5 BasicTruths Every Business Owner Should Know

When I first ventured into the world of entrepreneurship as a seller at a local flea market, I had no idea of what to expect. I was ignorant of the secrets on making a decent profit, how to promote sales through product presentation, and how to recognize the highly marketable items to buy, sell, or trade. In other words, I was completely lost. Luckily, I met a friend with top-notch selling skills. He took me under his wing and became my mentor.

The first couple of weekends, I stayed in the background, watching how he worked with the customers. He never pushed his goods, never made false promises, and always let the customer feel special. More often than not, my mentor completed the sale. When I asked him about his high success rate on his sales, his reply was:

"Success in the Flea Market trade centers around 5 basic truths. If you take these 5 truths and apply them towards any customer based business, you'll pick a winner every time."

Gain Trust - Make Profits

A key element in making yourself known as a reputable merchant is gaining the customer's trust. When the word gets out you are honest, reliable, and a decent person to deal with, good things happen. Your sales increase and the profits begin to add up. On the flip side of the coin, if you let it be known you're a money grubbing, cheating scoundrel who cares less about anybody but himself, that word gets out too. The only difference being, bad words travel much faster than good words.

Know What You Sell - Sell What You Know

When selling your merchandise, a good working knowledge of how it works is vital. You can really botch a sale by looking like a complete moron. The only satisfaction the customer will get out of the exchange will be the story he or she will tell their friends later on about the encounter with a 'bumbling fool'. Study whatever it is your intending to sell. If you already know the merchandise, explain the features to the customer. Your knowledge of the merchandise will give you an appearance of an expert. People usually have a tendency to buy more from someone who knows the product. At the same time, don't overdo it. Many people also dislike doing business with know-it-alls.

Be Quiet, Listen, and Hear What The Customer Has To Say

Unless the vendor is a mind reader, he or she doesn't have a clue about what the customer wants. Sometimes the shopper doesn't know. The person may be in search of a something unique or maybe just out browsing for an idea. If the customer sees something sparking their interest, they'll let you know. It will save your customer and yourself time if you keep quiet and let them do the talking. Listen and hear what they have to say. If you can help the shopper, do so. If you don't have the item, but know a vendor who might, tell the shopper. Most likely, the shopper and the other vendor will appreciate the service.

Be Unique - Promote - But Keep A Money Stock

It's just good business practice. Find something of value no one else seems to have. When you find a niche, promote it. Some vendors work for years establishing a business centered on one product. However, many of the same vendors keep a variety of stock in inventory just in case the customers aren't interested in uniqueness this time around.

Greed Kills

Getting greedy will only cause you trouble. When making money becomes an obsession and chasing the dollar takes precedence over meeting the needs of the customer, your business will most likely suffer. Put off by your greed, customers start drifting away in search of better surroundings. When the customer base goes----your business goes with them.

Looking Back

In looking back over the ten years I spent as a Flea Market vendor, I consider my business venture as a complete success. Working with hundreds of customers over the years, I made many friends and few enemies. If I had not adhered to the principles I learned from these five basic truths, I don't believe my small business would have lasted six months.

Try It For Your Business

If you are thinking about opening a business remember these 5 simple business rules a try. If you are currently a business owner, determine if you are following a similar set of guidelines. There's a good possibility you are.