Jasz
VIP Contributor
When you run a business, you need to generate revenue. It's just an obvious fact. But what does that really mean? And how can you do it?
The answer is simple: by selling your products or services to your customers. This means that you have to be able to offer something of value—a solution, a service, an item—that people want and will pay for.
If you've been in business for long enough, then you're probably aware that this isn't always easy. You might have started out with some great ideas but struggled to make them profitable because they were too hard to produce or sell (or both). Or maybe you had some great products but found that people weren't willing to buy them because they didn't seem worth it (or both).
You can use the following steps to generate revenue from your business.
1. Make sure you have a clear idea of what your product or service is and who it's for. You need to be able to describe it in one sentence or less.
2. Test the market for your idea by finding out what people are saying about it online. Find out if there are any competitors, and how they are performing, as well as how well they're marketing their products or services.
3. If you think there's enough interest in your product or service, work out whether you need to raise money (which will depend on how much money is needed) and whether you need to go through the legal process of registering a business name and setting up bank accounts etcetera (this will also depend on how much money is needed). It doesn't have to be this way. There are many ways that businesses can generate revenue—and many more ways than just selling products or services.
The answer is simple: by selling your products or services to your customers. This means that you have to be able to offer something of value—a solution, a service, an item—that people want and will pay for.
If you've been in business for long enough, then you're probably aware that this isn't always easy. You might have started out with some great ideas but struggled to make them profitable because they were too hard to produce or sell (or both). Or maybe you had some great products but found that people weren't willing to buy them because they didn't seem worth it (or both).
You can use the following steps to generate revenue from your business.
1. Make sure you have a clear idea of what your product or service is and who it's for. You need to be able to describe it in one sentence or less.
2. Test the market for your idea by finding out what people are saying about it online. Find out if there are any competitors, and how they are performing, as well as how well they're marketing their products or services.
3. If you think there's enough interest in your product or service, work out whether you need to raise money (which will depend on how much money is needed) and whether you need to go through the legal process of registering a business name and setting up bank accounts etcetera (this will also depend on how much money is needed). It doesn't have to be this way. There are many ways that businesses can generate revenue—and many more ways than just selling products or services.
