Getting to the root of the problem is the first step to finding a solution.
- You’re Stuck Selling to Family/Friends
Selling to family and friends is a good starting point for any business you may be into but it should not be your dwelling place. After a while, you need to extend your customer base to people who are not related to you and are not your friends; you need to go public! If you’re still stuck selling only to those who know you, you’ll eventually start experiencing diminishing returns and come to a standstill.
- You Give Too Much Out on Credit
Giving your
product out on credit is one thing that accompanies running a business; a “necessary
evil” of some sorts. While you may not be able to cut out completely, you
should be careful of giving too much of your products out on credit. This
practice has wrecked a lot of businesses and it will wreck yours if you’re not
careful except you also have a place where you get your products on credit. Learn
to do more of cash sales and give products out on credit to trusted customers.
Now I’m not referring to those you know alone but those you’ve discovered pay
what they owe and pay it on time. Have a price limit of what you can give on
credit, if you must sell on credit, so that it controls how much of your goods
go out on credit in general and to a particular person.
- You Want to Do It Alone
To do certain businesses and run at certain levels of business, you can’t run alone; you will need partners, sponsors shareholders and the likes. All you need is a memorandum of understanding after you and these partners have reached a decision on who handles what aspects of the business, what each party is expected to contribute and how to split ratios. Take such a step requires honesty from both parties. However, before you take this step, get legal advice from a legal practitioner so you can take steps to protect your idea from idea thieves who may want to steal your idea and run it alone while posing as would-be partners.
- Good Content; Not Enough Adverts
I cannot over
emphasise this enough. No matter how good you or your products are, if no one
knows about them, how are you going to make sales??? It’s not enough to open a
shop, print a complimentary card or have a social media page for your business
that only your friends know about. Explore conventional and unconventional advert
mediums to get your products and services known. The more people you reach, the
more your chances of gaining more customers and making more sales.
So What Do I Do Now?
That’s simple.
Go over what you just read and see how you can put them into practice before
your business goes bankrupt. A word they say is enough for the wise. For more business tips, click here to read.
P.S- If you’re reading this from
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see the wonderful features of the blog that are exclusive to the desk-top
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Are you
at a crossroad? Do you need advice or counsel on lady issues, relationship
matters and life in general? E-mail me
on graceyokoye@yahoo.com and I’ll be glad to help.
