10 Proven Methods To Start a Successful Business – Business can be done in multiple ways. However, a successful business can be done only in two ways. First, sell your products or services at a low price to a larger audience (Volume Business), or second, sell your products or services at a high price to less audience. (High Ticket Business).
For example, MI takes entry into India, by understanding this first technique, and for covering a large audience, they launch cheap and best smartphones than Samsung. In short, they have are they are doing volume business.
While another technique is used by luxurious brands whose wristwatches, bags, sunglasses, and perfumes are priced at lakhs. For example, Rado wristwatches or Marcedeez Car.
In short, every successful business sells combinations of money, power, status, love, knowledge, protection, pleasure, and excitement.
If I say by giving an example – Dove sells love and pleasure. Luxurious car brands sell a combination of power and status. Theme parks sell the excitement. Google sells knowledge and Jio sells happiness in form of data.
Before starting a business, you need to understand what is business.
Business is a repeatable process that creates some value that people need and they sell that value at a price, which satisfies the needs of customers businesses get as much revenue as they can to continue this process.
Business won’t run without creating value because unless you have some valuables to trade, you cannot exchange them with others.
So here are 10 methods that you can use to start a successful business by delivering values.
10 Proven Methods To Start a Successful Business
#1 Deliver Value Through Product
The first way is to deliver value through products. You can manufacture any single item and sell them at a higher price than the total cost of manufacturing, delivery, and maintenance.
It is called a product-oriented business. To run a product-oriented business, keep some points in mind. Your product is good that people like to buy it. Maintaining the acceptable quality of your product made them at as low a cost as possible.
So, that you can compete in the market and sell your product in the market at an acceptable cost.
#2 Deliver Value Through Service
The second method is to deliver value through service. Here you need to provide your services to people to help them and charge fees for the same.
Doctors, lawyers, and accountants, all are examples of service businesses.
If you want to scale your service business make sure that you keep employees that understand your services and can offer high-quality services to your customers.
#3 Deliver Value Through Shared-Resources
The third method is to establish a shared resource business you need to prepare your durable asset and charge money from the people for the usage of that asset.
Here owner shares their asset with people to generate revenue. That’s why it is called “Shared Resources” Hotel Rooms, Resorts, and Public Transportation are some examples of “Share Resources”.
#4 Subscription Business
Fourth is the subscription business in which you charge money from people to offer some subscription services.
Netflix and Amazon prime are the best examples of subscription businesses. Here you pay subscription fees every month to watch the OTT platform.
Electricity, magazines, and milk that come to your home are examples of subscription businesses.
The key point of a subscription business is you assure your customer that there is nothing to worry about this thing.
#5 Resell Business
Fifth is reselling business. In the reselling business, you can buy things directly from a wholesaler or manufacturer and sell them to retailers by taking your profits.
In reselling business, you need to buy products in bulk so that you can get products at a lower price and sell them at a higher price.
Number sixth is “Lease”. In this business, you buy some assets and let them use by some other person or company for a predefined time.
This time is usually much larger than “Shared Resources” time mostly in months or years.
And lease business is popular in India, where people buy properties in different cities and give them on lease to earn rented income.
#7 Create value as an Agency
As an agency, you are selling products or services of others by doing marketing and charging commission from that.
Today we can say Amazon and Flipkart are the agencies. They don’t have any products, but they have only developed a platform that can do marketing and selling.
In this business, you have to maintain the trust of your customer.
#8 Audience Aggregation
It is a very simple business method. Here you target your specific audience and make a community.
If any companies want to reach your audience you can introduce that company and audience and charge some commission from that company.
The best example of this business is Social Media influencers who sell relevant things to relevant audiences.
An option is a very simple business method. It means, giving people some additional value or discount to take some action in advance. It can be via charging some fees.
Concert tickets, Coupons, Licensing Rights, and Movie Tickets are the best examples of Options. This is the mainstream for most artists and Musicians to earn money.
The last method is doing business by investing your capital. For example, you can buy some part of any business by investing some money. When a business starts growing you can take your profit by Onet-time Payout or Ongoing Dividend.
IPO, Share Market, and Mutual Funds are all examples of Capital.
So you can start your business by delivering value through these 10 methods.