One important element in business is profit. Many of businesses are struggling in making profits consistently. Infact new startups must find profit fast so that they can go a long way in their business. I would like to highlight some important steps and guide in order to get good profits.
I will using the acronym PROFIT to get more profits in your business
Price your product right. This is very important in making a good profit. Many of new startup dont really know how to price it right. This is because fear of losing sales and ect. Do your research on your kind of products and services out there before set a price. And know your target group. Also know your costing as some of new startup price it lower than their cost.
Review your marketing plan. Find out whether your marketing plan designed to produce the intended result?. Change the content and evaluate the results. Use different media. Invest in some marketing workshops .Implement different technique of marketing. Very critical aspect in making good profit.
O= Operating Cost—–
Operating Cost can make your profit very less or even make your business lose money. Take all effort to keep your operating cost low. Start operating at home if you don’t really need a office in the beginning. Don’t buy fancy items like expensive furnitures and so forth. Do all you can to keep the cost very low in building the business.
Make your service or product flexible enough for you to add value. This will help you to sell other things that might very relevant with your main service or product. By adding the right value you have a great chance to increase the price of your product.
I= Inexpensive Promotions
In order to get good profit you have to do promotions. However my advice will be looking for inexpensive promotions. Like tagging with other products that can be a complement. Giving out talks about your service or products, attend free networking events. Email contacts that you have . Giving out certain fees to people who refer your service or products to others.
T = Target—–
Target market is one of the important aspect that every business should pay attention. Find out the right target market for your service or product. Find out where they live , what they love doing , income range and all the details that you can get from. This will be very helpful for you in design the right marketing plan that will hit or reach your target group.
These points will be surely speed up your profit return and increase your profit as well.
I wish all my readers who are in business to gain high profits in their businesses.