Putting up your very own business doesn’t start and end with having quality products or services. In fact, there are still so many aspects you need to carefully consider giving your startup at least a fighting chance to succeed. Below are just three of these numerous aspects.
The selling price of your products or services is one important aspect of running a business. Aside from your manufacturing and operating costs, you should take into account the prevailing market rates when setting prices.
Additionally, if you have authorized resellers, you have to come up with a sound MAP pricing policy to set the lowest price resellers can advertise your product and an MSRP to recommend a price at which you can sell your products. The key to pricing is to set one that’s competitive but still profitable.
2. Market Research
Naturally, many other aspects of your business will revolve around the main source of your profits: your potential customers or clients. Your products or services, for one, will have to address their needs. The marketing strategy for your startup will also have to target them.
It’ll serve you well, then, to find out whatever you can about your target market — the age bracket, location, purchasing power, preferred methods of shopping, and so on.
Lastly, your startup needs channels through which the products or services will be available for purchase or hire. The most common options are physical and online stores.
If you are offering products, you might also need to determine whether you’ll be selling exclusively at your shops or partnering with authorized resellers. When making that choice, the main consideration should be the largest number of potential customers or clients a channel can reach.
Give your startup a chance to succeed. Consider every aspect vital to putting up and subsequently running a business.