8 lessons I learnt by starting a small business
One year ago, on 20th March 2020, I partnered with my brother to start a small Gym in our hometown. We didn’t have any prior experience in running a business. All I have is expertise in designing digital products, whereas my brother is a fitness freak. We both have skills that complement each other. I was responsible for marketing, establishing our brand, communication and overall experience a member should get inside the gym. My brother took care of fitness training, sales and maintenance of the gym. But still, so many things were unclear. Starting the business by taking the risk was the only way to get clarity.
With proper planning and research, we opened Zuva Fitness in Samalkot, Andhra Pradesh, India. We sold 60+ memberships in just 3 hours of opening. It gave us confidence that we were on the right track. But something unexpected came on our way. In just 2 days, we had to shut down as the Indian government declared nationwide lockdown due to COVID-19.
It was a tough time. We were open only 8 months in the last 17 months timeframe. In this absolute chaos, we managed to survive and earn the trust of our locals. We successfully transformed several gym members from fat to fit and helped them achieve their fitness goals.
It is just the beginning. But this first-hand experience on starting a small business taught me so many things. Below are some of them.
1. You need the right business partner to complement your skills.
It doesn’t matter how small a business is. You won’t have all the required skills and time to get things done. So it’s crucial to choose the partner whom you can trust and have skills that complement yours. You may hire employees to do the same. But their dedication will not be the same as a committed business partner.
2. You will earn your parents trust after the success, not before.
Indian middle-class parents expect you to get a secure job and get settled. Usually, they don’t encourage you to risk and start a business. We had a tough time convincing our parents too. Your research, Plan B and other’s success stories may not help. Sometimes the only way to convince them is by starting the business and showing the result. It’s okay if they don’t trust you. They are already fighting with their fears and insecurities. So be bold and prove to them that they are wrong.
Convince your parents by starting the business and prove that they are wrong.
3. Your competitors will help you to grow if you have the right strategy.
Customers will not appreciate the value you offer unless there’s a competitor to compare. Customers will research before they decide where to go. So communicate your unique value and make it easier for them to decide.
Communicate your unique value and make it easier for customers to decide.
4. Few customers will discover ways to do fraud.
Every business will come across fraudster. It could be a pre-planned fraud or someone who tries to take advantage of a situation. Honestly, we didn’t prepare for such situations. After facing incidents, we took measures to prevent them. Make sure to think about the possible ways someone can fraud you and be prepared.
5. Consistency is the only way to build your brand.
When someone says “Brand”, the first thing that comes to mind is the logo, colour or tag line. After starting the business, my understanding of the brand has changed. Yes, a good logo, unique name, tag line are required to create an identity. But that’s not your brand. Your brand is what you do consistently, every single day! Customers may forget your brand colour but, they remember how good and consistent is your service.
Your brand is what you do consistently, every single day!
6. Word of mouth spreads faster than a virus.
It is true, at least in Villages. People in villages are tightly connected. Unlike the urban population, they want to know everything about their neighbours and other people in the locality. They exchange information about everything and anything every day. Due to this, information passes like a wildfire among the locals. So make sure your brand gets lightened up rather than burning out.
7. Don’t friend your customers.
It is something new I learnt during my experience. Maintaining a good relationship with your customers builds a positive outlook about your business. But make sure to keep a borderline between your customer relationship and friendship. If you treat few customers as your friends, others may feel that you are discriminating. It leads to unnecessary issues you don’t want to deal with. So never friend your customer during the business.
8. You will have haters no matter what you do.
You can’t satisfy every customer’s expectation. Some will even spread hatred about your business if disappointed. Analyse the situation and learn how you could have avoided it.
