delhipicks, is a year old

Friends, it was about a year back that we actually started working on our business endeavour, delhipicks. And we haven’t looked back since. Ups and downs, learnings and failures. Euphoria and melancholy, all hand in hand.

When I come to think of it, the seeds were actually sown about a decade back! I still remember, renting my first set of business books from Boston Public Library way back in year 2007. It has taken 10 years of reading, asking, brainstorming, doubts, disbelief, faith, prayers, hanging on, creative spurts, discoveries, mistakes and much more.

What keeps us firm on this path, is the fact that what we provide for our customers, excite and invigorate our senses too ☺️. When I hold a piece of beautiful earring or bracelet, the woman in me wants to keep it for myself, the professional keeps it back☺️. And the excitement of providing that good looking jewellery or bag to others keeps us going ☺️ .

We have come to know many good people from across the country while bringing their creations to you. And it is soul nurturing! Because these people are enthusiastic about what they do, they are hardworking and most of all, full of hope.

Friends, thanks for being a part of delhipicks journey. From what I know about myself ( data analysis of my behaviour ☺️), there are going to be surprises, exciting additions and much more at delhipicks ☺️. Keep watching.

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Types of businesses

Hello friends, hope my Pooja’s Business Insights series has tickled the hidden  business person inside you a bit ☺️ . So, lets continue without wasting any more time.

When you start out, you may feel overwhelmed by the abundant options that you see. Or, on the other side of the radar, you may feel short of options that can be explored, you may feel clueless about where to start. 

If you are patient, you can over a period of time, try to create a niche product. It should be something that isn’t already easily available for people, and as I always say, it should add value to people’s lives. 

Another option is to provide a product that may not be rare. Then why would people buy from you? You provide competitive  prices! And your delivery should be good.

People are emotional and they need to trust you. Trust takes time to build. So, build trust. Provide/deliver the product such that they can have long lasting faith in you. A happy customer also gets in more customers ☺️ .

On a very high level, businesses can be divided on the following basis:

1. Drop-shipping

In this method, there is a third party supplier. When you get an order from a client, you pass the order to the supplier. Supplier then packs the product, and directly delivers to your customer. Simple, isn’t it ☺️ .

The major advantage of this method is that you don’t need to maintain an inventory. That way, it’s easier and cheaper to start with.

The disadvantage, you don’t have much control over the quality of the contents delivered. This can cause problems if defective contents are delivered to the customers. Profit margins are lesser.

2. Inventory based

Here, you maintain stock of the product with you, like a brick and mortar store. Technically, it requires some investment as you need space to maintain your product.

Advantage, you get to monitor the quality of the product, and better chances of keeping the customer happy.

Disadvantage, you need space. You need to maintain inventory.  Also, you need to take care of delivering.

3. Made to order

If you are an artist, or into some niche business, you may make as per order. Suppose you create hand painted jewellery, then you can make when you get customer orders. However, you will need to have some samples for the customers to choose from. This process is slow, as you will produce after you receive order.

This model works when your clients really love your work, and are ready to wait. 

Hope friends this was helpful. Next article will talk about some common business models used these days. Have a great day ☺️ .

What’s my business?

Some say it’s passion and some say it’s the demand. We generally get inclined to do what we are passionate about. That is what keeps coming to our minds most of the time.

If you are into software, you want to create something related, maybe a world changing App ☺️ . And if you are into art, you want to have something creative of your own. That’s all very cool and compelling !

There is another factor, which is the stark reality. And that is what  people need. People mostly buy what they need, would seldom purchase something just because it symbolizes your passion!

So, its a tricky choice, passion or market need. You basically need to keep thinking, experimenting, and finding what suits your need the most.

If you start pursuing passion related business, you draw a lot of satisfaction by doing what you like. Making money may be very difficult, but sometimes being resilient and undeterred may get you somewhere. To make good money, you need to fulfill some unmet need of people.

Start off like this, brainstorm for some good business ideas regularly and write them down. Then find out how feasible those ideas are, do they provide good value to people for them to buy, are they inline with your interest and values? Do this as often as you can.

Now try to figure out how can you create a niche product/service/business by using your unique qualities, knowledge or any other advantage that you may have. This is where your opportunity lies ☺️ .

You don’t need huge investment to start with. You can begin with little money, experiment,  see if  you are enjoying it, are people responding?

Friends, I end this blog here as its getting big ☺️ . You’ve got a lot to ponder over for now . Be on the lookout for the next bit ☺️ .