DID YOU HEAR LUCRATIVE?
Everyone wants to make a considerable profit out of every single dime they spend! And why not?
It’s not a crime. However, ‘wanting to’ and ‘knowing how to’ are two different angles of the same picture. Because if you don’t know how to take advantage of a profitable business, who cares what you want?
If you are on the right track, you can always capitalize on a lucrative market. Even the smallest businesses can start rolling in money, only if they know how to lure profitable projects right into their grasp.
You want to know those tips & tricks of capitalizing on opportunities too, right? I mean, you are reading this, OF COURSE, YOU DO! So, let’s get straight into it!
YOU NEED TO KNOW WHAT A LUCRATIVE MARKET IS
A lucrative market is simply a total of all the buyers and sellers making a profit from their businesses.
Simplifying this further, imagine yourself fearing to invest your hard-earned money, just because of the risks associated with it. But how about considering the requirements of your clients.
Anyone can make a profit and take advantage of the market. To get into the market, you need to have a business of your own. It can vary from a large to a small venture, and you do need people to know your work.
So, the very first thing you need to do is to register your business.
HOW TO REGISTER A BUSINESS?
Before starting your company and jumping into the market, the first step you need to do is to know how to register a business and implement it. A person can compile the relevant information and follow the listed steps to register a new business.
#1 Determine the type of business
To start any business or before investing your money into anything, you should be aware of the types of companies. Companies fall into four categories. Sole Proprietorship – An individual solely owns the business. Partnership – Where two or more people own the business. Corporation – A legal business created by individuals involves shareholders. Limited Liability Company (LLC) – It’s just a partnership + corporation.
#2 Decide the name
Imagine if your parents didn’t name you. How would people address you? It would have been mind-boggling. Similarly, a new start-up is like your baby! It should have a unique name to gain recognition.
#3 Finalize an address of your business
It would be best if you have a location for your business, not an office but at least an e-mail, a website, a medium, where you can make your tax filings and the legal data issued.
#4 Register with the state and local agencies
You need to register your business with the federal or state agencies. You have to be legal. For example, in the U.S, you get your business registered by the Internal Revenue System (IRS) to have your Employment Identification Number (EIN).
#5 Apply for the license and a work permit
It will get issued by the agency (State or Local) you have registered with to start serving your customers.
- Open a bank account
- How are you going to handle the bills and everything? You must have an account to process all the payments.
- Get your business insured
Get your business financially secured in case any accident happens.
BAGGING THE OPPORTUNITIES IN THE MARKET
Most importantly, you have to get your business recognized by the market. People, I mean, all the buyers and sellers should know you.
If I say the most lucrative thing turning out in your favor is gaining a loyal customer. Here, all the steps you need to know to become a well-known brand in the market.
Learn what is EQUITY AND DEBT financing:
Equity: An investor purchases a share in your business/company, which will give them the right to have a say in the matters! It raises the capital by selling the shares. But even if you don’t make a profit, you will not owe anyone.
Debt: It merely means that you are taking a loan from someone (another company or an investor), and you’ll owe them even if you are at a loss.
Know your clients: You cannot just start selling anything to anybody. For example, if you are a fashion brand, you must know the particular styles of every client you have. You don’t have to sell your stuff; you have to earn long-term clients. You want your business to be lucrative, remember?
Send out some product reviews: I would read up a zillion reviews (kidding, but at least 5 to 6 positive reviews) before buying anything. So, get your clients to give feedback and put them on your website, so people know that you are the best.
Assess and add value to your products: Keep in touch with the market and its prices. Adjust your budget accordingly. In case if you get any bad reviews, positively take them and improve your product.
Set some promotional offers: Ever heard about “But one product and get 50% off on other”, I would go running to get the offer. As a start-up setting up such offers could turn tables your way.
Online Marketing is a win-win: With this pandemic going on (even back to the time when this world was a usual place), I would love to order stuff online. You know, just one click and your material get delivered to you! So, online marketing is a BIG YES.
Cutting a long story short, knowing all the business terms, and getting familiar with your clients is necessary. One cannot merely survive in a competitive market, let alone be lucrative if you have not invested your resources and time.