How to Start a Business

One of the most rewarding propositions in business is to earn more money and be independent.

so why do so many people end up going out of business and broke within 5 years!

It’s simple really, not enough startup funds or cashflow, not enough of the skills that it takes to be successful.

  1. marketing
  2. sales
  3. finance… math skill
  4. organisational
  5. self control/belief
  6. leadership / comunication
  7. vision
  8. target oriented
  9. logical & imaginative
  10. Action….. consistentcy
  11. fit (to deal with stress)
  12. stress management
  13. healthy home life
  14. zero vanity or not allowing yourself to be disrupted by the thoughts and feelings of others without the correct knowledge  ( but cleanliness & dressing for the job are essential)

only 3 ways to grow a business

  • more customers
  • increase purchase frequency
  • increase average spend

& not often talked about in small business, growth by acquisitions

 

where do we start….

Vision,  from there we take action, gaining knowledge and valuable experience that leads us to better decisions and strategies….

The fundamentals of business and commerce….

You buy in bulk or at a reduced price (wholesale) and resell at a profit (retail)eg you buy a kilo of coke from a drug lord and subdivide into grams and selling in smaller lots for a premium(highly illegal & I wouldn’t recommend it, just wanted your attention).

How much do I charge… I would say “what will the market place stand” think of coffee it retails in a supermarket at the moment for around £2:50-£3:50 per 100 gram jar(2017 date of writing) however a typical coffee shop will charge £2.75 for a latte…    or high class hotel will potentially double or triple that because of service 🙂

 

Service… I love service because that is value added…. in other words where you can charge more money for the same thing!

 

Money can be attained by exchanging products or services with your core customer. To obtain vast amounts you need to leverage time, money & energy.

 

 

About Richard Saupe

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