These days, starting a private business endeavor is easier that it has ever been. If you simply have a certain interest or skill, you can easily find hundreds of business ideas that you can transform into a full-fledged business enterprise, with little investment. To do this, you will have to join various groups, spend large amounts of money by purchasing all kinds of things or attend different meetings. If you have the skills and the ideas, you can have a profitable business.
Now, the real question is – How to have a profitable business? Well, the answer depends on the type of business you plan to start. Let’s assume, for example, that you wish to establish a basic home repairs business.
Locate the needs
For starters, keep in mind that there is hardly an American household that does not have some sort of an odd job that needs to be done. In most cases, these jobs are simply too minute or basic to warrant the services of a professional carpenter or plumber. These issues can include everything from faulty bathroom light switches to doors that refuse to close properly. These are just some of the many minor inconveniences that can occur in any household and that might require your attention. If you regularly experience these kinds of problems in your own house and you can easily handle them, then you can help other people as well.
Set up reasonable prices
Next up, set your prices. Nowadays, most accountants might recommend you to set your charges approximately three times above what you would normally pay someone to do the same job. For example, if you pay your handyman 10$ an hour for a certain job, you should charge your fee around 30$. However, do not stick blindly to this approach. When setting your prices, make sure to take into account the community you live in, the living standards of the people and try to set your prices accordingly.
Advertise and promote your business
If you want to establish a profitable business and expand it, you will need to put in a strong marketing effort and come up with an attractive promotional package. First, make sure to reach your customers and then try to entice them with at least seven or eight hours of work. For example, if you charge 30$ for an hour of work, your total charge will be 210$ or 240$. However, you can try to promote your business by offering promotional services, which can include 8 hours of work, for only 200$ and with additional parts and equipment included.
To widen your network, you can advertise on the most popular social media sites like Instagram and buy followers from Vibbi so more people will be able to see your ads.
Impress your customers
Always remember that you do not need a huge budget in order to win over new customers. You can easily do this by going door-to-door, explaining who you are, what your business is and what services you provide. For this matter, you can also set up an automated service, which will make plenty of calls in your name, while you are trying to attract potential customers. Also, make sure to use social media, like Facebook, Twitter, and Instagram, and promote your business there, at no charge.
Set up realistic expectations
Last, but not least, make sure to set up reasonable expectations. Plenty of new businesses have met their end because their owners expected immediate success. Remember that every start is slow and unpredictable. You need to arm yourself with a lot of patience, in order to successfully pass the initial phase. Start slowly by gaining a few trusted customers, and you will certainly see your business being profitable and larger down the road.