I have learned a lot from my business life and observed why businesses fail.
👈🏻1:- Most businesses fail because we don't know what kind of business to do. We see people around us and start the same work. They have experience, and we are freshers, ultimately failing.
If you want to start a business, spend a few months working for someone and see how the owner deals and what his attitude is... Until you have experience, you will buy expensive things and lose your profit in purchasing. The cheaper the purchase, the more you will earn.
👈🏻2:- When we do business, we incorrectly determine the location, product, price, and promotion... Meaning, we take the shop to a place where people have less ability to buy, or on the first day, we think that if we sell this thing, we will get this much profit, or we spend more than our budget on advertising, due to which income is less and expenses are more, and the business fails.
The solution to this is to provide what is needed where it is needed... In the beginning, customer dealing, advertising i.e. promotion, reasonable profit in the product i.e. reasonable price, and choosing a shop with low rent can make you win in business.
👈🏻3:- When a business is started, from the first day, we start spending from the business's sales at home... Due to which the investment is given to the home, and the business fails in two or three months.
The solution to this is that you should have at least one year's expenses separately, from which the house should be supported, so that the money earned from the business is put back into the business... In one year, you will understand how much you are earning in a month.
👈🏻4:- We think that the employee we hire will earn and feed us, due to which we completely trust the employee, which leads us to Loss.
The solution to this is that in the beginning, you should be everything yourself: employee, manager, and cleaner.
Until you kill your ego, you will not be able to earn.
👈🏻5:- In the beginning, when a customer comes to us, we think that he is our regular customer, and the customer says, "Make customers"... Then two or three times he takes cash, and after a few days, he asks for credit... We give credit, and slowly the shop becomes empty.
Neither does that customer appear again, nor does the shop run.
The solution to this is to be careful of fraudsters, keep your reasonable rate... Provide quality... If you have to give credit, give credit from your profit, not your investment.
The people who are giving credit are getting credit from behind, and they are giving credit to their established homes. Do not spoil your work by looking at them. They have taken fifty years.
There is a lot to write, but you will get bored. The last thing that I, Haris Hayat Hadi, would like to say to you is to hold on to a few things in business. First, honesty. The person who is honest, his companion is the Lord. Second, punctuality. Business demands time. The person who knows how to give time to business always remains successful. Third, partnership with Allah Pak. If you want to make your business successful, then definitely help those people from your profit who are extremely helpless. Believe me, Allah Pak will give you from where you cannot even imagine....