Making money in business is simple.
You need to sell more than it costs to deliver the goods.
A really simple equation when you read it in blog posts. But not as easy to execute.
The following survey will help you formulate ideas and explore options as to how you can build a profitable business.
At the core, every business is fundamentally a collection of five interdependent processes, each of which flows into the next:
- Value-Creation. Discovering what people need, want, or could be encouraged to want, then creating it.
- Marketing. Attracting attention and building demand for what you’ve created.
- Sales. Turning prospective customers into paying customers by completing a transaction.
- Value-Delivery. Giving your customers what you’ve promised and ensuring they’re satisfied with the transaction.
- Finance. Bringing in enough money to keep going and make your effort worthwhile.