As you start a new business, it comes with all sets of rules from the law. And you realize there are many restrictions and you need to do many jumping around to get your boat sailing.
But then the customers won’t come. It doesn’t matter if your business is of huge importance or value.
You have to market yourself, be valuable, the customer needs to want it, and the price should be reasonable in their minds. When all of these things work in unison, you get a business which floats by bringing in money, which helps it to sustain for the next day.
Yes, that money you get is barely enough for you to keep your business alive. The staffs are getting paid, customers enjoy your service, and you can’t draw a salary.
You need that extra money for emergencies. It goes on for about six months, and still, there is a fear that the business might go out.
So basically, in the process of starting a business – you might do all the work, employees get their experience, customers get their service, and you end up with no money and probably in debt after all of this. But not all is sad; you gain invaluable lessons in the process like in every failure in life.
The Lucky Business
Sometimes you can get luck with your choice of business. Maybe you are the first one to set up a restaurant of pizza. Or you have some land in a lucrative location where many potential customers pass by.
Being at the right place, selling the right product or service and pricing things reasonable, you may find yourself in a sweet spot.
But that lucky business can’t always stay in business if you aren’t actively creating happy return customers.
Because the competition will soon catch up and there will be many options other than yours to get the same deal. At such situations, other things like customer experience, service, and respect come into play.
And if you mess that up, you will start to lose loyal customers too. It can be a simple act – giving a refund of an item because it is faulty and beyond the refund period. You may choose to do this as an exception for a loyal customer, and she might find value.
At last, you need to find your ‘X’ factor for which the customers will stay with you. Only then you will win the game.
One business which is lucrative is to buy high-end equipment and charge people peruse. This way, you will recover the money quickly, and then it’s merely profit.
For example, for the longest time, many businesses bought scanner because no household wants to buy high prices equipment for rare usage. So the business flourished. And they purchased many such types of equipment like Xerox and other things.
But technology is running faster than you can imagine. Now you can scan things from your Smartphone and click photos on your phone and usage of high-end equipment isn’t much required.
The moral here is to be ready for new changes if you are business owner. The uproar, the change won’t be with invitation.
So you can sit and get surprised by the innovation. Or you prioritize seeking innovation – new way of doing things.
Because if that becomes new normal, you are ready to either adjust or venture something new. There is no surprise, only forward momentum. Don’t let your business lose because of being comfortable in your current situation, the ripple is coming.