Varalakshmi had a flower shop in her village. But she suffered losses and had to shut it down. But this failure was an experience for her to rise and build a prosperous business. She is now earning upwards of Rs. 30,000 every month!
What changed? Knowledge, reflection, and awareness. After she shut the shop in the village, Varalakshmi happened to attend the Buzz Business training. The training gave her a deep insight into what went wrong with her business. With every insight shared at the training, Varalakshmi had an experience to reflect upon. She didn’t know how to keep an account of her business income and expenses. She didn’t know how to reinvest the earnings from the business wisely. She didn’t know she was mindlessly taking loans for the business without being aware of what her returns will be. Realizing all these aspects, Varalakshmi decided to give entrepreneurship another shot.
This time, Varalakshmi made some ground rules. She decided to not start a shop, at least for now. She would grow flowering plants in her backyard. Earlier she was sourcing them from the market and reselling them, which gave her a small margin. Since the produce came from her land, she had control over the supply. And why restrict to flowers, she decided to grow vegetables too. Tomato, cabbage, chillies, brinjal - name it, she grows it! Varalakshmi then takes all her produce to the local market – no middlemen, direct sales. These ground rules helped Varalakshmi feel in control.
The next step was to become smarter at her business. Earlier, she was selling loose flowers. She realised that this fetched her less income that what flowers tied as garlands could. So, she decided to put in the effort to make garlands and her margin increased. As the Vyapar trainer suggested, she decided give account-keeping for a month. Varalakshmi found so much relief to see how much awareness this simple task of writing her income and expenses down gave her. She could now reduce the chances of wastage of money.
With all this wisdom applied, Varalakshmi now earns a profit of upwards of Rs 30,000 every month! Reflecting on mistakes, bouncing back after suffering losses and building a profitable new business – Varalakshmi has achieved all these. All she needed was the exposure to knowledge.