Are you an online entrepreneur and trying to make your business succeed but with no money to spend on advertisement? That’s not a problem because you can save money with the following tips from this infographic as you go on as an Amazon seller. Nobody wants to spend a lot for something that he can do by himself. Most organizations aim to minimize the cost of operation to charge a competitive price for the product that they are selling. As an online entrepreneur, you are at an advantage. The internet provides business insights that will maximize your profit and minimize your cost. One of those insights is found on this infographic.
1. When you are starting up a business, your tendency is to seek help from famous experts, advisers and mentors who can help you build an empire. But, would they give it to you for free. It is a big no. You have to pay them big time. The better their reputation is in the industry the higher their professional fee is. However, do you really need their help? They can help you in building networks and troubleshoot complex and complicated problems. But, some of simple decisions and strategies must come from you. Read business books especially relating to e-commerce.
2. In addition, consultancy can be a bit pricey. Hiring them could mean an overall change in the organization from people to operations. And these are expenses which are sometimes do not really add value to your market proposition. Before you get the help of a paid consulting service, try the free ones first such as the SCORE. A lot of testimonials have proven its positive results.
3. Not because it is an old way, it won’t be effective. Swapping some excess products to something valuable or useful for your business can help you move inventory and reduce warehousing cost.
4. A big chunk of a business budget could be eaten by monetary incentives especially if you got many workers on the list. However, get out of the traditional way. In this century, money is no longer the primary motivator. People will work if they love what they are doing and they feel appreciated on their achievements. Instead of money, create and innovate your rewards system. In some organization, a tap on the back is enough. But for outstanding achievement, a vacation could be well appreciated.
5. Find a good supplier, build a long-term relationship with them and nurture it professionally. Companies are into the so-called supply chain management because much of the costs of production are incurred in the back end of the business process. Without a good supplier, there is instability of supply, questionable quality of raw materials and possible stock outs especially when demand is high.
6. Partnering with customers can also be helpful. You should know that there is what you call a word of mouth and it is a free of kind of advertising. Select key customers who are influencers in the market. Offer them something that they can refuse and they will feel good about. A satisfied customer can have a multiplier effect getting more customers into your business.
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