“Starting a business is full of challenges but growing it is even trickier”.
I learned this when I decided to start my dairy business. Here’s my story:
I always wanted to be an entrepreneur but wished to do something more traditional. Starting a dairy business was my priority. With this aim and support from my family, I embarked on the journey.
Though the journey was filled with many twists and turns, the joy of reaching the desired milestones gave an immense sense of fulfilment.
Read further to know how I achieved this:
- Knowing My Competitors
I was aware that to venture into this business I needed in-depth knowledge of my competitors’ market share. This is an area where I had to be sure, without leaving anything to assumptions. My first step was, knowing my competitors, carrying out market research and understanding where I would fit.
- Research and Development
I wanted to sell my own product. However, I found that a dairy business involves multiple technical aspects. I spent days understanding the same.
Also, I wanted to rear my own dairy farm animals, but the cost of rearing was the first area of apprehension. Here’s why:
It needs preparation from the day the calf is born. Besides, there are expenses for soil fertility, grass management, herd fertility etc. This needed influx of funds. Unable to generate capital at one go, I availed a business loan. This loan helped me in business modernisation and infrastructure creation.
The process was absolutely hassle-free, I applied online. There were hardly any procedures involved. No collateral and no branch visits. I got my approval in just half an hour and that too online.
To start a dairy business, registration and license is indispensable. Getting the same from FSSAI is a must. Again, the loan supported me with the funds needed for licencing and associated costs.
- Capital for Investments
My savings were not enough to start the dairy business; hence I was upset initially. But, when I explored the option of business loans, the path became simple.
- Setting Up the Unit
For me, it was not a traditional family run business. Everything had to be set up from scratch. Once I had the cash to purchase dairy animals, equipments, construction of dairy sheds, and related structures and machinery; things got easier.
I first started my own company outlet in my hometown. By the grace of God, my business did well there. A few years later, I started with the franchise model and opened outlets in other parts of the city.
I paid off the loan from the profits earned. To drive more profit, I decided to spread my wings. But, expansion meant more funds. My good credit record helped me get instant loan approval. I opened outlets in two other cities. Once I got a good response, I started with the franchise model in those cities as well. I also appointed distributors.
After my transition from a small to a mid-size businessman, I expanded my business in two more cities. Today I am successfully running my dairy business in 5 major cities. I have a network of distributors and franchisees. I aim to expand my business further.
Today, I am the proud owner of commercial dairy farms. No doubt, hard work and determination have helped me achieve this success, but business loans provided the financial aid needed to expand my business.
These loans supported me with ample funds at every important phase. Today I am happily enjoying this growth and success!
Image Credits: Google