Investing in a new industry requires that you spend ample time researching. Make sure you are well informed on the important aspects of that particular industry. Concierge business is very profitable if you invest properly. When you are considering starting up this venture you need to be aware of the following:
The income generated from this business is the major issue that you should consider. Revenue generated from this trade is dependent on the pricing method that you use and the type of task you are assigned. In comparison to majority of the industries that require minimum or no experience and education background, the revenue from this business is lucrative. To decide on whether to invest in this industry, compare the possible revenue to be generated and the capital required. If the revenue is higher than the cost, then consider investing.
Start up cost is a major issue when beginning a business. This form of industry unlike most businesses has limited costs. Similar to any company, you will need to get registered and get a licensed. Registration and licensing cost is dependent on the state that you come from but it is probably within the range of $ 30 to $ 150. After you have dealt with the legality of the business, look for a website and marketing materials. The price for creating a website and marketing your business will be entirely dependent on the service provider and tools you use. The main tools of business required include a cell phone, printer, computer, and fax machine. The purchase of these items will probably cost you $2000 at an estimate. At a maximum, starting the business from scratch will approximately cost you $ 3000 at a higher side.
Raising three hundred dollars may pose a challenge. In this case, you need to consider your financing options. The industry is viewed to be risky by majority of financial institutions. This makes it hard for risk averse institution to lend you funds. Consider borrowing from your family and close friends because they are easy to deal with, and provide flexible credit terms.
Marketing your services is very important. In this industry, target areas that are highly populated with foreigners who are new in your area. This is because; the majority of people visiting a region have a lot to take care of within a limited time. Company websites are also a good area to look for a market; because they allow you to interact with people with white collar jobs. Majority of the people employed in offices have tight schedules and need your services.
After you have chosen a range, price your services. The pricing decision should be based on the market price of similar services. Avoid over pricing your service because you will have no competitive advantage. When penetrating a market, charge a lower price than your competitors to lure clients.
Pricing decisions in this industry are very important. The demand and supply rule determines the price charged by the service providers in the industry. When you want to invest in the market for the first time, consider using low prices to get more clients than your customers. Price is a very sensitive attribute. Because, when your clients feel that they are overcharged for a service, they will choose a different service provider.
Investment in this industry requires a low capital and the revenue generated is relatively high. You only need to have the passion and patience to allow the business to grow. If you are ready to start earning a living by working as your own boss, think about investing in this industry.
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