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Does it take money to make money?

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QsId 96
Asked by Tuwaze Mawazo
Category Personal Question
Title Does it take money to make money?
 

What does it entail to build a successful and profitable business venture?

Tags business venture, money, profits,entrepreneur
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Answers

MemberAnswerDate
GURU Lwanga

Does It Take Money To Make Money?

It doesn't take money to make money. Trouble begins when you have got an excuse for every little thing, it's really hard to make any progress and at the end of the day, excuses will lead to loss of opportunities that could potentially change the course of your life. Take for example young high school students who use locally available resources to invent new products at the Science and Engineering fair. Those who are able to reach the national and international levels get very good rewards.

What it Entails to Build a Successful and Profitable Business Venture

Check on demand patterns Always offer what people want to buy and not what you want to sell. The market is very important. Go and place your business where your target market is concentrated.

Have a business plan

A business plan is an essential tool in ensuring that your business venture is successful and profitable. A business plan is also required by financiers when you are sourcing for financing. A business plan may include your business structure, way of operation, business alternatives and the rate of capital inflow and outflow.

Promote your products

This reminds the consumer about the existence of the products you offer and the value gained by using your goods over other competing products. Advertising is a way of product promotion that helps increases sales which in turn lead to higher profits for the business.

Avoid unhealthy competition

Stiff competition may make it hard for your business to succeed. You will need to either relocate your business or improve the quality of your products.

Source raw materials locally

This cuts on transportation costs required and delivery time. If you are a retailer, wholesalers located close to you may offer free transport facilities. This also reduces the chances of loss or damage of goods while in transit.

Check on security

Every aspect of your business needs security. Employ qualified staff whom you can trust. Always make sure that your product is always available whenever you customers need it. This will help reduce the chance of losing them to your competitors.

Check on communication services

This involves how you communicate to your consumers. Have good marketing tools to ensure that most people get to know how to access your product.

Manage your business well

An apt data recording system will help in this. Record each and every transaction. This will help you to determine if your business is making a profit or a loss. If it is making a loss, cut on costs and improve efficiency in your operations.

Government policies

Be aware of government policies regarding your type of business, license your business and pay taxes so that your business is not terminated by the government. The government may also offer tenders which are a business opportunity for you but you won't qualify if you do not meet all the requirements.

You don't need money to make money, that's all. You just need to b a bit creative and be ready to put in the work.

Feel free to ask any question regarding the topic in the comments section.

2017-04-11

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