One thing I’ve seen a lot lately is business owners biting off more than they can chew. Placing themselves in a business category that their business has not reached yet. Don’t get me wrong, it’s great, wonderful to dream big but at some point you have to be realistic. If your company just hasn’t reached that level yet, you are not only fooling your customers but you’re following yourself.
One mistake is pricing. You have to know how to price your product, your service. You don’t want to price it too low, people won’t think much of your business and you don’t want to price it too high people won’t think twice because it might not be worth that price. Now if you are going to price yourself or product high, you must be able to back that price up. If you shampoo costs $300 it better be the best shampoo on the planet! When people see a high price for a product that’s usually lower or that your price is at the higher end, people are going to analyze your company and see if you are really worth that amount. You better be able to back that price up.
Watch what you say. If you’ve got a big mouth as a business owner and speak a whole of words about your company, you better be able to back that up. You’re the best right? You better be the best. If not, customers will put you under a magnifying glass and see what you’re really about. Maybe instead of saying you are the best; you need to say we are one of the best. The best means there’s no other above you and no one can do it like you. Well when your customers go looking elsewhere and they find something better in quality and price, you’ve just found out that you are not the best.
My magazine is not the best. We have tons of other magazines that do better than we can. We haven’t even begun to see what’s really out there in the literary world. This we know. As a business owner you should be in reality with your company. Don’t bite off more than you can chew.
Straight from The DIVA