Furniture company Aamir Ahmad, live, has become one of the fastest growing retailers in the UK and is set to sell for £ 35 million this year. SmallBusiness.co.uk He said what he had learned from his mistakes in business.
I started my first business in 1995 at age 27 after a spell as a management consultant. My idea of Catalog Company selling upscale furniture. I believe my plan and was wondering how difficult it.
Very quickly, I realized how difficult the life of an entrepreneur. Start your own business and dealing with the details of running a company is totally different from having a lot of people who take care of everything for you. When you start a business to do everything yourself.
In Vain Effort
The first day, I remember thinking we print catalog and hand-deliver them to save money on postage. I got all my friends with the intention of distributing about 10,000 catalogs, do not realize that taking a week. The result is a single, solitary customer orders. That is not a good way to get a business going. All my friends think they helped me set up my first business – I do not really told them the process is a waste of time.
After that, we started to get the right product and marketing and began to understand what the customer is looking for. We have created a brand of upscale furniture and there are not many around, so we tapped into that market and find out what the best victims. I learned that you can have a good idea but the implementation makes a good business. Most of the best companies are not based on the idea fascinating but they execute really good idea.
Profit is Sanity
While we get the right offer, the company has developed sales than profits. We will build a big machine to grow and offer a great product but not so good on the back of margin. Finally it got to the stage where we have to put more money into the business or sell it off, so I sold, making nearly any of the results, taking years to regroup and then decided to start again .
In my new company, we as a team are relentless about making sure we focus on what adds value and what does not cut. We run a tight ship in terms of people, and I’m sure every member of my team strong.
While other companies may have people over and then a layer of all the people in the middle who just seemed the admin, I can show everyone my company and know what they are doing and how each is necessary for us.
At the beginning of the recession that we are tough. Like many companies, we have to cut back on marketing when we should become slim.
When we realized our mistake, we’ve doubled our marketing spend and invest in developing new products and in stores, and that saved us. At that time we had a turnover of around £ 25,000,000. We grew almost 40 percent since then, and this year we will see £ 35 million sales.
I got lots of people coming to me saying they love to start a business and their own boss. Usually they are thinking of working for yourself is easy. But when you run your own company, you work 24/7. Many people think it was 9-5, but in reality you are working all the time. That is not true for everyone, but it came good for me.