Fri 15 Feb 2008
The business world is filled with opportunities for enterprising people - and if you are the right person that comes along at the right time, then you could really rake in some serious money.
Here are some tips to take you closer to that money tree.
Identify a demand and convert it: Identify a product in demand and search for a source to get it to your customers as soon as possible - before others catch on.
This method works very well, especially with products in niche markets.
Tell the world that you have what they need: In short, advertise your products. What is the point in having the right product if your prospective customers are unaware that you have it?
Use all available media, including the Internet, to advertise your products. Write articles in magazines and deliver speeches in workshops to get publicity. These methods will enhance your reputation while ensuring that your small business' name remains on everyone's lips.
Keep your ear to the ground: Keep an eye on what is going on in the market around you. Monitor your competitor's activities.
To find the right opportunity, you have to be street smart - and business savvy.
Be innovative and flexible: If your product prices are higher than your competitors', then offer something they don't, such as faster delivery or a freebie.
If the competition is especially tight, you'll also need to educate your customers about the superior features of your product. All this does cost money, but it will definitely increase your sales. When the right opportunity comes along, it pays to take calculated risks.
Be persistent: History will tell you that most highly successful people rose to iconic status after facing failure. When you fail, don't be dejected — simply try another road to get to the same destination.
As a small business owner, it is essential to have faith in your abilities and take some chances. Good opportunities usually only present themselves once.