Starting a business is hard but what us even more harder is making it profitable. The first few months are very important because they usually show you some of the flaws and things that are missing from your business. Selling clothes is not a new concept, it has been around for some time now. Others have been able to make a lot of money through it whilst others have not even survived a month. If you are one of those people, join us as we unpack some of the most vital information that will come in handy when looking into making your business a cash generating machine.
1.Get your pricing right
I think this is where a lot of people trip mainly because they want to make a quick buck and forget that customers are very picky when it comes to the items that they buy. We've decided to break the process down using the steps below:
— Which customers are you targeting for your offerings: Rich individuals that won't hesitate to splurge their money in expensive clothes or middle class citizens that survive by their 9 to 5 jobs that barely covered their monthly expenses?
— The above questions is important because it will allow your to tailor make your prices according to your target market.
— Let's say you want to sell for the middle class. This means that your items must be affordable and of average quality to provide value for your customers.
— The strategic price you set for your offering must not
only attract buyers in large numbers but also help you to retain them.
2.Marketing is the backbone of the business
This is a very complex machine that requires years of trial and error in order to master but the main principles remain the same - it's to get the word out there that your business exists and it's the ultimate solution to your customers worst problems.
— What is the story behind your brand? Nothing sticks to people's head better than a relatable business story. This can include your humble beginnings, your footprint in the fashion industry and where you business is heading.
— Word of mouth is the lucky charm that will allow your business to take off beautifully. In simple terms it refers to free marketing that you get from satisfied customers. When they get a better service or product that adds value into their lives they won't hesitate to share their amazing stories with friends and family members.
3.Don't underestimate the power of social media
We are living in a very interesting world that has simplified the process of acquiring customers and promoting your business. I mean we have more businesses with websites that we have in newspaper advertisements. This says a lot of the transformation that is continuously taking place in the business world.
— Make use of your social media accounts to promote your offerings.
— Create website that's going to allow your customers to order stuff online and get them delivered to their doorsteps.
— Last but not least, engage with your customers and build lasting relationships.
We hope this article has opened your eyes about some of the things you must do to make your business profitable. Feel free to give us your feedback in the comments section below and remember to follow us for more informative articles like this one published daily.
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