20,000 Richer, and Loving Every Penny

My successful business! 
Three attempts! It took me three tries to successfully start up my virtual business. Running a business takes time, effort, and determination to succeed. These three and an extensive knowledge of how to run a retail business are the keys to making a profit. My journey was long and tiresome, but I persevered through it and  succeeded in the end. Now, I would like to pass some advice on opening a business on to you!

First, get a loan! You need the money and it makes a difference. Smaller loans over longer time periods worked better for me, but any loan is a welcome addition. Also, open a cheaper store that you can manage easier. Larger stores are too complicated and expensive to keep up with. A fair sized staff helps a lot as well. A larger staff keeps theft down and customer satisfaction up, both of which are very beneficial. Despite the value of all of these things, I found that the most important things to keep in mind are purchasing, pricing, and advertising. Keeping track of the demands of customers helps you keep purchasing and pricing on track, so they are relatively easy to manage. I had to change my purchasing once a week if not once a day! Pricing was a lot easier because I set an overall pricing and changed only a few impulse items prices to make them cheaper. Advertising is the most complicated part of business, but also the most important in my opinion. You need to keep track of dozens of different methods such as radio, email, or newspaper advertising to be effective. Most of these cost at least some money to use, and the more you pay, the more people hear about your store. My personal favorites are radio, newspaper, and email advertising because you get free customer email lists and the other two pull in tons of customers.

My store during rush hour.
My favorite part of running this simulation was how real it was. You had to prepare for each new day, and each person does that a little differently. That makes each story unique and powerful in its own way. I started out throwing money around left and right trying to get each specific item at the right price and amount, but that failed me both times. I also spent too much on my staffing at first, so I cut back on it to save money in my third try. That third attempt went on for three simulation years, and it was exhausting! Then I got some advice from a fellow entrepreneur, and I realized what I had forgotten. Newspaper advertising, and once I started putting out those newspaper clippings I had customers in hundreds flocking to my store.

Now that I have succeeded in this module I get to go to the Mega Mogul and try my hand at big business. I am so excited to get started!

1 comment:

  1. Your title and intro sentence are eye-catchers and draw the learner into your blog. Breaking up the text with visuals keeps a reader's interest. The personalization of effort:feelings is descriptive without being too fictionalized.

    ReplyDelete