Hello everyone,
Welcome to Chapter 1 of Opinion! Here's the rule: in the opinion posts, I will cover a variety of topics and discuss my opinion on them from a practical approach. I am not a professional in every field I will cover in future opinion posts but feel free to correct me if I'm wrong. Additionally, I love to hear what you think in the comments.
Today, I will talk about the essentials of running a successful business from an entrepreneurial perspective. The entrepreneurial world is an alluring and intimidating place with firms fighting their way to the top, or even trying to sustain their brand. However, not every business came out on top after all the ups and downs in the market. My parents run an acupuncture clinic. From watching them operate their business, and witnessing the ups and downs, I learned some important aspects of operating a business from a spectator's perspective, and I thought I should share it with you. Let's get started!
No. 1 Maintain your dignity
When you first start a business, you will be desperate for new customers to notice you. Sometimes you would even go as far as lowering your price, accepting any customers who walked in even without reservation, or letting customers dictate your business decisions. It's understandable, but one thing many don't realize is that customers come and go, but your dignity as a business owner does not come easy unless you establish them from the start. Your dignity as a business owner includes respecting your customers, and your staff, and in return, it is only fair for you to expect the same respect from your customers, and your employees.
No. 2 Avoid discounts
Who does not love a discount? Discounts may attract customers; however, discounting also means that your product or service is not worth the original price you set. Price is also a symbol of self-worth for service industries - lowering the price could be seen as a lowered self-worth you're presenting to your customers. How are customers supposed to trust you if you don't even trust the service you're providing? Additionally, discounts reduce your overall profit. Therefore, avoid discounts unless your business grows bigger and more stable.
No. 3 Avoid bargains
Bargains with your customers often cause you stress, and you can't guarantee that you "win" the bargain and get the better end of the deal. Why not just avoid it altogether? Every business has customers who challenge the pricing of a product or service because nothing will ever be cheap enough to satisfy every customer. It's alright to say no and refuse the bargain.
No. 4 Treat your customers equally
Customers don't like being treated differently, and it's unfair to give one customer certain benefits that are not listed on your service. Many people have the tendency to please their customers into staying, and it's actually not worth it in the long run. You lose customers faster when you treat them differently because your little deals with certain customers are not completely classified. Business is business.
No. 5 Know the rules
As a new entrepreneur, there are many legal issues that you don't know. Unfortunately, you could get in trouble for the business decisions you made you think are legal but actually are not. Your customers or competitors could easily use it against you. Sadly, entrapment is legal in the United States, so just follow the rules at this point. To play safe, always do your research on local laws or ask a lawyer before you actually make each business decision. Yes, it is frustrating, or would you rather have a million-dollar lawsuit from your dear customers or competitors?
Okay, there goes the entrepreneur essentials from my point of view. Hope this is helpful and accurate for whoever wants to start a business! Thanks for reading
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