Seasoned businessman shares business tips
THERE are three things which determine the success of any business — location, demand and the ability to meet customer demand.
This, according to Dharmendra Kumar, the proprietor of Things n Movies in Flagstaff, Suva.
He said if someone was planning to start a business, location was key.
“You should know what you are going to sell and what is the demand in the area and what is required,” Mr Kumar said.
The 53-year-old said he had been residing in Suva since birth and has been operating his business for the past 15 years.
“We had a shoe shop before. My father used to operate it and in 2000 we closed it down because of some issues.
“I started to work and then I saved up and then we decided to open this shop.”
He said the shop retailed electronic items, clothing, cosmetics and also DVDs.
“Flagstaff is a very good place.
“It is quite busy and people here are very good spenders.
“We have just recently started to have a little bit of a problem with vehicle parking from 4pm to 6pm.
“This is because of traffic issues and the clear-way signage which is good but has somewhat affected the business community here.”
He said he overcame the challenge by opening for longer hours.
Mr Kumar said over the years, the retail movie industry had seen a lot of changes.
“The business of selling DVDs and movies is dying out, so we have decided to direct our business to other things as well.”
Mr Kumar said he had to diversify because he and his family survived on the business earnings.
He said opening a business required a lot of patience.
“If you open something, it will not flourish straight away because this will require time.
“People need to be ready for economy turnovers because business in some months will be slow, some months it will be good and some months it will be really bad.”