You will find valuable information and procedures for starting a new business from many different sources. We do not wish to reiterate commonly available content here. While a wealth of information can be found online or at local libraries, in this book, we aim to provide truly practical insights based on real-life experiences to help you start your own business.

Opening and owning a business is not a simple task. It is a multi-faceted and complex process that involves navigating unfamiliar areas such as planning, financing, legal structure, renovation, marketing, and employment.

Here, I will explain the basic elements of business based on my personal experience. This information should be used as a reference, not as an absolute guideline for your business.

Marketing Principles

In marketing, there are traditionally four core elements, known as the 4 Ps: Place, Product, Price, and Promotion. These are key to building a successful business. I would like to add one more: Person—making it the 5 Ps of marketing in this context.

1. Place
   Location is a physical space where your business operates. Important factors include visibility, convenience, and accessibility. Since many clients are older and may have mobility challenges, accessibility is particularly important. Consider factors such as proximity to parking, elevators, escalators, and ease of entry. A first-floor space in a retail or medical building is ideal.

The size of your office is less important than its functionality. A space between 600 to 1,200 square feet is generally sufficient for equipment, furniture, and a small rest area. Rental rates vary by city and neighborhood, but ideally, your rent should be less than 10% of your projected monthly gross sales. For example, if your projected monthly sales are $30,000, your rent—including common area charges—should not exceed $3,000.

Many new business owners focus too heavily on minimizing expenses—especially rent—while expecting high sales. This often doesn’t work. Personally, I would choose an 800-square-foot office with a monthly rent ranging from $1,200 to $2,400, depending on the location. If a location offers better accessibility, I would be willing to pay the higher rate.

Rent is not the real burden—marketing is. A low-rent space with poor accessibility may end up costing more in the long run due to higher marketing needs. High overhead isn’t inherently bad if it’s well-utilized. Ask yourself: Would you rather eat a big breakfast to catch big fish or eat less and settle for smaller ones? That’s the mindset you need before starting a business.

2. Product
   You should offer reputable brands to ensure customer trust and maintain profitability. High-quality hearing aids from well-known manufacturers can provide good margins if you know how to present their value to clients. Without healthy profit margins, your business may struggle and eventually close.
3. Price
   Avoid competing on price. Don’t aim to be the cheapest provider. If you underprice quality products out of fear, you may repel qualified clients and damage your credibility.

Many start-up owners misunderstand the true cost of goods sold. For instance, if you purchase a hearing aid for $500 from a manufacturer, that’s not your actual cost. Consider your fixed monthly expenses:

• Rent: $2,400
• Secretary’s wage, Part-time: $2,000
• Marketing: $3,000
• Miscellaneous: $1,000
  Total: $8,400

If you expect to sell 15 hearing aids per month, your break-even cost per unit is $560 in overhead, bringing your real cost to $1,060 per hearing aid. To achieve a $7,000 monthly profit, you would need to price each hearing aid at $1,526.

If you sell fewer than 15 units per month, don’t panic. A start-up business needs at least six months to stabilize. This is a relationship-based, service-oriented business, not a price-driven one. Focus on value and service.

4. Promotion
   Marketing is like war—you need ammunition to win. I recommend allocating at least 15% of your projected monthly sales to marketing. For example, if your target revenue is $22,500 (15 hearing aids at $1,500 each), your marketing budget should be at least $3,000 per month.

Effective marketing channels include:

• Local newspapers
• Weekly magazines
• Direct mail campaigns

Avoid radio advertising—it’s largely ineffective for hearing-impaired audiences. I’ve tried it, and the results were negligible. If you’re afraid to invest in marketing, you may not be ready to open a business.

5. Person
   Of all the Ps, you—the business owner—are the most important. Without the right person behind the business, none of the other elements can succeed. Here’s the kind of person you should strive to be:

1. Good-hearted: The hearing aid dispensing business is a mix of high-tech retail and medical service. If you lack compassion, this business is not for you. Many clients have lived in silence and hardship. You must be ready to support them with empathy.
2. Kind: Kindness is transformational. A kind attitude can overcome many obstacles. If kindness doesn’t come naturally, work on it—change is hard, but possible, and kindness is essential to success.
3. Knowledgeable: You don’t need to be naturally brilliant. Study hard, read consistently, and in a year, you’ll be smarter and more confident. If you already consider yourself knowledgeable, stay humble and continue learning—especially about hearing aid technology.
4. Ethical: Honesty builds trust. Be honest with your staff, clients, and manufacturers. Your integrity will attract loyal customers and supportive business partners. Clients can tell when you’re genuine, and many will choose to work with you simply because you’re trustworthy.
5. Professional: Dress well, communicate clearly, price fairly, and greet clients with respect. Professionalism shows love and commitment to your work. A professional demeanor builds a welcoming, credible business environment where clients will want to return.