Business knowledge is always the core issue to force any business to survive and develop. Business owners need to equip themselves and their staff with the basic business knowledge that will help everyone overcome difficulties and challenges together more easily.
Here is a summary of 9+ basic business knowledge that any business, whether small or large, can still apply effectively, shared by forexnewstoday.
1. Products must be different
The distinctiveness of the product helps itself to create a new attraction for customers. If your product can be purchased “anywhere” out there, add some value to it so that it truly sets itself apart from the rest of the world.
Example: Write a handwritten thank you note to a customer! this will not cost you much but still effective to leave an impression on customers?
How to choose products and services of your business?
2. The idea is bold but needs to be appropriate
Your product or service must be different from the market, but don’t make it impossible. If it is not suitable for the business class and market that you want to target, no matter how good the idea is, it will quickly fail.
For example: You create a fruit dryer to a rural area to help people dry a quantity of fruit when the price is too low, and at the same time can increase the price of the product.
3. How far can products and services go?
Not just any product or service you can sell across the United States or reach the world. Of course, it cannot be absolutely accurate, but you also have to estimate whether the product or service you cherish will solve any problem for the market, where will your product survive and develop. .
Find your competitive edge and go how far
4. Must know who your customers are?
Not knowing who your customers are is the fatal weakness of many entrepreneurs. You must outline the following basics, about the customer as follows:
– Age (between 10-15 years is the best, for example, start-up books for people aged 25-40)/
– Gender (Male/Female and other).
– Customer segmentation (should be specific in terms of money under $100, $200, $500).
– Geography (New York, California…).
– What do they like, what makes a strong impression on them…
5. Product and service life cycle
The life cycle of each product is completely different, it is based on many factors such as: necessity, price, habits … of the user.
For example: Wedding photography service is used by almost every customer once in a lifetime. Business owners can only increase profits by maintaining relationships with customers for “Baby Wedding Photo Set”.
As for products such as shower gel, toothpaste, washing powder, etc., they are used almost every day, so the life cycle is much shorter.
6. Money is the lifeblood of young businesses
When the business is too young to operate from 1-3 years, the focus on making money and building a strong team. Don’t be too delusional about the vision, the destiny of changing the world out there, focusing on making a lot of money, sustaining the company, and getting better and better employees is the true destiny of business owners in the future. head.
7. Choosing a business model
Choosing a business model is very important and it determines how long your business will last. There are short-term business models, while others require years of building to be successful.
You need to clearly define the following issues:
– What benefits does your product or service bring to customers?
– How do you sell this product (offline, online, relatives…).
How to take care of customers to have more and more loyal customers.
– How much profit is earned on each order.
– How to deploy activities before – during – after sales?
– Do you link with other businesses to make money together or do it yourself.
8. Marketing is a tool, not a magic wand
There is no denying the growing role of Marketing because it can help businesses promote their products faster, cheaper, to the right audience. Equipping yourself with business and marketing knowledge is essential. But don’t forget, customers stay with the business in the product and service before – during – after the sale.
Marketing knowledge is very important, product improvement is even more important!
9. Continuously improve business knowledge
In an era of rapid change, it is imperative that business owners not only master basic business knowledge, but also always improve their new knowledge, especially technology, business models, and support tools. the best.
10. Summary of basic business knowledge for startups
Before starting a business, you need to equip yourself with the following basic business knowledge: ideas, products – services, business models, defining customer goals, how to make money, marketing out star…