you be putting and where.
  2. Quality service or product, for neither a brilliant marketing nor advertising can save you if your product doesn’t live up to your claim.
  3. The brand. It is not just the product but all of your customer’s experience that falls under the brand.
  4. Value Proposition. It is what makes you stand apart from your competition. What makes the t-shirt you’re selling different from the t-shirt your competition is selling.
  5. A database you can fall back on. As your business grows so does the customer information coming to you. Keep it together in a simple format to make it accessible at all times.
  6. A great platform to show your product or service. In today’s day, the websites endorsing your product or service needs to be clean, simple and easy to understand. Infographics are a good way to communicate to today’s customer.
  7. Prepare a short and effective sales pitch. When you stumble upon a prospective customer, you don’t bore them with the kind of details that you wouldn’t want to listen to either were you in their place.