Did you ever have a lemonade stand as a kid? Simple right? You had your spot at the end of your driveway, plenty of lemonade usually made by Mom, and tons of family and friends that made selling cups of lemonade at 25 cents a glass seem more profitable than even President Trump could imagine.
Alas, the end of the day net earnings of 5 bucks were not quite what we had in mind, but usually sufficed. As grown-ups in the business world, we realize there is much more to it than a stand and help from Mom. If you want to bring in the dough, these days, you’ll have to have a little strategy in your repertoire. Below are three suggestions that might help.
Location! Location! Location!
When was the last time you shopped at a Walmart centered in the rural country? Even been to a Mcdonalds on a secluded beach? Our guess is probably not. There are several reasons for that. The first and foremost is that there are not enough customers to justify planting theses companies there.
They would never turn enough profit to sustain the cost of having the business in that location. Second, there needs to be a big enough population in the vicinity to provide the proper quantity and quality of employees needed to run the facility. Last, but not least, certain locations carry a reputation of their own.
For example, would you rather visit a McDonalds in Beverly Hills or downtown Detroit? How about a Walmart in the famous Gatlinburg district or one in the Bronx? There are just places we feel better shopping in than others. The location of your business is crucial to its success.
The Right Employees
The second thing any business needs in order to turn a large profit is the right employees. Your workers are the lifeblood of any company. Without them, your product or service doesn’t make it to the customer.
There are many that frequently go above and beyond the call of duty to make sure that your customers are well taken care of no matter what situation ensues. You first want to make sure they are qualified for the position. Unfortunately, many people have entered the practice of fibbing on their resumes. Do the extra work to make certain they are legit. Second, check on their motivation for choosing your company.
Do they understand your vision? Are they customer oriented or are they just in it for a paycheck? Last, don’t be afraid to get a little personal with them. It’s a proven fact that the human race will go further and do more for people they consider friends. Business boundaries should not be taken lightly, but do what you can to foster friendships with your new staff.
After all is said and done, the location is chosen, the business built, and workers employed, it all comes down to having a little patience. It will take some time for people to get wind of your wares. Little by little, clients will come in and test your product and the validity of your staff.
After a few successes, word of mouth will travel, people will see your signs and commercials and come in and try out what you have to offer for themselves. Even after things get off the ground, there will be slumps in the local and state economy that may tamper with your bottom line. Be patient. Never make financial decisions while you are panicked. Patience young padawan.
Starting a new business can be a very lucrative way to build your fortune. Use these suggestions to help you get started.