The following article will be a brief guide on how to run a business, the pitfalls to avoid.

Do not jump on the online bandwagon thinking that your business will make money. You need a product, and you need to sell it. A business without a selling product is not a business. will not be a business until the day when we launch our book and start making product sales. After that, we may venture into a bit of consulting on the side as we promote the book and make more sales. Right now, we are in the potential energy stage of the business planning. Thus, we cannot claim as others do, of being in a business.

The lesson in business is simple. Before you start, you must come up with an idea of a product. Business plans in our perspective cover ideas of a product and things you are going to do to make money. The end line for an entrepreneur is having something worth selling, and finding people willing to buy it, then converting them to buy it. Selling is as simple as that.

We recently had an encounter with a lady who noted that she does not want someone else to think that she did forget something deliberately.

Of course, there is nothing like deliberately forgetting. Nonetheless, we told her that she was not going to make anything of a salesperson if she continued with the idea of assigning responsibility to someone else. A salesperson takes the responsibility of the solution. The salesperson tells you that A and B will work, or you can call her to verify later after you make your purchase. Selling is about confidence in the solution you offer. Thus, it cannot work when you have scapegoats.

The things you do in the disguise of being in business are just scapegoats. You are not in business unless you are at a point where you are making sales.

We know of many examples of entrepreneurs doing brisk business because they are making many sales. However, they are merely doing a service to the community. Their sales do not count, since they are promotional and the discounts given to clients take too much of the revenue to offset any profits gained.

In summary:

  • You are only in business when you make a sale.
  • Do not make sales at prices that are near or below your total costs.
  • If you are offering discounts, then increase the quoted normal price, so that your discounts do not eat into your profits.
  • Stop stealing from yourself.