I also do occasional business. By occasional business, I mean that I sell colors at my shop before Holi, and I sell firecrackers at my shop before Diwali. Similarly, I sell Rakhis at my shop before Raksha Bandhan. So, I have to do these things to earn money.
I decided to sell chargers and headphones because I noticed that many shops in the market were selling accessories and making a profit. I saw this trend in the market, especially on SP Road where there are many wholesale shops. Since everyone buys from there, I decided to purchase my goods from there as well. There is a mobile showroom nearby that also sells accessories like tempered glass and mobile pouches for safety. They focus on maximizing their profit when they have customers, so I thought I could do the same. By selling accessories, I can buy a charger for 100 rupees and sell it for 150 rupees or 130 rupees, making a profit. That's the idea I came up with.
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.
I decided to gain customers trust like this. It is about using your mind for your business. The more you use your mind in a positive way, the more positive it will go, the more you use your mind in a negative way, the more negative it will go, if I think about increasing my business then it will increase, if I think that if I show the manufacturing to the customer then I won't be able to cheat, if I don't cheat then I won't be able to save more money but I work according to my investment and profit margin, I don't know about other shops, my investment and profit gives things to the customer what they demand, that's why we tell them to see the manufacturing, these are the things that we do.
We sell TVs all year round. We offer competitive rates with a narrow profit margin. For instance, we have a 32-inch smart TV called Ego One with a one-year warranty, priced at Rs.11,000. Let's say you make a profit of 100 rupees per day and you attract 100 customers who spend 100 rupees each. However, if you aim for 500 customers but fail to sell anything, you won't make any profit.
Yes, profit is there in business but it should run well, everyday 30,000/- business should be there then profit is there. More customers should be added, give satisfaction to them; give them in low price to get their confidence. If sale is happening in 20,000-30,000/- then profit is there, if it goes up then it is good but minimum this much should be there. There are times when only 5,000/- sale is there. During monsoon sale is not good. People don’t go out much.
I determine the profit margin based on the price I paid for the item. The amount I paid for it and the selling price are entirely up to me. I don't have to justify or explain my decisions to anyone because it is my own business. For example, if I bought it for 500 rupees and sell it for 1000 rupees, it is still solely my decision. That's why I don't fixate on specific numbers like selling it for exactly 1000 or 400 rupees. Instead, I make decisions on the spot. I assess the customer and then determine the price accordingly.
I am in this business for profit. I want to expand my business. I am renting here. It would be much better if this space were mine. I would like to find a new location by the roadside.
Sales increased a bit after our shop was added to Google Maps. It became easier for customers to understand, especially for those who do not know the address properly.
In the last 2 years, the number of customers has increased. Generally, one or two customers have stopped coming. However, they expect a significant difference in the rates, which we haven't addressed much. Therefore, if we engage in wholesale at a large scale, it will affect the rates for the customers. There are one or two shopkeepers who come like that. It is because of the items. Even if there is a slight dissatisfaction related to the item, I simply return them. I no longer keep them. I will keep them clean most of the time, as and when necessary. So it's about cleanliness, and once we deliver quality products, the customers will also be satisfied.
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.