5 Rules To Lower Risk And Increase Profits
If you’re a veteran entrepreneur partnering with Kole Imports, or even if you’re a newbie just starting out, you already know that there are a lot of rules to running a successful business, and in our high-tech world it seems like it’s getting more complicated every day. Online marketing, social media, mobile marketing, search engine optimization, they’ve all added new rules to running a business in the modern world.
But the age-old basic ones never change, and one of those is that you must always strive to lower your risks and increase your profits, which is about as fundamental as it gets. Here are five rules that will help you do just that.
Diversify your product line. Don’t put all your eggs in one basket as the old maxim says. Instead of offering your customers just one or two products, offer them a wide variety that will appeal to both men and women, young and old. Kole Imports makes it easy to broaden your product line by keeping over 10,000 wholesale merchandise items regularly in-stock in their 250,000 square foot warehouse, items that serve the needs of every aspect of daily life, at prices ranging from less than a dollar, to over $100. That diversity means you can offer your customers different products all the time.
Price your products correctly. This is often one of the hardest things for new business owners to do, and it can be complicated, but the basic rules are pretty simple. Your prices have to cover your costs, reflect the current market demand, ensure sales, and most importantly make you a profit. Pricing should be reviewed regularly, whenever your business, the economy, or your competitors change in any significant way.
Buy low, sell high. This cliche is usually used when referring to the stock market, but it applies to all businesses, and it’s just common sense. Certainly you should always take the time to find the best prices on the products you sell, which allows you to realize a higher profit while keeping your business competitive. Kole Imports helps you accomplish this by constantly scouring the globe searching for the best deals on product closeouts and overstocks, which allows them to offer you the very lowest prices available.
Choose product names carefully. Although your product titles should be concise, they should convey what the product does and give some details about it, be appealing and not harsh or offensive in any way, and hopefully stick in your customer’s mind. Kole’s puts a lot of thought into product names, so there’s nothing wrong with using them, but don’t be afraid to make up your own names regardless of what’s printed on the package.
Create an effective marketing strategy. A lot of people sell on platforms like Ebay and Etsy and let them handle all the marketing, but even though it takes time and effort, you should at least have a social media presence and also consider email campaigns, and make use of any other advertising methods you can. The sales and marketing team at Kole Imports is always available to answer your questions about this essential business rule.