why are you in business?

Why are you in business?

Why are you in business? Or rather, why do you want to start a business? I have had to ask myself this question in the past few days. Many people are in business for different reasons. I once had a discussion with a senior colleague who I believe is doing pretty well in his business right now. What he shared with me actually made me to look within.

If you are in business to make money, you are most likely going to get it wrong.

I have been meditating on this statement for some days now. If you would succeed in business, you have to identify some problems and provide solutions accordingly. Your first step is, therefore, to identify some key needs in the society and be ready to meet those needs.

The key to a successful business is to add value by bringing the product or service from another place to where you’re selling it, or by creating the product or service and selling it at a price higher than your total cost of production. As long as you keep meeting the needs of people, money will come your way.

Your main reason for being in business should be to meet needs and not necessary to make money. You become wealthy by either selling a few products or services at high prices, or by selling many products or services at lower prices with smaller profits.

The best strategy, I have seen worked, is to aim to sell a larger volume with a smaller profit on each item. Most great fortunes in the world have been made selling large quantities of products over a wide area, thereby broadening the market and reducing your dependency on just a few customers. Follow this path and you will soon be building a successful business.

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