Part Two - What I Learned About Business in 2018

I would like to thank those of you who responded to my last blog post here and asking me to clarify some terms.



Here we go ….


Quality: The purpose of business is service to the customer, to provide a quality product that can be put to good use. This has to be something that you are very good at, and if someone else can do better it is best to let them do it, and you go do something else. This as always been true about good business, and even more so now with selling on the internet.



Fair Price: This is simply the price the masses are willing to pay for your product. You service the customer best then by improving the production process, not lowering quality or raising the price. In fact, these improvements can result in lowering prices, and serving the customer better.



Automation: The coding on the Fine Art America website is brilliant in that most of it is automated, causing a limited amount of steps for each order, and then free up the hard working people in the office for things that can not be automated. Plus, the business model that Fine Art America provides the artists is second to none. It results in lower capital costs, and thus more of a profit margin, compared to like websites,

Fine Art America is a rare find in the world of e-commerce companies. It was founded way back in 2006, and has been profitable since the very first day in business, and has never raised money from investors. The entire business was launched by a single programmer and continues to be run by a small, dedicated staff to this very day.

If you would like to read up on the story of Fine Art America you can do that here. It is quite an inspiring story about a brilliant mind, if you ask me.



Business Formulas: The business formulas used by Henry Ford are very similar to what I was raised with in the family-owned business I grew up in. Likewise, there are similarities with Fine Art America and the automation and assembly line created by Henry Ford, another brilliant mind.

In other words, on a website like Fine Art America, there is a difference between an artist who sells original paintings and also printed reproductions, and a photographer who sells original photography only as quality reproductions.

I strongly encourage you to spend time with his biography which you can find here and download from your public library.



The ultimate formula for me, though, is wisdom from the Bible. There are more lessons about money in the Bible than you might think. I have learned much of it from participating in a Christian business men's forum. So all of what I mention above and the previous blog post is viewed through this filter.




Thank you!



A Happy and Blessed New Year to you!!


Frank



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