Can you make more profit by selling to your family? Of course you can. However, this doesn’t mean that you should. This is a concept that many business owners seem to forget.
To understand why I feel this way, you first have to realize that if your product or service can be sold to your family and that family decides to buy it, you make more profit. On the other hand, if your product is exclusively for a single client, that single client will have the ability to help you increase your income. Selling products or services exclusively to a single person will cost you more money in the long run than selling products or services to a group of people that you are trying to sell to.
Sales to family members may allow you to add income to your business. However, how do you know if your product or service is better for family members than to a group of people? This is where thinking out of the box comes in. You need to be able to separate the friend from the profit. Here are some tips on making money with your family.
What if your family members enjoy the product you are selling? If this is the case, and you want to continue selling the product to your family, you need to ask yourself whether you would rather have them not know about the product or the products you sell. This might seem like a silly question, but I promise you that it is one that you will have to consider if you want to make more profit from your business.
Factors To Take Into Consideration
How much time will it take to sell your product to your family? Is it possible to create sales material that will require less time and effort than traditional sales materials? Again, you will need to put this question into your head and ask yourself if you really need to sell a product to your family and why. The answer to this question will ultimately lead you to decide if you can sell a product exclusively toyour family or not.
If you want to sell a product exclusively to a group of people, you may have to do more research in order to determine what you can sell to the most people. This might mean talking to a few family members and collecting names of people that you might want to sell to. This will not only save you money on labor, but it will also save you time because you will not have to find more people to sell to!
Are you having enough fun selling to your family? Will you do anything to make sure that they love your product? Does your company even have a loyalty program that allows your family members to become a part of your company’s brand? These are all things you will have to consider in order to have a successful and profitable relationship with your family.