Hi

1) Be great at what you do, by becoming the best in your business

As an entrepreneur the more you know the better. What you know can help you make a profit. You have to have book sense, business sense and common sense working together to make and keep your profits in business. Book sense incorporates knowing everything there is to know about what you are selling, whether it is a product like web site design, food or gifts, or a service like hair styling, investing or moving company. The more you know about the service or product the more comfortable your investors will feel about giving you money. Your customers will trust and have confidence in you and prefer your service over another.

Business sense will keep you in business and protect you from getting ripped off. It requires you to know the true cost of your supplies, so that you do not pay more than you have to. This is about you knowing where shop, what licenses you need so that you are legal and how to do things the right way. Common sense- you may be in situations where you are the youngest person in the room and may feel intimated, do not let your fear or intimidation stop you. If your common sense is telling you something is not right, it probably is not right and you need to trust what you know and make a decision to wait before making a move.

Business education no longer requires costly, lengthy college courses. Many entrepreneurs who have been successful in their fields are writing books on how to start similar businesses. They are great sources of information. You can obtain information and training from a variety of sources such as: experts in the field, competitors, entrepreneurs training centers, seminars, conferences, and books. With the increase in entrepreneurship ventures access to training is readily available and affordable

2) Know who your customers are and fight to keep them

Why so many businesses fighting for the attention and patronage of your customer? Take the time to investigate your potential and current customers. Once you think you have found them, test the market and see if they buy the product. If they are not buying your product or making a sale is extremely difficult you wan to re-evaluate and go back to the drawing board and investigate some more. This will help you determine if your target is off or your strategy of reaching them is off. If you want to sell to the affluent your style, appearance, use of language will be much different from selling to middle class families. You must in these cases be able to relate to them and meet their concerns. Can a person on a shoestring budget reach the affluent and wealthy? Yes, if they are capable of finding a common ground in which they can use to build a relationship from and are able to meet the unique needs of that segment of the market. You can sell the same medicine to the wealthy and middle class, but your packaging and presentation will be entirely different.

Some businesses think that once they have their customers, the work is done. Not so, this is just the beginning. You will find that some other entrepreneur is coming up right behind and is hungrier than you are, and ready to offer more for less. Your customers are never safe, which means you want to build and keep the relationships current and purposeful. This may mean sending your customers updates about how your company is doing, new product or service offerings. If there is nothing new going on in your business (which should not be) then you can send birthday cards and other items to let the customer know that you are thinking of them. Profitable businesses specialize in personalization.

3) Have a constant stream or method for recruiting new customers

Have you ever seen a brook or river run dry? It is a sad sight, no longer is that brook good for giving water, oxygen or even a pleasing sight to on lookers. It becomes a hole in the ground collecting dirt and debris. Your business should never face the same fate, to avoid this you must keep the source full. Your source is the how you get new customers. As entrepreneurs we are so busy maintaining the business and running straight ahead that we do not focus the priorities. Never take your eyes off where your customers are coming from. Nurture and maintain your source for recruiting new customers. For example if your source is the relationships with vendors, stores, or magazines then maintain those relationships buy paying on time, responding to emergencies and meeting needs. If your source is referrals, then reward those who are referring customers to you.

Thanks

We all going into business to make money and keep what we make. How do we go from making money to making a profit? How do we stay competitive, increase our cash flow and become better at what we do? Here are some ideas for making a profit in your business venture.

1) Be great at what you do, by becoming the best in your business

As an entrepreneur the more you know the better. What you know can help you make a profit. You have to have book sense, business sense and common sense working together to make and keep your profits in business.
2) Know who your customers are and fight to keep them

Why so many businesses fighting for the attention and patronage of your customer? Take the time to investigate your potential and current customers. Once you think you have found them, test the market and see if they buy the product. If they are not buying your product or making a sale is extremely difficult you wan to re-evaluate and go back to the drawing board and investigate some more. This will help you determine if your target is off or your strategy of reaching them is off.
3) Have a constant stream or method for recruiting new customers

Have you ever seen a brook or river run dry? It is a sad sight, no longer is that brook good for giving water, oxygen or even a pleasing sight to on lookers. It becomes a hole in the ground collecting dirt and debris. Your business should never face the same fate, to avoid this you must keep the source full. Your source is the how you get new customers. As entrepreneurs we are so busy maintaining the business and running straight ahead that we do not focus the priorities

Thanks for sharing this nice information. I appreciate your post. Please keep sharing more
and more information . You are doing great job....

Hi

We all going into business to make money and keep what we make. How do we go from making money to making a profit? How do we stay competitive, increase our cash flow and become better at what we do? Here are some ideas for making a profit in your business venture.

1) Be great at what you do, by becoming the best in your business

As an entrepreneur the more you know the better. What you know can help you make a profit. You have to have book sense, business sense and common sense working together to make and keep your profits in business.
2) Know who your customers are and fight to keep them

Why so many businesses fighting for the attention and patronage of your customer? Take the time to investigate your potential and current customers. Once you think you have found them, test the market and see if they buy the product. If they are not buying your product or making a sale is extremely difficult you wan to re-evaluate and go back to the drawing board and investigate some more. This will help you determine if your target is off or your strategy of reaching them is off.
3) Have a constant stream or method for recruiting new customers

Thanks

Entrepreneurs invest in order to make profits. Profits are income for them. Some amount they use for their personal needs, and the rest of the amount they re-invest or use it to pay- off loans they may have borrowed. A business venture is considered to be successful when profits pour in. In case the investor is not able to get more than what he has invested in the venture and ends up losing out money, then he faces losses. Losses means the business venture may have to be closed down.

How to make Profits?

* One has to have the acumen to do business. One should be familiar with the nitty-gritty of business, the investment procedures and how to maximize the finances that have been invested into the business.
* Risks have to be taken. Once one is willing to do that, then he or she is in better position to invest more and thus make profit.
* The money, usually borrowed in the forms of loans, must be invested well. One needs to be sure of what one is doing. There is no point in undertaking something that one is not very familiar with. The business you undertake must be something that you are well versed with since there is risk involved. Naturally, if one adheres to this approach then one can maximize one’s profits.
* One must ensure that the personnel are well skilled and equipped to manage affairs. One must not compromise on the quality of the staff. A dedicated staff can do wonders. Total commitment is required on their part. The employer should also meet their demands; provide them with good salaries and other benefits etc. Their motivation levels to give their best performance will be high. They will be able to deliver goods well. The end result will be higher profits.
* Wasteful expenditure should be avoided. The money invested should be well utilized for the product being produced. With the minimum amount, one should get the maximum that should be the motto.

Businessmen want to make a success of their business venture. They depend upon the income derived. Their sole purpose in investing is to make profits. The success of a business venture is judged by the profit it makes.

Hi
Protect your personal assets.
When you go into business for yourself, you are usually personally liable for all judgments and debts that the business incurs. This includes business loans, taxes, money owed to suppliers and landlords, and any judgments against the business as a result of a lawsuit. If you don't protect yourself, a creditor can go after your personal assets, such as your car and your house, to pay for these debts.

While you can protect yourself against lawsuits by buying business liability insurance, this won't help you with business debts. If you will be running up big debts, consider forming a corporation or limited liability company (LLC). Just one person can form either of these types of businesses

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