Five lessons I learnt from failing at an on-demand beauty services startup (Pradeep Kumar, 1oo Marks co-founder, Anushri)

Five lessons I learnt from failing at an on-demand beauty services startup (Pradeep Kumar, 1oo Marks co-founder, Anushri)

When they got into beauty salon business there were not many entrants in the market. But, as everybody else could see many opportunities in it, they also jumped into it and in no time there were plenty of salons all over the place to compete with.

It is very important to stay focused on achieving growth in the business. Any business demands growth and needs to be attended to. If the growth is good in the initial years than the chances of business being successful goes up tremendously.

It is very important to build capital in the bank in order to have savings to run the show. Burning all your money to improve quality right from the beginning will only invite bankruptcy in the later stages.

Advertisements, promotions and propaganda all needs to be done at the right time. To gain the right customer base is again a tact. You need to be ready with the services your customers might need or demand. Doing the right things later when the time is gone won’t fetch you the desired returns at all.

You need to incur good profits in order to run the show. Giving discounts right in the beginning will only burn out your savings. The other way of dealing with it is to increase the price in the beginning and give little discount when asked by the customer so as to make the same amount you intended to. Going forward once the business is settled, than you can think of giving sufficient discounts to gain the customer loyalty and trust.

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