I want to start a new business. The thing is, a successful businessman should be involved in various types of businesses. If I run multiple businesses, then failure in one of them won't have any impact on me. I am not attracting enough customers to my shop because people nowadays prefer to purchase products online. Nowadays, people can order food online through platforms like Zomato and Swiggy. If this particular business of mine is not performing well, I will have to switch to a completely different business. As you may know, Bengali people have a love for food. Whenever Bengali people come across a new restaurant, they tend to visit and dine there. That's why I want to open a restaurant because I am confident that I will have customers throughout the year.
Opening a restaurant is one of my plans, but I need to have other options as well. As I have already mentioned, the market conditions are not good right now. Due to this reason, my business is not running well. If my business doesn't run well, I have to support and provide for my family. So, I need to have other options to earn money. I can't rely solely on my business. If I do that, I won't be able to survive. Therefore, my current plan is to relocate my shop to a better location where I can attract more customers. If that doesn't work, I will consider changing my business and opening a restaurant. These are my plans or dreams, and I don't know whether I will be able to fulfill them or not.
No, I don't want to change anything about accounts, but I do want to make changes to my business. I want to start offering washing services and install a hydraulic machine to facilitate that. I believe it's important to keep up with the trend of using machines for washing instead of doing it manually. To implement this plan, I will need to invest some money. I may consider getting a loan to fund these changes, but I haven't explored that option yet. I plan to do so within the next 1 to 2 years, once my daughter completes her second degree and gets a job. If I have some money left after that, I will seriously consider expanding my business by getting a bigger shop and investing in the hydraulic machine for two-wheeler washing.
In the future, I don't want to take a loan. I want to invest my own money. If I have the capacity to pay back a loan, I can consider it. I know whether I can pay back or not, but I will have to consider my earnings. If I earn 100 and take a loan for 500, it will be difficult for me to pay it back.
I like having more customers. Otherwise, we keep thinking about many things. If we have customers, we don't have time to think about anything. We keep thinking about what and how to manage things. If the business is not there, what should I do? I can't go anywhere now. If I have to open a new shop in a new area, I have to pay in lakhs in advance. I should buy furniture worth lakhs. I can't go and do business in a new area now. I am just trying to push the business as long as it goes.
I am thinking of including ready-made kids' dresses in my shop for kids below 8-10 years. If we have the sale of those garments, along with that, other garments will also be sold. Customers do ask for ready-made kids' dresses. I don't have them, and so they leave. If they buy those dresses, they will buy a saree or a pant-shirt along with that. I am thinking of that. I had ready-made clothes in the beginning. As the sale was less, I stopped keeping them. I had ready-made clothes for all age groups. I had T-shirts, frocks, and everything. Then I stopped it. Ready-made items were having good sales. The sales were going well. As I was alone, I stopped it and that business slowly came down. Now, the customers need ready-made items more. I am thinking of replacing these items with ready-made items slowly. Shirting and suiting have fewer sales. It costs Rs. 1000 for stitching pants or a shirt. Ready-made items are in demand now. I can't do it next month itself. I have to do it slowly in 4-6 months. This will happen only if my body is with me.
No 5-year plan. I am planning to improve in the next 6 months. I have to restock all the sarees. I also have to bring in 1-2 other brands of undergarments. I am planning to increase the items in all segments. It will happen in 2-4 or 6 months. I will do it. If we earn something, we can spend it without tension. I never spend one rupee extra now. I have to manage very carefully.
If I have enough stock, I won't have a problem with the customers. They will start coming here. If I have a full stock, I believe that customers will come from even 50 km away. I have that confidence. There is no tension in that case. I will feel confident only when the stock is full. Once the business improves, I will also be content.
It will be as Allah wishes, madam, if I have to run the shop after 5 years. It's better if no one looks after it because I myself am also bored of it. This business is no longer enjoyable. It's not like before, that's why the profit was better earlier, but now it's lesser. What can I say? It's reduced, that's all.
I would like to make a change in terms of managing finances. I will close one thing. There is another shop that has opened there, and they are making sales there, so we will close the undergarment shop. I will close this shop and focus more on developing the pooja store. This money will be saved, and I will use it for the pooja shop. In this case, the payment is higher. I will concentrate more on the pooja shop. We will gradually make money by selling it. If we get 4 to 5 boxes of undergarments, then I have to spend 5000 rupees. The profit is lower in this case. It is 5 to 10 rupees for one piece and not more. The profit is lower because it is being sold everywhere. There are some branded items for which you don't get a profit. They have mentioned the MRP on it. I can earn more profit on pooja items. The thing is, I have started enjoying the pooja work. I would like to do things that make me happy. The person in the front takes the undergarments to Bangalore, and there it is sold at MRP. Here we get it at half the rate. The quality is different everywhere, but the city is very good.
After me, I don't know who will manage my shop. I have a son, but he will do something else. My son does not need to do what I do. He is very young right now. My first priority is to get him educated. After me, I don't know who will manage my shop. I have a son, but he will do something else. My son does not need to do what I do. He is very young right now. My first priority is to get him educated.
Nothing in particular. No business-related goals. Nothing in particular. I want to prioritize my children first. If I focus on other things, I won't be able to take care of them. I have two children, and I need to support them first.
Yes, technology will help in expanding the business. Also, the more we work, the more it will benefit us. Technology is a necessity in today's time. It can handle the workload of ten people. Computers are capable of doing the work of ten people due to advanced technology. All the items will be visible on the computer, allowing us to see what is in stock and what is not, providing detailed information. This is the usefulness of technology. Yes, I will use technology later in my business, but first, I will focus on my children.
I will see later. First I have to expand my business then take these decisions later one by one. I told you, I want to make my shop bigger; I want to buy a hydraulic. I mean I want to make it like a small showroom.
Now my brother and I are looking into it. Afterward, our sons and nephews will look into our business.
Yes, I want to expand the shop. I'm thinking about getting some fancy stuff like party wear and gowns. Not now. I will get it in a few years. I haven't thought about it yet because one faces a lot of problems in offline business due to the online one.
Future Plan is that in electronics, I am going to expand my product range, including items such as ACs and TVs, which I am currently selling. I aim to increase my turnover from one and a half crores to five or six crores.
I don't want a large shop. Either I open the shop in the main market. This location is far from the market. People don't understand, and I have to convince them a lot. The clothes that I sell are expensive, and customers see and say that it is expensive because they don't know what pure muslin is. I don't keep clothes for everyday wear, so they find them expensive and they don't buy. They prefer the market only. That's why I will grow very slowly. I want people to come again and buy things; they should know that I don't make a lot of profit. That's how I will attract proper customers. Many people aren't interested because they find it expensive.
By God's grace, I have everything, including a house. I need to earn at least 30K per month, which I don't get. I have been trying to improve my business, but I am unable to do so. I know how to do a lot of jobs. I have worked in a grocery shop, a jewel shop, an iron shop, an arrack shop, and a whiskey shop. I have also worked in cinema theatres. Customers come to me because I have all quality stuff in chappals which comes from Bangalore also. I have nice models as well. Mainly, I have all the models that they want. So, through word of mouth, sales are going well. But now, I want to start a business that is actually in demand. I am planning to open ice-cream or juice shop. There are no shops close by, so it may work out for me. I am experienced to open any type of business by God’s grace. I want to open the new business in the same shop. As This place is very familiar and nostalgic to me. I can go anywhere without any fear, even if it means leaving my family behind for a few days.
Top 3 priorities for my business: Social media, improve internal communication which is lagging and then logistics.
I always feel that I can do better, that there are things I haven't done before or will do in the future. For example, in the past, I didn't keep a large amount of stock, so now I plan to keep more stock. If I can't do it now, I will do it in the future. This is applicable specifically to a clothing business. My goal is to sell my current stock as soon as possible so that I can buy new stock. The stock is the main focus, and once I have sold the old stock, I will bring in new stock. The selling of stock depends on the customers, and sometimes I also have to stop selling.
For the next 5 years, I want to fill up my stock a little more. I want to have more collections than what I have. I won't have a collection from Surat. I want to increase the number of lehengas so that the customers don’t go empty handed. They still don't go but I want more people to come and buy at a cheaper price. I don't want everyone to buy at a higher price. I want to keep it at a lower price but I can't because I don't like it. If I don’t like it then what can I do for others? Many of my customers go back because they want it at a lower price. If they ask for a sari in the range of Rs 1,500, I have to look for it a lot. If they ask for a sari for Rs 2,500, I can find that. I want to keep saris from Rs 1,000 to Rs 1,500 so that people can buy them. People buy saris at such a low price for gifting purposes and not everyone will ask for Rs 2,500 or Rs 3,000. I want to increase that a little more.
No, I don't want to open another shop. I want to renovate this one. I want to put up dummies outside. If there are a few dummies outside, then people can see it. I have thought about it. I will do all this slowly. I don't have a lot of profit. So I am moving forward slowly. It takes a lot of time to do one thing because I haven't taken anyone's support. I am doing it on my own. I don't want anyone's support. Because it's just that there are a lot of problems with borrowing money. It's in the mind that I have taken a loan. It will be fine if it will be my own money and if the sales aren’t that much or if I couldn’t sell saris. If it's someone else's loan then you have to return it at the same time. A lot of people offered me. People from Surat offered me to give me stocks. They asked me to give them 2000 per month and they will give me a stock for Rs. 2,00,000 per month. I said no. If I can't even pay you 2000 rupees a month then what will I do? So whatever I have is mine. I don't do anything that would stress me out.
I see my business increasing 4X or 5X more than what it is today. I have to do a lot more than this and want to increase it. I want to add many things regarding the products and want to acquire new clients. The things that I am doing right now, along with that, I will include things that are currently being installed at home, such as lighting and more. People spend a lot on lighting, chandeliers, and new tables, among other things. There is a wide range of products, so I will try to add those things. And then there are the things that I am already selling. I mean, from time to time, I get to know new products and we add them to our inventory. So, these things are not available in tier three cities. For example, if I talk about Bhandara specifically, there is no dedicated store for these items. However, I want to offer these products because I already have customers who are interested in them. For instance, when a house is being constructed, customers typically purchase basic products such as wires, switches, and fans. If I stock these items, they will definitely buy them. There is a lot of range related to it. Pumps are there and after that there are few equipments of power tools. Power tools which are used in the industries. So items for those things and then some items which are used in rice mills. These things are there.
In terms of passing on my business, what can I say about it? Currently, my son is very young, so we'll have to wait and see what happens. With the advancements in technology in the future, there may not even be a need for him to be physically present here. If my son shows interest, he can take over the business, but if not, we can always hire an employee. Ultimately, it won't make much of a difference to me after I pass away, so why worry so much? If I transition everything to wholesale now, I won't have to be physically present here anymore. The billing process can be automated with software, and we can easily keep track of sales.
Gradually, we have reduced our involvement in school work. Previously, we used to work in schools, but there are many risks associated with it. Books can be lost and there are payment issues. It becomes a hassle and we have to bear significant losses. We have to pay the payment party, but the school often doesn't pay. It feels like all the burden is on us. As a result, we are shifting away from that line of work and focusing more on our stationery business. We plan to expand it further and eventually open our own shop. Currently, we are searching for a suitable location nearby, not necessarily in Pratapgarh. We are committed to staying in this area and establishing our own shop.
The rent is going up. We'll save money by doing that. If we move in there, we can start working earlier. Customers won't need to return. Having our own place will be enough. We can make adjustments as needed. We're getting three partitions. It will be operational soon.
I have a son and a daughter. My son will play cricket. My daughter's goal is UPSC. She is preparing for UPSC. We are not sure who will achieve it. We have not decided yet. I have a brother. He is studying BTech in Ghaziabad. This is his final year. We have not thought about the future yet. Currently, it is just us. We need to wait and see.
No I don’t want to open a new shop, in four wheelers it is not there but in two wheeler it is there. No one has thought about any change in four wheelers and if they think then also I am not interested in it. Now we do everything on our own wish, if association is there then there will be one fixed off day, Price will get fixed, you have to sell this product in this much price only, you cannot sell it in less price. So no one is interested in having association and I am also not.
I don’t use Youtube for business-related purposes. In the future, I will. If local people see the videos, they will definitely come. After seeing a video even if a single customer comes it is a gain for us.
Yes, there is scope in the next 5 years, and I'm trying to expand my business. The scope is like this: the business is not going to decline because farming is never going to decline. People will keep farming, which is why it will continue to increase. You see, my aim is to expand it, but sometimes what happens is that my business depends on nature, so it fluctuates. It is my job to keep trying.
Yes, you see, I have a son and a daughter. My son is studying engineering. I don't think he will get into this business. I asked him, "Will you pursue a http://b.sc/. in agriculture?" So, we will see. My business will be transferred to my wife.
Everyone wants to improve, and I also want to establish a showroom. However, I need money for that, which is not easy when the business itself is struggling. Obtaining a loan requires a lot of effort. Have you heard about the WTC local mall, a large mall in Nagpur? I have rented a small 5x5 shop there for selling food. Since people visit malls for food, shopping, and entertainment, they often prefer to shop for items at a lower cost. However, there are also wealthy individuals who are willing to make purchases at the mall. I have a business plan for the future, and this shop is a part of that plan.
Through the apps, I can also get ads made and share status on WhatsApp (TO increase sales in future). During Covid, we ran many ads promoting the availability of sanitizers, hand wash, and paper liquid. There is a software engineer who said, "You do it first, then let me know, and I will make a video for you.”
Yes, I want to expand my business to another country, specifically in the field of medicines. Canada is the main hub for exporters. Any medicine that needs to be sent there must come from Canada. This contact was made through Hitesh sir's uncle. We have a pharmacy here and they will also have a pharmacy there. I asked him to inquire about where they purchase the medicines and if there is a wholesale market there. Also, ask for information about 1-2 buyers from there. Once this is done, we can proceed further. The connection is established in this way. Yes, my friend who works in the foreign exchange department is helping me. He knows the language spoken there and has completed a course in it. Therefore, I am going there to finalize the deal. I also have an offer from Thailand, but the cost is lower there.
Yes, I will borrow money from a bank. If you borrow money from your family, you may consider it as a personal matter, and I will repay them gradually. However, if you borrow money from someone else, you may feel obligated to repay it no matter what. In that case, I will make a sincere effort to repay the loan.
In 5 years, I hope to have started a wholesale business where other shop owners will purchase goods from me. This is my aspiration. To achieve this, I may need to take a loan, as having a substantial inventory is necessary. Therefore, I require additional funds. Money plays a crucial role in everything. Without money, it is difficult to accomplish anything, even if you start small. Growth requires financial resources. If the business becomes very successful, I plan to open another shop. Some may see this as greed, but it is a natural desire within oneself. You can also view it as ambition or my personal wish. People may perceive me as overly ambitious, but I aim to expand further. I envision opening a shop in another area, so that the name "Ayesha" can be displayed on a banner there as well.
Having multiple shops is often seen as a measure of success. However, true success is subjective and can only be determined over time. In the business world, there are always ups and downs, regardless of the industry.
My new store should be a posh and upscale shop, with a high standard. I envision having ample lighting, glass fixtures, racks, and an overall design that resembles a small showroom. The size of the shop will be at least as big as this one, if not even larger, to create the desired showroom-like appearance.
After me, I have only one son, so, it is up to him, whether he looks after it or not, it is up to him. because I don’t want my son to get into this business. Because he should pursue his own dreams.
Next 5 years, I have to develop the online shop. I have not yet thought about this. I have to post ads on social media. That's like posting good pictures of the stocks and all that I have got.
I would like to make many changes for the expansion. I would also add more racks. I have these plans as well. I could do this in the current year, but I couldn't do it because I have opened another shop next to mine. I have a plan to expand this shop and add more products to it. I would also include more different items. I have done these kinds of items here. That one is rented, so I have to pay rent. If I can increase the income here, then I won't need to pay rent. I can expand this place and maintain 12 items now, and then I can maintain 24 items as well. I can do many things when I have space; otherwise, I cannot.
I want to start another roadside business – that of opening a pollution center. There is none within a 1km radius here. So, I want to do that.
Our plans aren't just about expanding; we will adapt the business to the changing market. We'll update the products, the rates, and stay agile. No one can predict the future of technology, so we'll change according to the market's needs. While they may still be focused on mobile business (20%), I'm diversifying into other areas to adapt to the changing market.
I wanted to concentrate on domestic demand. Domestic is important; many family, kitchen, women are there and I want to do something for them; my father does commercial. I am collecting data for that and getting feedback through social media. I am researching now on a modified version of grinder. I design and upload and watch the number of views. How many people watch it or comment; people invest their time in watching it so it is a good sign to me.
I aspire to make our company one of the most significant in Coimbatore. I want our company to be top-of-mind when people think about Coimbatore, and that's my goal. To achieve that, we must maintain the consistency in our work and the way we communicate and present things.
I have regular customers. For the past 6 months, I have been informing my customers about the closure of the chappal shop. I am also reducing the stock intake. The racks are empty and look odd, so I have removed them as well. The customers started asking me, so I explained to them the reason for closing down the shop. I am displaying the limited varieties that I have. As a result, the sales are also decreasing.
Whatever I have done is a success for me. I have not wound up any business in 10 days. But if the item is not seasonal, then I change. The business was running well with a grocery shop. Then, with no people to help, I switched to the bakery line. I started using cylinders. It was in high demand, and I could not continue with it. Then I opened this chappal shop. Till date, it is a success, but if I continue like this, then it would become a failure. That's why I wanted to change my line of business. For the past 2 years, I have been thinking that the business would come up. There is no development, which would also be a waste of money. So, it is better to change the business. I have already waited for 3 years. Each day, I am losing 1000 rupees. I have to earn at least 30000 in a month. If I don't even earn 1000 from my business, it is a loss, right?
To improve the shop we have to get as much stock as possible today itself and I have to sell (old stock) at as low as I possibly can. We keep thinking about what we can do to bring more customers and what kind of stock we can buy.
The main aim of my business is customer satisfaction. To achieve that, we should have initial payment and bring new collections. Business will depend on the amount we have. My future plan is to buy more items. This is Deepavali time, so in 10 days I will go and purchase. I have to go in 5 days. Next month 12th is Deepavali. Before that Ayudha Pooja and Saraswati Pooja. I have to purchase those items.