Black Friday. Before entrepreneurship, it meant great deals on our favorite thing; everything is either BOGO, 50% off, 40% off, or some “can’t miss” deal. So many people prepare for this day, both to sell and to buy. Clients and customers are ready to spend money. As Entrepreneurs, it is considered one of the biggest days to generate revenue. It is a no-brainer for your business revenue to have to a sale for Black Friday. If you aren’t sure, what to do or even if you should take a moment and make decisions. This is a day where you can not only increase sales, but visibility.
Ask yourself some questions to figure out what you need to sale on Black Friday.
- What has my clientele been asking for?
- What is something I want to test on the market to see if it works?
- What is something that I need to get rid that either hasn’t sold?
- What is something that my clients love that I can resale at a great price?
After answering those questions, ask yourself about pricing?
- Do I want to increase revenue or increase visibility? Can I do both?
- If visibility, am I ok with breaking even?
- If revenue, what do I want my profit margin to be?
- Am I ok with the amount of work that has to be done after I make the money?
- Will the pricing structure appeal to my old and new clients?
Black Friday can definitely be good for your business, but remember you have to have a plan. Do not jump into it and come out in the hole. You do not want to waste time or money. Be strategic, have a plan, make the money, and/or gain the visibility! Now let’s get to Black Friday-ing!