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  • Category: Miscellaneous
    Points:10

    In any business there are always earning opportunities!

    In the area where we live, there are many provision shops which sell a large number of household items including daily needed items like milk, curd, bread, eggs, etc. Most of these shops open at 8 AM. A few of them open even later. One of the small shop owners saw an opportunity in this and started to open the shop at 6 AM. The result was that many people who wanted to buy essential daily items like milk, bread, buttermilk, butter, etc before 8 AM due to their job schedules, started to buy from this small shop and his business is flourishing.

    This is a small example but what I want to convey is that in any business there are always some earning opportunities and one has to look for them.

    What is your view on this?
  • #777580

    Points:5
    Today the business units like shops, services, private offices, or companies all are operating in a tough environment. Due to the tough conditions around it is very difficult to get success. There is competition everywhere. As far as the shops selling various items are considered, there is a demand-supply dilemma. In our country we are producing a good amount of material of all kinds along with providing a variety of services. So there is plenty of supply but what about the demand? Demand is less than the supply. The customer has many options to choose. One can demand discount also failing which one would approach to another shop or may be try online.
    In such a situation finding a way to increase sale is a novel idea. Out of box thinking only would help like in the above case as narrated by the author.
    Knowledge is power.

  • #777586

    Points:4
    No person will do any business for loss. The margins of profits may vary but if there is no profit the businessman can't bring money from his pocket and do business for a loss. We will be seeing many people coming on cycles or mopeds onto the roads to sell their products. In earlier days most of them were using normal cycles. Some ladies carry the items on their heads. But nowadays I am seeing many such vendors using mopeds or bikes. By using them probably they can cover more area and can make higher quantum of business.
    Another trick these small business people are doing is to have different types of products to sell to increase their turnover. That is also a good approach to increase their share of business. There are many such small businesses. like sales of Snacks near parks etc.
    drrao
    always confident

  • #777594

    Points:4
    Business means earnings to the maximum with the investment of limited resources. It will depend upon the efficiency skills of the man concerned involved in a business. The foremost quality for maximum revenue generation is to put a maximum labour by a person concerned applying his intuition to remain ahead in the business.
    The starting phase is to identify the needs of the customers and accordingly, the investor has to make a list of such items. A close eye is to be kept on the needs of the babies very often they are accompanied by their parents. The parents should not be allowed to move somewhere else for the tots' requirements. Tactfulness, identification of moods of the customers and moulding accordingly are the essential steps to run a business successfully.

  • #777735

    Points:4
    This is smart to look for chances to do better in business. The story about the shop opening early shows that even small changes can make a big difference. I like how the shop owner saw an opportunity and took it. It's a good lesson to remember that there's always a way to do things better if you keep your eyes open. I also believe that being observant and adaptable is key to success in business. This story illustrates how paying attention to the needs of customers and being willing to make changes can lead to growth and success. It's inspiring to see how a simple adjustment in opening hours could have such a positive impact on the shop owner's business.
    Explore, create, inspire

  • #777762

    Points:4
    I would like to add that today there are two things distinctly happening in the business world. First is that the competition in all the areas is becoming more and more day by day. For any material or service there are multiple vendors. Some of them are extending heavy discounts also. Second thing is some old businesses are disappearing and new businesses are emerging. Many companies are able to catch these opportunities by dynamic alignment to the new businesses but everyone is not so well prepared and have such foresight and appropriate planning.
    So, the point is that a continuous scouting is required for identifying profit areas in the business as well as quickly shifting to new businesses.
    Knowledge is power.

  • #777786

    Points:5
    I completely agree with your observation. This scenario exemplifies the importance of identifying and capitalizing on opportunities in business. The shop owner recognized a gap in the market - the need for essential items before the usual opening time of other shops and cleverly filled that gap by opening earlier. This proactive approach not only satisfied customer needs but also led to the flourishing of the business.

    In any business venture, there are often untapped opportunities waiting to be discovered. It requires attentiveness, creativity, and a willingness to adapt to changing circumstances. Whether it's offering a unique product or service, catering to specific customer preferences, or simply finding a better way to meet existing demands, successful businesses often thrive by innovating and seizing these opportunities.

    Moreover, this example also highlights the importance of understanding and catering to customer needs. By recognizing that some customers require essential items earlier in the day due to their job schedules, the shop owner demonstrated a customer based approach, which is crucial for long-term success.

    Overall, this example serves as a reminder that successful businesses are those that actively seek out and capitalize on opportunities, adapt to changing circumstances, and prioritize meeting the needs of their customers.
    Phagu Mahato
    Success occurs when opportunity and preparation meet.

  • #777981

    Points:2
    Your example perfectly demonstrates how an entrepreneurial approach and a willingness to experiment can open up new opportunities for business development. This reinforces the idea that success requires not only hard work and offering quality products or services, but also the ability to see and seize opportunities that may go unnoticed by others.

    There are always opportunities to make money in business, but identifying and pursuing them requires creativity, entrepreneurship, and a willingness to take risks.

  • #779453

    Points:5
    Business is said to be a difficult proposition because of the competition and we see it around as for the same item or service there are so many shops.
    In such a scenario wooing the customers to one's premises becomes a tough job and everyone is trying for the same.
    One thing I observed is the location of the business. People are generally lazy and do not search for the outlets in lanes or obscured places. Whatever attracts their glances on the main roads they settle for it.
    There is a small eatery in my area and it prepares tasty snacks but being in a lane many people are not aware about it. What this shopkeeper did was that he put a few of his popular snacks in a steel container and came out on the main road in the morning time and sat near the main local bus stop. During that two hours he sold a good amount and then went back to his shop. This small measure helped him to increase the sales significantly.
    Knowledge is power.

  • #779455

    Points:5
    When I hear someone saying 'my business is dull or running at a loss' many times I do not take it on the face value. It may be due to the lack of experience, lack of patience or lack of sincerity on the part of the businessman.

    Before starting a business one has to do some homework about the need and feasibility of it at that place. Once started there should be hard work, consistency, good behaviour with the clients and willingness to take feedback and assess it.

    Earlier finance used to be an issue. Now it is not so. people pay immediately, and there are easy bank finance available for starting and working capital.

    Recently a shop was opened for vending the 'Milma" milk very near to my home. There was no other shop there within a one km distance on one side and within 500 meters of the other side. I was also very happy that now I can buy milk as and when needed. But the initial happiness did not last. Suddenly one day when I went to buy milk, I found it closed. As I did not store milk believing this shop, I had to walk to the market and buy double the number as a precaution for next day also. Next day I met him and he said that he was not well the previous day. That was excusable. Then he started closing on Sundays. Then he started opening late and closing earlier.

    Now I had stopped believing him and continuing to buy from usual shops in the market.
    He also started becoming 'jack of all trades' by selling many different items like eggs, tea, bread and biscuits, pickles etc. But when we go for second time, that item will not be there. He will say stock has not come.

    I am sure this man will be soon saying 'no business' and ultimately going to close. Nowadays people are wary of hard work and interested in easy money coming. Business needs hard work, consistency and patience.

  • #779475

    Points:5
    One should know the customer's requirements and manage his business in a way that suits the customer. Then the business will flourish. Near our village, there was a centre where 4 roads meet. Many people from the neighbouring villages will come there for travelling as all the buses will come there. Automatically in that centre, many shops come and good business is going on. There are three tea shops and they also do good business but all these tea stops will be closed by 7 PM. But buses will be flying up to midnight. Larries and other transport vehicles will run throughout the night. So one person thought that having a tea shop at night may be good. He opened a tea shop. He will start his business at 6 in the evening and will be there till 6 AM. There is a good demand even for snacks up to 10 PM and he will be selling tea throughout the night. Many lorries stop there and have tea and go. He is very happy and earning a good amount.
    drrao
    always confident

  • #779476

    Points:4
    There are always possibilities of earning a good amount of money by way of identifying a suitable place and time for attracting customers. The place is important in the sense that he would find a large number of consumers in a bussy cross-section junction of roads. Moreover, the businessman has to identify the needs of items during such a time.
    Normally the morning hours are a hectic time for a woman preparing kids for sending her kids to school and after some time they will have to pay attention to making breakfast for her husband attending of ice. Hence early in the morning say at around 6 am morning she would like to have milk, curd, bread and butter to be served to the husband. A shop providing all such items at 6 am sharp will ease her burden of preparation of breakfast items.

  • #779477

    Points:4
    A number of responses are made by the members and it is emerging that a businessman has to identify the opportunities and customer choices to increase his customer base. He has to locate his business in a strategic location as well as give due consideration to customer satisfaction. A good businessman will find new ways of increasing the sales leading to increased turnover of his business. There will be many new ways to adopt resulting in the prosperity of the business, only thing is those are to be identified and followed.
    Thoughts exchanged is knowledge gained.


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