Source | Entrepreneur
We were new to the domain, we brought what we knew from our work experience into the business. This proved to be rather advantageous. If innovation is thinking out of the box, then that happened naturally since we were literally from outside the box – in this case, the beauty industry. Here is the learning from our journey so far:
- Organic Growth of Business: A business that generates positive cash-flow, with no debtors, is capable of achieving good organic growth. Ensure that there is minimal external funding with maximum turnover so as make your business more self-sustainable.
- People-centric Offering: The primary aim of any venture is value-creation. If one is able to offer something that people love and require, one has successfully won over clients. Positive goodwill is created, which generates a frequency of repeat visits and loyalty value. For the client, the requirement is generally dual-fold: Extrinsic, which is the need to look good and Intrinsic, which is the need to FEEL good. Thus, the importance of the service provider was magnified.
- Building Trust Among Clients: Trust of the client is of utmost importance. Ensuring an optimum level of quality service and keeping your client happy is where the true key to a successful business lies. Working in the personal space of the customer inherently increases the likelihood of the customer giving you their complete trust.
- Transitioning a Luxury into a Necessity: An important factor of any business is to keep up with the current social developments, trends, and habits of the end consumer. With social development, the aspirational outlook of people will get enhanced. Thus, certain sectors such as grooming would experience good growth, since there would be a high percentage of people for whom this will become a necessity.
- Cluster Approach: A prime focus should be on making the business profitable first and only then follow the expansion of its size. Hence, launch and sustain multiple outlets in a single market first instead of creating a single outlet across multiple markets. This facilitates the organic and sustainable growth of the business.
- Growth Barometer: Setting metrics and sharing data across the team propagates a culture of transparency for better management. Setting up regular benchmarks backed with substantial and legitimate facts and figures helps the employees understand better the current placement of their company.
Challenges faced by entrepreneurs and solutions offered
The challenge in every growth story of the venture is how to differentiate the brand as a unique entity and not just a generic enterprise and how to make the offering relevant and value-worthy to the customer.