From 5 Lakhs to a 150 Crore Start-up: The Souled Store's Inspiring Journey
Key Takeaways
- Venture into businesses where passion meets profitability. When two intersect, there lies your opportunity for a winning business.
- Customer retention is as crucial as customer acquisition. Ensuring a high customer retention rate is the key to a profitable business.
- Patience is vital in entrepreneurship. Despite the challenges and odds, it's essential to remain patient and persistent.
Early Beginnings
The co-founder of Souled Store reveals how he started off with a humble investment of around 5 lakhs with partners. The initial journey involved selling casual t-shirts with quirky slogans, investing about 200 rupees per t-shirt and selling them for about 500 rupees.
The Growth Phase
The company began to gain traction, marking its first milestone a year into the business when they started drawing salaries, however modest. They also commissioned their first employee around that time. Approximately after a year, the company was generating revenues to the tune of 5-6 lakhs per month.
Embracing Licensing
It was their first licensing deal with Big Bang Theory and Friends, changing the dynamic of their business. They began creating advertisements for these shows on their merchandise, which made their brand more identified and loved amongst pop-culture enthusiasts.
The Rising Trajectory
Over the years, they expanded their merchandise and built a brand loved by the audience. There were pivotal moments like their first income from investments made from their licenses. These licenses comprised of some big names like Warner Brothers, Disney and WWE.
Harnessing Digital Marketing
Their marketing strategy relied heavily on Instagram and Facebook advertisements. The secret, however, lied in not just acquiring customers, but retaining them. The real success came from their ability to offer customer delight, encouraging repeat purchases that ultimately benefited their bottom line.
Current State and Future Goals
Souled Store has seen tremendous growth, with the team now boasting of 300-400 employees. They aim to become a nationwide brand, with ambitions of going for an Initial Public Offering (IPO) in about 2.5 years. Their plan is to evolve into a lifestyle destination, much like West Side, offering products that cater to various casual wear needs from head to toe.
Advice for Aspiring Entrepreneurs
Patience, the co-founder emphasizes, is vital when embarking on the entrepreneurial journey. He encourages the new India, full of aspiring entrepreneurs, to be patient for success as the uncontrollable variables in life are numerous.