15 Sep Wal-Mart Can Teach you How Not To Start A Business
Wal-Mart Can Teach you How Not To Start A Business
Guest Blogger, Josh Bulloc
All of us are in search of meaningful work (even if you don’t realize it). Many times meaningful work is working for yourself. If you are like me you grew up in a family that told you to “get a good job”. In that environment you are taught very little about starting a business. Don’t let that stop you
I recommend that you bootstrap your business; which means you grow it on your own as you learn and reinvest the profits back in the business. But to have profits you need customers. If you are like, me growing up, you got your marketing education from Wal-Mart by watching how they do things. Wal-Mart sells everything to everybody and they sell things at the lowest price (sometimes you get what you pay for).
Based on my experience here are a couple things you most likely need to consider when marketing a business:
Why should I buy from you?
If you give me a generic answer that the next guy down the street gives me then why should I choose to buy from you? The only way you will be able to compete with this person is based on price and that is a losing game which I will describe next.
Take some time and write down what makes you different from everybody else. Then write down how that benefits your customers. Then make sure everybody you are selling to knows how you are different.
Why is your product so cheap?
If you are trying to be the lowest cost you will always find someone that can sell it for less which means the prices will keep going down and you will have to work harder and harder for a profit.
Figure out how you can charge more for your product. You do this by making it worth more by adding to it or by providing amazing customer service, by adding other services, or by making is so unique that no one else makes it but a lot of people need it.
Remember your goal as a business owner is to provide a service or product to someone and if you are run out of business or you are so stressed because you are not making any money you are going to do a horrible job of serving your customers.
Finally, enjoy the process of growing your business.
Kansas City, MO
How Can I help?
Josh Bulloc, The Bootstrap Coach, is a business startup coach and lifestyle expert who works with individuals and groups that are ready to take back their freedom and start to enjoy their lives again. You can learn more from his website www.joshbulloc.com.