Ladies Emporium - Starting My Own Small Business
It is really a good idea to share my experience with you. Well my name is Rameshwar. I have been running the business of ladies emporium from the past 12years.
I started this business for a purpose of having something on my own, earlier I was in some other business with a partnership with my friend, due to some financial problems my partner decided to quit from the business.
So, our businesses came to an end and lead me on a path to start a new business on my own without any partners. I took some days to start the business of ladies emporium. The first step I did was, having a thorough knowledge about the business. I am very interested in starting a new business, with one of my friend’s advice, I have chosen to start this business.
My friend gave me a great support and he always used to motivate me and encourage me to start the business. The first thing I have done and the first thing each and every person who wants to start a business needs to know from where the business products are bought.
We need to identify the wholesale market where the products are available at a lower cost. Have a clear idea about the products and the market. Once you got a clear idea about the products and the market it’s the right time to start the business.
As I don’t have the enough funds to start the business, I approached the bank and applied for a shop loan. The hardest part of starting the business is the investment. Only half of the investment amount was available with me, after some efforts bank has finally allowed the loan for my business.
To start the business of ladies emporium you need to have lot of patience first. Along with the patience you need to have some customer attracting skills. We need to invite the customers with a smile on our face, wish them and ask them politely what they would like to have. Offer them a cup of tea or coffee, provide discounts on the purchase, and sometimes offer them a free gift if you are satisfied with their purchase.
And ask them to visit again while they are leaving. Some times when you don’t have any product of the customer’s choice then ask them what they exactly want and send your sales person to some other shop and get the item or the product which your customer has asked you.
Getting the unavailable products from some other shop for a customer helps to attract the customers very easily as well as saves their travelling time. This also establishes a good relationship between the customer and the retailer. Offer credit facilities to the customers who are visiting regularly to your business places, these are all the advices I give to everyone who wants to start a new business.
The main reason I have chosen this type of business is it has a 40-50% margin. It means if you have a sales of Rs.5000 then you get a margin of 2000-2500 easily. As far as my knowledge this is the only business having a 50% margin. You can surely enjoy the profits in this type of business.
After a couple of years I was very satisfied with the business and even want to expand my business. My confidence has lead me to expand my business further and very soon I will have cleared my bank loan which is a great feeling. So through hard work and with the right products and services nearly anyone who has the will to succeed can own and run a profitable business.