You have heard of success stories that started in a garage. Henry Ford’s gas-powered automobile was one. The good news is, now you don’t have to ever move from the garage. The good old way of starting a business –renting office space, hiring a receptionist sales personnel and an accountant is now history. This is the age of SOHO, small office-home office, the era of outsourcing non-core functions such as accounting, and the right time for emergence of the e-entrepreneur.
Let’s take one segment as a case in point: All of us love lifestyle, and there are a gifted few who can create lifestyle products. It could be a fashion designer working with a two tailors, a sculptor creating works of art with an assistant, an SME furniture maker with an exclusive handcrafted range, or a leather unit producing bags and cases. Whatever may be your vocation, here are five secrets of identifying and setting up a successful business, without incurring the usual overheads.
Convert your passion into a pursuit: May be you always liked fashion jewelry, may be you had an eye for murals and wall hangings, may be you wore the best styled clothes in the neighborhood. A hobby, an interest, a yearning, could transform into a business idea.
Try something new: Look around at the innovation in lifestyle products and services in our daily life. Home and Office Furniture is available on rent, beauty care comes home, and wedding planners execute everything from sangeeth to muhurat. Think of something new, a product that meets a need, and you could have a path-breaking business in hand.
Take calculated risks: Business can never be without risk, even if it is as simple as selling lemonade next to a playground in summer. If your business idea has a reasonable chance of succeeding, if you have sufficient capital to face adverse situations, and if you believe in your dream, it’s time to roll the dice and take a chance.
Manage Credit: Some outlets have a sign, “In God we trust, rest strictly cash.” In reality, start-ups cannot insist on advance payment, and at the same time extending credit could lead to delay or default. There is a secret to managing credit, but you have to read on for the answer.
Go B2B: The best kept secret of starting a lifestyle products is selling through a B2B platform. No need of sales staff, brick and mortar infrastructure and operating during office hours. All you need to do is feature your products on a Business to Business e-marketplace. If you want to know how the concept can become reality, check out Tammy Trade, India’s fastest growing end to end B2B platform.
As a Verified Seller on tammytrade.com you can get inquiries round the clock from around the country. You will receive notifications, you will get requests for sample and price negotiation, completely online. Tammy Trade helps you to manage credit too, by acting as an interface between buyer and seller, with all payments being routed through an RBI-compliant nodal account (payment is collected first from Buyer and released to Seller based on satisfactory delivery). You could even get a working capital loan from Tammy Trade’s accredited finance partner.
Now you know the secrets to starting a lifestyle products business. Start small like Henry Ford, but remember what he said, “Be ready to revise any system, scrap any method, abandon any theory, if the success of the job requires it.”
Website – Tammy Trade