When it comes to owning a business, one of the key factors is to determine if customers need what you’re offering. What if you already knew that the answer is YES? And what if you could start this business at a low cost? Let’s explore leveraging supply and demand and discuss strategies for starting a business that thrives in this environment.

Understanding Supply and Demand

Supply and demand are the foundation of economics. It’s what drives the availability of goods and services. Here’s a brief overview of these concepts:

• Demand: How much of a product or service consumers are willing to buy at a given price.
• Supply: How much of a product or service producers are willing to provide at a given price. As the demand of a product or service increases, suppliers are more willing to produce and sell more of it, leading to an upward sloping supply curve.

Before starting a business, it’s wise to conduct market research to help determine if there’s a high demand of the product or service you’re interested in selling. Most often, there should be a need (demand) for it in the market. If your company fulfills this customer need, then you’re in business!

Leveraging Supply and Demand to Start a Business

Once you’ve determined there is a demand for what you’re trying to sell, the next step is to consider if you have the resources and capabilities to meet this customer need. This is also the time you need to do the math on where to set the price based on what consumers are willing to pay, your business costs, and profit margins.

Since the market is always changing, it’s important to regularly monitor supply and demand trends. Be prepared to adapt your business model to stay competitive in the market. It’s easier when you’ve already built strong relationships with customers and can build brand loyalty with excellent service and solid reviews.

To help mitigate the risk of changes in supply or demand, consider diversifying your offerings. This can help you maintain stability in a fluctuating market.

Meeting Demands with JDog Brands

There just so happens to be a way to start a business that’s already in high demand, has low start-up costs, and is already diversified. It’s joining a JDog Brands franchise.

JDog offers franchising opportunities for Veterans and Military family members in two viable industries: junk removal and carpet cleaning. Our profitable services are highly recognizable and easy to deliver. As a service-based industry, the startup costs are very low. You don’t have to worry about inventory or owning a retail site. Plus, JDog owners and their families are part of a supportive, tight-knit community. In addition to our leadership team, you’ll find other location owners act as mentors who encourage each other and find ways to improve business practices.

So if you’re ready to join an in-demand business with proven methods and a supportive, trusted reputation, contact 484-324-6444 today to get started.