8 Things You Need To Know To Achieve Success In Business
To be able to achieve success in business, it is not just joining another affiliate program or Internet marketing program that can make you as RICH as many people claim. Yes, there might be people who do get rich overnight, but don’t bet on things that you are not familiar with.
In every business, there are 8 important things you need to cover to ensure success:
1) Your Running Cost – This is very important because you can have good sales and income from selling your services, but if you are not able to control your costs, all the money you are earning will go back to other expenses instead of being profit.
2) The Revenue – Of course, this will be the key factor to determining whether your company will make it or not. Without revenue, you will not be able to cover your rent, salary, and other monthly expenses.
3) The Branding – I ask many students these questions: Why should the potential client want to give you their business? Why are you so special that they should part with their money to buy from you? Ask yourself this question honestly and try to come up with at least three to five good answers to it. If you cannot find a good reason, most likely you should not be even engaging in that business at all.
4) The Pricing – Putting too much effort on lower pricing will eventually doom your company. It is always better to put your effort on higher ticket items because often, the time you put in will be about the same anyway.
5) Innovation – Always make an effort to be innovative and create something new instead of just following what others are doing. A follower will always lag behind the creator. Because of this, the financial reward will usually not be very interesting.
6) Read and Research – You need to read and research a lot on your industry, your product, and your services. Know your competitors and know what they are doing. Knowledge is always good to have when you are talking to clients, because it can get quite embarrassing if you are trying to sell to clients and you don’t know what you are talking about.
7) Be an Expert – reading and doing research as mentioned above is great, but if you want to go to another level, you will need to become an expert in your field. It is just like when I became an expert in email marketing, SEO, SEM, Twitter marketing, and many more… I did the research extensively, tested them out again and again, modified them, and retested again and again to see the results. That is the amount of work you need to do to become the guru or expert in that area.
People are always willing to pay top dollar for an expert or a guru. That is where I make most of the money–by being the expert and teaching people the core tips and tricks. People are more willing to pay an expert, rather than just another “somebody.”
8) Be Involved In an Industry That Has Less Competition – If you are in an industry where there are 10,000 companies compared to another industry where there are only 1,000 companies (Assuming the dollar value and market value are the same) the chances of you having more sales in the sector of the 1,000 companies will be better. Hence, choose your industry carefully. If you are in the wrong industry, no matter how hard you work, you will not be very fruitful.
To achieve success in business, a lot of work needs to be done, and the back-end effort is tedious and large. Do not expect instant success. There are ways to make the route shorter by using technology and other platforms to get things done easier, but you still need to make the effort.
Dougles Chan is the author of 4 powerful books in recruitment, marketing, branding and sales, more profile can be read at his blog http://www.dougleschan.com