Top Tips For Your Water Refilling Business
A water refilling business is one of the most popular ventures for those with little experience as an entrepreneur because it is simple to operate and has a steady demand.
Starting a water refilling station is easy, but success in this business depends a lot on how you market and manage your business since the technical aspect is already developed. To assist those who plan to start, some basic business tips are given below:
Get a location where there is less competition. We are assuming here that you have a limited budget; those who have sufficient capital may focus on delivering to offices or households and so their retail location may not be critical. If you go to an area crowded with competitors, there will be intense price competition and it will be much harder to get customers since most of them are already old clients.
Know your ideal price point by knowing your costs. You may lose customers if you price too high and you will suffer losses due to this. This is why you must have an accurate idea of your actual costs. Too often, only the direct cost like packaging and water is factored in, while the effect of overhead on product cost is not examined carefully. In water refilling stations, the direct costs are far less than the overhead expenses, so prices are more affected by overhead. It is suggested that you consult with a qualified accountant if you are not knowledgeable in costing.
Always promote your business. Have a budget allocated for promotion so that it will be an on-going activity. Try to find innovative and cost effective ways to connect with your customers. One of the most successful promotions are loyalty programs so that your customers will keep coming back. Another strategy is to be involved in the local community, as this will generate priceless goodwill and need not be too expensive.
Have added services that you can sell. This is an excellent strategy that may even boost your profits besides helping to retain your customers. The most commonly sold service is the lending out of hot and cold dispensers. While some truly do not add this to the price, there are others who charge a higher amount.
Do not neglect maintenance. Some companies try to save on costs by postponing the replacement of filters and other essential supplies. This is short-term thinking. Once you lose a customer due to poor quality, it is almost impossible to regain the trust. Furthermore, word of mouth will carry the news of your poor quality and no amount of promotion can restore your credibility.
Do not forget bookkeeping and always meet your tax obligations. While this is normally delegated to the accountant, it would be risky if you know nothing since you would be the one liable. Learn enough to at least be able to check if your accountant is not being negligent.
The water refilling station business is an excellent venture given a good location and run properly. Despite being simple, you must still try to learn all you can about how to best operate it.
To know more about this business, BusinessCoach, Inc., a leading business seminar provider, conducts an excellent seminar on this entitled Starting a Water Refilling Station Business. Contact (02) 727-5628, (02) 727-8860, (0915) 205-0133 or visit www.businesscoachphil.com for details.
Click here to view details of the seminar: Starting a Water Refilling Station Business »
*Originally published by the Manila Bulletin. C-4, Sunday, September 2, 2012. Written by Ruben Anlacan, Jr. (President, BusinessCoach, Inc.) All rights reserved. May not be reproduced or copied without express written permission of the copyright holders.