The difficulties of starting and maintaining a business July 14, 2017
In 2017, the business world is extremely competitive. There are literally billions of people on the planet, and not everyone is as altruistic as you would think. I actually heard last year in my psychology class that industry rewards psychopathic behavior. From the moment you are born, you are in direct competition with everyone else on the planet. If you are going to start a business, what makes you better than your competitors? Not only to you have to be able to remain competitive, but you also have to be able to make a profit just to keep your business afloat. That kind of stress is not for everyone.
Even if you can manage all that, can you manage your employees? A good business owner must be a good leader. I guess there are a few rare cases where two competing business owners can “share” different territories, or maybe they are just under the impression that their efforts are better spent elsewhere. Being competitive also means that you occasionally will have to go on the offensive, too. Think of it in terms of supply and demand, but from the customer’s perspective. If I can get the same towel for $3 or $5, where am I going to spend my money? Now, if you were the $5 company, you could just reduce your price to 2.70, assuming it’s the exact same product being supplied, and you’re only making 10% less than the competition. However, you are now making more sales than them, and once their business goes under, you can increase the price back to $5 because there is no $3 towel now, just a towel for $5.
One business I know that is smart enough to stay profitable yet affordable is my favorite reno carpet cleaner. Now, don’t think of this as a sales pitch. This is not advertising, just merely educating. However, a smart man once told me that the best salesmen are educators. Nobody wants to be sold anything, they just want to know what exactly they are buying so the can decide whether or not they even want this product. I think I’m ready to start my own business now.0