Understand the needs, wants, and demands of the customer before starting a new business. Market research is the key to success in the business field.
Understand the needs, wants, and demands of the customer before starting a new business. Market research is the key to success in the business field.
Ramesh Shah is the owner of Rajmandir Electricals in Udaipur.
Ramesh was born in a small village near Kherwara and did his schooling till the 8th standard from his village. After that, he moved to Dungarpur and completed his B.Com. there.
Ramesh shares that his elder brother brought a VCR from Kuwait once and they started showing people movies at a rent of 100 rupees by going door-to-door. Then they decided to enter this business of electronics and started a shop of Video Cassettes and VCR Rentals. Ramesh says that they have been doing business since 1985.
Ramesh recalls that the biggest struggle was getting funds. He used to sell one television and then buy the next one to sell. He started the business with 25000 rupees and arranged money through loans and borrowings. Ramesh shares that he also took the help of the Pradhan Mantri Rozgar Yojna and started a lottery scheme in which they used to take advance money from people and open a draw.
Ramesh feels that now the environment to do business is much more relaxed with the advent of Credit Cards and financing facilities.
Ramesh opines that this business is purely relation based and communicating and creating a good image with the customer is very important in this field. He says that he also provides post-sales service options in which he resolves their issues aptly. Ramesh feels that if a customer trusts you, they will bring more business for you.
Ramesh says that the online business practice has made the customer very much aware of the product and related details. Earlier he had to explain the quality of products to them but now they themselves ask for certain features and Ramesh has to be well read for dealing with that. Customers are now aware of the pricing of the products as well and hence their margin has decreased a bit. However, this has also resulted in increased transparency in the business.
Ramesh shares that when he was working in Dungarpur, the then President of Rajasthan Electronics Trade Association, Suresh Kalani visited him and advised Ramesh to set up his business at a bigger place as Ramesh had already done very well in the Dungarpur-Banswara area and had a hold on a good 50% of the market share. This motivated Ramesh and he shifted to Udaipur and became successful here as well. He even got a chance of becoming the president of the association himself.
In his free time, Ramesh loves to play Badminton and has a court made out in his home itself so that he does not miss even a day of playing.