10 Business Tips and Strategies For Entrepreneurial Success
7. Use Proper Pricing Points:
Sometimes, entrepreneurs have a great idea or product or service, but their pricing is too high. Apply the Wal-Mart theory and get your prices as low as possible until you have brand recognition. Then, you can bump your prices up. Asks Lee, “would you prefer to make a $20 profit off of 10 book sales or would you prefer to make a $5 profit off of 1,000 book sales?”
8. Be a Cyberpreneur:
Your website should be a sales tool that not only showcases your products, but encourages people to buy them. According to Lee, companies such as Wal-Mart and Best Buy generate millions in daily sales from their online business alone. Collectively, online retailers in 2010 generated $250 billion from just online sales, he explains.
