- To set up a successful retail shop, your experience is more important than educational qualifications. However, a bachelor’s degree will prepare you better than no qualification at all.
- No two shops have the same income. It varies a lot based on the location of the shop, the variety of products you carry and the loyal customer base you have built over the years. In my case, since my shop is old, I have been able to build a lot of customers.
- The most important factor in the success of your retail shop is the location of the shop. It comes naturally to people who are from a business background.
- When starting out, one can expect a net profit of about 4–5 lakhs INR per month, obviously, it depends on the capital invested. However, as time progresses, growth is not much since retail sales have been substantiated by online sales.
- You ought to be patient and persistent when establishing a business of your own. Sometimes you don’t earn much profit. So during this period, you cannot just give up.
Name – Puneet Gulati
Profession – Owner of a sports shop in Mumbai
Gender – Male
Age – 38 years
City – Mumbai
Industry – Retail
Where were you born and raised?
I was born and raised in Mumbai. I completed my schooling and higher education from Mumbai.
We were a family of four; my parents, a younger sister and me. My father, back then, ran the family business and my mother was a homemaker.
Who would you say, had a remarkable influence on you growing up and how?
Growing up, I’d say my father had a great influence on me. He helped me pave a path through the ups and downs in life regardless of whether it concerned my professional selections or just me as a person, which I valued a lot.
Please give us a summary of your career.
My career officially commenced in 2001. I’d partnered up with someone and established a sports shop called “SportsFolio”.
I am currently working in the same business.
Which institutes, according to you, are the best for pursuing this career?
Honestly, if you want to establish a business similar to mine, a basic bachelor’s degree is more than enough. In this field, experience has more importance than your educational qualifications.
When it comes to the best institutes, I’d suggest you apply to the numberless colleges affiliated to Mumbai University or even Mumbai University itself. It’s one of the most renowned institutions in the city.
What is the expenditure associated with the education/training approximately to set up a retail business?
A basic bachelor’s degree would probably cost about INR 15,000–25,000 per year. This course lasts for about three years. Additionally, if you’re enrolling yourself with private tutorials, that’s another set of expenditure. So collectively, you’ll incur an expenditure ranging anywhere between 1–2 lakhs.
As for the training part of it, you’ll acquire umpteen skills within the job itself.
That’s about it.
How does one manage to set up a retail business?
If you’re carrying forward your family business, there’s no regime you have to follow, obviously.
You just start working with them. However, many people start up their own business because they’re interested in establishing something of their own or are simply intrigued by the concept of being your own boss.
What is the range of remuneration one can expect when running a sports retail shop?
When starting out, one can expect a net profit of about 4–5 lakhs depending on the capital invested. However, as time progresses, growth is not much since retail sales have been substantiated by online sales.
When my business stopped thriving, I started looking for bulk orders from the corporate sector.
The success of your business depends on various factors like the location of your shop, your experience, and your contacts. For instance, my business has been running for 50 years now, so, I have an advantage in a way, you could say.
Describe your work, please.
I start out at about 9 in the morning. Since I have a manager, he handles the retail part of the business. I attend to the purchase of inventor and corporate orders.
My job also entails interacting with customers, attending to their desires and addressing other issues and areas.
I put in about 8–10 hours per day and work from Tuesday to Sunday. This doesn’t include any night shifts. That’s my everyday regime!
In your opinion, what are some benefits that would encourage an individual to consider setting up a sports retail shop?
- Benefits vary from person to person and from business to business. In my case, since this business is pretty old, I have been able to build a lot of contacts. The older the business, the more the profit, hence, I haven’t faced any financial issues for a long time now.
- The chief benefit of this kind of profession is that once your business is established, then you don’t have to work that hard. However, this is the downside as well, because one has to put in a lot of hard work to establish this kind of business.
- Additionally, I get to interact with many people which is definitely refreshing.
Can you mention a few challenges that you would want someone to be aware of if they’re considering this career/job course?
- Competition just keeps getting intense between sellers. This is when location comes into play. It’s a crucial factor.
- Next, this line is pretty unpredictable. For instance, during the world cup or even when our country is declared the victor in different matches, our profits go up considerably. However, on other days, sales may be dry. So that’s a challenge that has to be battled out.
What are some relevant trends/skills/technologies that are currently commanding a premium in your job profile?
With a basic bachelor’s degree, one can definitely thrive in this field. Also, extensive knowledge of sports and sporting equipment can really prove to be helpful when it comes to sales. One can acquire basic knowledge within the shop itself. That’s all you need to be able to succeed in this field.
What kind of a person, do you think, would be content in this field?
You ought to be patient and persistent when establishing a business of your own. Sometimes you don’t earn much profit. So during this period, you can’t just give up. Every business has its dark days. Also, since you have to build contacts, being social is pretty much a necessity. You have to interact with different consumers, address their hankerings, etc.
Hence, your personality has to be a mix of everything. If you think your personality traits meet these requirements, you’re good to go.
Given another choice, what would you do differently as far as your professional selections are concerned?
No, I’m extremely contented with the way things have turned out for me. However, since this line has a prodigious amount of scope and diversity, I’d probably want to explore another related field like clothing. For now, however, I plan on paving a path through this company itself.
What advice would you offer to students or professionals who are just starting their journey on a path similar to yours?
Remain patient, remain persistent and remain committed, always. Everything in life has its own pros’ and cons’. You ought to devote all your time to your business since its growth isn’t instant. It’s a slow process. Give it some time.
Liked this article? You may also like to read out this conversation with Sanjeev Gulati, who owns two sports goods shop in Mumbai.