كيف حقق متجر أرواب ومناشف مبيعات بمئات الملايين - ريفي | بودكاست سوالف بزنس
إذاعة ثمانية・105 minutes read
A person successfully starts a business focusing on robes and towels, with sales exceeding 200 million riyals in 2023. The business expands, merges with others, and aims to be among the top companies in Saudi Arabia by launching new brands and focusing on customer satisfaction.
Insights
- Starting with a small investment in an Instagram store, the individual expanded into a successful business venture specializing in robes and towels, with sales exceeding 200 million riyals in 2023.
- The entrepreneur's journey underscores the significance of market research, product selection, and risk-taking in business, emphasizing the importance of learning from successful cases and adapting strategies accordingly.
- Focus on customer satisfaction, loyalty, and market trends has been pivotal in the growth of the business, which transitioned from a small Instagram store to a major company with strategic partnerships, acquisitions, and a diversified product line.
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Recent questions
How did the entrepreneur start their business?
The entrepreneur began by purchasing an Instagram store for 50 thousand riyals from Wahda, then expanded into a factory and three stores. They founded an online store specializing in robes and towels, importing products from China at low costs. After merging with another company to form "2 Holding," they partnered with over twenty stores, emphasizing the importance of choosing the right product and taking risks in business.
What was the entrepreneur's key advice for business success?
The entrepreneur advised choosing a suitable product for selling, improving market offerings, and taking risks in business. They stressed the importance of experimenting, studying successful business cases, and translating them for learning purposes. Additionally, they highlighted the significance of understanding customer needs, building relationships with manufacturers, and focusing on customer satisfaction and loyalty.
How did the entrepreneur's business evolve over time?
The entrepreneur's business initially focused on mobile and jewelry accessories before transitioning to towels due to market demand. They constantly changed colors and designs based on customer feedback and market trends, expanding their product range over four years. The company mainly concentrated on towels, achieving significant sales growth and merging with other brands to form a larger company known as "Two."
What were the entrepreneur's strategies for marketing and growth?
The entrepreneur invested heavily in marketing, with costs reaching approximately 70 million riyals in 2023. They sponsored clubs, targeted both men and women as clients, and aimed to be among the top five companies in Saudi Arabia. By focusing on one product initially, opening branches for quick delivery, and investing in advertising campaigns, the company achieved substantial sales growth and planned to launch new brands.
How did the entrepreneur handle challenges in their business?
The entrepreneur faced challenges such as stock shortages, competition adjustments, and dealing with economic fluctuations. They emphasized the importance of adjusting prices and marketing strategies to maintain profitability, investing in advertising campaigns to raise awareness, and prioritizing customer service for satisfaction and loyalty. Despite setbacks, the entrepreneur learned from mistakes, valued family support, and emphasized trust in God for success in business.
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Summary
00:00
Success Story: From Instagram Store to 2 Holding
- A person bought an Instagram store for 50 thousand riyals from Wahda.
- The person opened a factory and three stores.
- The guest founded an online store called “Refi” specializing in robes and towels.
- Sales in 2023 exceeded 200 million riyals for robes and towels alone.
- The guest imported and marketed products at low costs after a trip to China.
- The guest merged his company with another to form “2 Holding” and partnered with over twenty stores.
- The guest advised choosing a suitable product for selling and improving market offerings.
- The guest started with mobile and jewelry accessories before focusing on towels due to a need.
- The guest emphasized the importance of taking risks and experimenting in business.
- The guest extensively studied successful business cases and translated them for learning purposes.
15:26
"Instagram Store to Diverse Retail Success"
- The individual aims to open a company focused on Instagram stores, particularly catering to women.
- They establish a logistics service, acquiring bills of lading for 25 riyals each, providing a significant profit margin.
- By selling these policies for 40 riyals, they secure a profitable business model.
- The company offers a unique service of picking up orders from merchants' homes and delivering them, setting them apart in the market.
- They expand their delivery services, achieving a net profit of 10-15 thousand riyals monthly.
- Despite success in delivery, they venture into opening a physical store with their wife, initially struggling to attract followers.
- Encountering a colleague who purchased a successful Instagram store, they realize the potential in acquiring existing businesses rather than starting from scratch.
- They transition their Instagram store into a diverse retail outlet named "Ajeeb," focusing on mobile and jewelry accessories.
- A chance encounter at a towel shop in Dubai sparks the idea of introducing a unique towel design to the market.
- The individual's mother's positive feedback on the towel design leads to the realization of a potential product niche and market opportunity.
31:07
From Idea to Success: Towel Business Journey
- The narrator discusses a towel spinning business idea with a friend named Al-Huzaimi.
- The narrator decides to test the towel with family and friends before selling it.
- Positive feedback leads to the narrator ordering 700 towels for sale.
- The narrator uses a unique marketing strategy by giving towels as gifts to teachers and friends.
- The narrator's business grows as satisfied customers reorder towels multiple times.
- The narrator invests personal savings into the business without taking a loan.
- The narrator's wife's sister suggests focusing solely on selling towels.
- The narrator faces challenges when the supplier abruptly leaves, causing a year-long product shortage.
- The narrator travels to China to find a new supplier for towels.
- The narrator and a companion spend 27 days in China, focusing on quality and business aspects of towel production.
45:10
From Idea to Success: Family Business Journey
- The speaker initiated a project involving material testing based on recommendations from others.
- They decided to recycle the material and work on designs to improve the product.
- A trip was planned to visit factories to search for the right material.
- The speaker managed to secure the material and designs after a thorough process.
- Products arrived, and the speaker managed warehousing efficiently.
- The decision to resign from a job was influenced by a desire to start a new project.
- The speaker received support from family in terms of land and financial advice.
- A loan was taken to start the project, but initial attempts at business were unsuccessful.
- The speaker's father supported the decision to pursue the project despite financial challenges.
- The project evolved into a successful business venture with the involvement of family members and strategic product development.
59:25
Entrepreneur's advice on product development and factories.
- The entrepreneur advises starting by searching for a product, examining the market standard, and developing from there.
- Factories play a crucial role in production, with the entrepreneur emphasizing their importance.
- The entrepreneur discusses sending products to factories, particularly in the context of American stores carrying similar products.
- The entrepreneur highlights the prevalence of products being made in China and the factories' familiarity with these products.
- The business initially focused on products and later expanded to include towels over four years.
- Customer satisfaction and loyalty are key drivers of the business, with repeat purchases and demand exceeding supply.
- The entrepreneur discusses challenges faced due to stock shortages and the concept of demand surpassing supply.
- The entrepreneur details the preferences of different demographics for towels, robes, and caps, emphasizing the importance of understanding customer needs.
- The business constantly changes colors and designs based on demand and market trends, with a focus on customer feedback.
- The entrepreneur shares insights on visiting exhibitions, manufacturing, and importing, advising on differentiating between small and large factories and the importance of building relationships with manufacturers.
01:14:40
"Two: Towel Company's Rapid Growth Story"
- In 2018, the first year brought in 5 million in sales.
- The company opened its website at the beginning of 2019.
- Sales in 2023 were between 250-300 million.
- The company mainly focuses on towels.
- The company merged and is now known as "Two," with brands "Rustic" and "La Belle" under it.
- The strategy is to focus on one product for the first few years before expanding.
- Marketing costs in 2023 were approximately 70 million.
- The company sponsors four clubs, including "Al-Hazm," "Rifi," "Al-Khaleej," "Dhamk," and "Al-Fayhaa."
- The company targets both men and women as clients, with women being the primary buyers.
- The company merged with Balsam store, forming the "Two" company, aiming to be among the top five in Saudi Arabia.
01:30:12
"Company Plans New Brands, Expands Branches"
- The company has trademarks and plans to launch four new brands in the summer of 2023.
- They produce ten brands annually and have a design team of approximately eleven people.
- The company is in negotiations with four stores for acquisitions and offers shares in the parent company as part of the takeover.
- Partnerships with the company involve sharing services like marketing and consulting to reduce costs.
- Marketing is a significant expense, especially for new brands, taking up to 40-45% of the product price.
- Acquiring customers through marketing can cost 25-30% of the product price, depending on the product.
- Opening branches has been profitable for the company, with sales reaching 350-400 thousand per month per branch.
- The company aims to have 100 branches and has a goal of reaching 25 branches by the end of 2023.
- Manufacturing products directly for customers allows for higher profit margins and control over pricing.
- Dealing with competition may require adjusting prices and marketing strategies to maintain profitability.
01:45:47
Invest $1.5M in Advertising for Success
- In 2023, a minimum of 1.5 million needs to be invested in advertising for people to take notice.
- This investment should be made over a one or two-month campaign to raise awareness about the product.
- The economic cycle in 2023 is at its lowest, with a high exchange rate impacting advertising budgets.
- Competition is seen as positive, stimulating growth and development in the market.
- The importance of fast delivery is crucial in e-commerce, with 70% of customers prioritizing it.
- Establishing 100 branches for quick product delivery is a competitive advantage over other e-commerce giants.
- Customer service, including easy communication and efficient returns, is vital for customer satisfaction.
- A study showed that quick delivery and easy returns significantly impact customer loyalty.
- Trust in God and consistent prayer are emphasized as crucial elements for success in business.
- Reflecting on past mistakes and learning from them is essential for future success in business.
02:01:20
Navigating Governance and Values in Business
- The individual delved into governance in 2020-2021, realizing the importance of understanding it thoroughly to avoid mistakes in business partnerships and operations.
- Despite personal losses, the individual's father's advice to prioritize charity and care for family members resonated, emphasizing the significance of these values in business success and personal fulfillment.
