How to develop a successful trading business? - expert opinion of professor Anokhin

World of translation : Business
, 16:20
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trading businessMany people need to know how to become successful in the sphere of trade. Each businessman, of course, has his own secrets of successful business. However, there are general patterns, following which everybody can achieve significant results. Exactly about them we'll talk further and professor Anokhin, who works at the Department of Marketing and Entrepreneurship in Kent State University (USA), tell us about them.

When you are deciding to work in the sphere of trade, you must realize that there are high risks of loss of investments. Even an accurate calculation can be unreliable, unless important factors, that can not be measured, are taken into account. In addition, to be a good seller is not given to everyone: communication skills - not all that is needed here.

Factors of successful trading activity

It's impossible to put everything into a short article, so I will list the most important thing:

  • Good memory and ability to verbal calculations. If you hardly write two-digit numbers on a piece of paper, and remembering a list of ten points for you is beyond any possibilities, it will be rather difficult to organize a successful business in the trading sphere. Because it requires quick thinking, instant response. Often, there is simply no time to write and calculate everything with a calculator. To assess your benefits, you need to be able to quickly estimate the total amount in your mind, based on which you will make a decision. Therefore, special attention should be paid to the development of memory, if possible, to train your abilities in the oral calculations;
  • Concentration. Ability not to get lost, composure. Brokenness is the seller's first enemy. Selling the goods, it is necessary to concentrate completely all attention on quantity, categories of the goods, their price. Otherwise, you can miscalculate or cheat the client. In the first case, you will receive losses, in the second - a bad reputation;
  • Commercial flair. Ability to select the product of increased demand. Most often, a low price (for the bulk of consumers) plays a priority role. But it is necessary to take into account the interests of different categories. You need to have the goods in hand to meet the needs of any buyer. However, it may be unprofitable to buy in bulk some categories of goods, if it will be sold for a long time. Therefore, new purchases should be made carefully, checking how quickly the product will be sold;
  • Competent formation of prices. Almost always, the queues are collected by the seller, who offers the same product at a lower price. Here it is important to find profitable supplies. Of course, having a small budget, it is difficult to compete with solid competitors. Especially it concerns the trade in products. Here the most important thing is a quick implementation (which directly depends on prices). Do not make frequent sales. Otherwise, people will just wait for the collapse of prices, and you will not earn anything. When setting the price, consider your costs for the purchase of goods, transportation costs, rent of premises, taxes, payroll and so on. As a result, it should not be that the firm is operating at a loss or "by zero". Consider demand, you can slightly inflate the price on the running goods, and goods that stale, you can sell cheaper.
Author: World of translation
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