Business: A journey of profits and losses!

From lack of a product-market fit to discord on the team we find many startups don't succeed or end disappointingly even after giving their best to the business firm. To start a business, you need to do a lot of research and hard work. Even after this a business is so rarely in tune with its niche that it can't float along with minimum efforts.

Clothing in India, a booming business today is one of those kinds of businesses. Many entrepreneurs in the society choose to open a boutique, but do not have the knowledge and a proper plan on how to go about it. A startup boutique was opened by Sunitha (name changed) in Secunderabad locality, but due to repeated failures in the business, she had to close down her store. However, she says, she has learnt a precious lot and would not look back and start all over again.

To start any business you need proper guidance and the subject knowledge too. "I have completed my Mtech and worked in private organisations but left my job to start a business. I thought of becoming an entrepreneur," says Sunitha

"Being an entrepreneur is not at all an easy task and I learned it from my own experience. What I observed around me is people always follow clothing trends especially women. This gave me an idea to start a clothing business. My focus was mostly on twinning designs for mother and child," adds Sunitha.

My family and husband supported me financially to start the boutique and that was like an inspiration and strength. I was so much excited to begin my business that my focus on real time experience on how to go about it was missing. I did not make a proper plan, like I was in a different world and thought that anyone can start a business, says she.

Startup needs thorough research, guidance, plan and implementation and without this we cannot move forward. I did not take note of these requirements before I started a boutique, says Sunitha.

What I have learned is that we need a good team who are corporative and understand the work process and the right locality to start a business. Opening a boutique requires a lot of creativity and every customer who visits the boutique expects more from a designer and I am not a fashion designer nor do I have any experience in this field, adds Sunitha

To start a boutique, firstly, the most important thing to keep in mind is we need to read our customers' thoughts and comfort and this could be done only by having a proper interaction with them. Secondly, if we are trying to work on a unique outfit we have to know which material is best suited, the colour combinations, a theme to make it more special, says Sunitha.

Marketing plays a major role in any business and word of mouth was the only way I was trying to advertise my business because am not much into social media. I have been displaying my designs in various exhibitions in Hyderabad unable to market my designs like others, because I was not too expressive while communicating with the customers. I spent a lot of money but did not get any profit, instead things were going low and I did not know how to tackle the situation.

I had no one to guide me and did not know whom to approach; I was going through a rough patch. I felt so helpless due to the losses which my family and I were bearing. I was losing customers and was unable to reach to their mark. I had workers who used to do Zardosi work and stitching. I used to take orders from customers but my workers would not corporate and I could not deliver the outfit at the right time to my customers. Customers started giving negative feedback about my boutique and some customers even yelled at me. I used to feel so embarrassed at times.

I had to shut down my store, this is one of the biggest failure of my life but at the same time I have learned from this experience that profit and loss are part of a business and we need to accept this fact. I still want to be an entrepreneur and very soon with thorough research and guidance I will start a business, concludes Sunitha.