Throughout my entrepreneurial journey, I have started and closed several businesses. Along the way, I’ve learned important lessons that I’d like to share:
[ol]
[li]Cater to customer needs, not personal preferences. When we started a business selling Christian and motivational books, it was because of my passion for reading and motivation. However, a fellow businessman suggested opening a general bookshop instead. We soon discovered our niche store wasn’t profitable and had to close it down. The key takeaway is to focus on what customers need, not just what you like.[/li][li]Research your suppliers and competition thoroughly. In one venture, we imported goods from Dubai, only to later find that the same products were available locally at Eastleigh for similar prices. Always research your sources and competitors extensively to avoid such costly mistakes.[/li][li]Prioritize character over skill when hiring employees. Skills can be learned on the job, but integrity is paramount. A skilled employee lacking in character can cause significant harm to your business. When hiring, focus on character first, followed by skills, and lastly, consider certificates and grades as an added advantage.[/li][li]Request a deposit for special orders to avoid dead stock. When customers request expensive items you don’t usually stock, don’t rush to purchase them without commitment. Ask for a deposit, even if it’s just 5%, to ensure the customer’s serious intent. This will help prevent accumulating dead stock that may not sell.[/li][li]Persevere and innovate for success. Even if you experience failure, don’t give up. Others may join the same businesses you closed and thrive because they did something different, even if it seemed minor. Continuous innovation is crucial to turn a struggling business into a successful one.[/li][/ol]
- Have a return Policy. jj
[SIZE=6]What is a Return and Refund Policy?[/SIZE]
What is a return and refund policy? A return and refund policy outlines the conditions under which customers can return or exchange items they have purchased. If you are looking at how to create a return policy, here are some of the basics it should include. A return policy lays out how long a customer has to return items, in what condition the items must be, if they need a receipt and whether they will receive cash or store credit. Without a return policy, there can be disagreements over when and what can be returned or exchanged at the store.
[SIZE=6]Why Your Business Needs a Return Policy[/SIZE]
Why does your business need a return policy? A return policy can save business owners, their employees and their customers (both traditional clientele and online shoppers) plenty of headaches by defining when and how items can be returned or exchanged. A return policy benefits a small business in the following ways:
[ul]
[li]Customer satisfaction – When customers know what to expect, and those expectations are met, overall customer satisfaction increases. Even if the policy doesn’t give them exactly what they want, customers will appreciate knowing the terms in advance.[/li][li]Organization – A store without a return policy won’t be able to consistently deliver the same experience to all of its customers. A return policy helps with organization, so the entire team stays on the same page and treats every customer equally.[/li][li]Empowered employees – A return policy empowers employees by ensuring they are informed of and following the proper procedures with every customer. Without a return and exchange policy, a store’s employees could be left guessing how to handle customer requests, and it’s unlikely they will all be handled consistently.[/li][li]Customer loyalty – Satisfied customers who know what to expect from a store’s return policy will become loyal customers. Customer trust is one of the hardest qualities for a small business to establish, and a return policy is a vital step in developing that relationship.[/li][/ul]
Very nice n factual.