Have you ever think about establishing your own business in Nepal? Hmm, why not? If you have a passion for being an entrepreneur and making it a huge success, then it is sure. You may think about delivering quality services for customers and fulfilling the business gaps.
So, what do you think? What may be the best idea to earn reasonable money in Nepal as well as producing the corporate leader for future progress?
So, here is one of the best and most scalable business idea to establish in Nepal. Business modal of collaborating with micro businesses. Let’s discuss the future of entrepreneurs in our country, Nepal.
Note:- The one thing I want to make you clear that this post is not about any business strategies, frameworks, models, or any types of case study or lessons. But this is only for what I feel like we can make this happen if we have a passion for this. It is nothing more than my attempt to share with you a good business idea.
In Nepal, there are lots of small, mini, and micro-businesses away from many potential customers. See, we have a small furniture business, one or two employees tailor business, local street food business, micro lodges & hotels, small grocery shops, local books stationery, and many other types of micro-businesses.
What I am trying to say that these small businesses are not bad for us, but running in this modality will never going to lead them towards the great fortune. I am planning to see all of them to have a high income and gain the skill to connect with real market opportunities.
The big problem is that these small business owners don’t know how to scale and build up their stores. They always remain in their tiny store and never think of scaling and generating a huge profit. So, I want someone who can handle all the business processes and can combine these small owners with a big corporate brand.
We can see the example of the top brand – Oyo Rooms and Uber. They did the best and most excellent collaboration with their root customer. And the root customer is not the end consumer, but they are the micro-business owners. If OYO can combine all the hotels into one brand, and Uber can combine all the drivers into a single brand, then why can’t we?
It is an exceptional opportunity for us if we can deal correctly with it. You can develop your business model and implement it on all the micro-businesses of the same category.
Let’s assume a small bookstore or stationery that is near private schools and makes a profit of Rs. 20000 monthly. Now you can make a perfect deal with that business owner. You develop the plans, strategies, frameworks, processes, and other management ideas.
If your business model works well to make you a profit of Rs. 40000 monthly, then here is the best catch. You can let him all his average profit of Rs. 20000 monthly without any bargain. Then the surplus profit that got generated with your collaboration, you can divide it by percentage. You can offer him a reasonable surplus, in which the remaining revenue can cover all of your investments and your estimated profit.
Now if you got the maximum of Rs. 6000 from that store, then you can easily collect the revenue of Rs. 24000 from 4 stores. And your smart idea makes you generate more revenue than all the medium-sized stationeries profit with one framework. And the best thing is that you can use the same model and one office for all collaboration which reduces your expenses. Even you don’t need to set up any physical store for that.
And the future for your corporate success is upon your quality of leadership and business models. You can add more and more stores under your brand name. And people prefer to buy from your brand if you can provide products at a lower cost with the best customer experiences.
Initial Advantages of Collaborating With Micro Businesses
If you think okay, this seems to be a pretty convincing idea, then it is good to be clear about its some mind-blowing advantages also. Let’s see if it can provide us some competitive advantages also or not.
The very first and most acceptable advantage is that you don’t need to set up any physical store or buildings for storing products. So, it saves our initial investment and gives us an opportunity of a head start.
At the initial phase, you don’t even need any employees. You can use your business models to increase sales revenue. So, it gives you a real opportunity to understand how does the market mechanism works and to grasp the actual idea of business frameworks.
At starting, you don’t need to register any company on your own and can leverage the store owner’s documentation. You can legally share any profits and invest in any way you prefer.
If you successfully generate more profit than previous months, then it creates a strong bond between you and store owners. So now, you have all the power to edit the store appearances, designs, strategies, authorities, and many more business models.
Because you now have that power to bargain with a super attitude, as if you don’t want to work with that store owner, then he can lose some profit. So, you can utilize your full authority.
You can use your same business models with the next business owners, and start to dominate a market.
These are the super advantages at the initial phase that I mentioned above so that you can understand how does it feel likes to start a collaboration with small business owners.
You may think there is not so big deal with those advantages, but don’t forget that it doesn’t cost you a single penny to start. And it doesn’t take your whole life to only test it out.
Test out for some month, and if it fits under your passion and business models, then continue with it. Otherwise, you can gain some business ideas working for some months and help you in establishing up your next business.
Scaling up With More Collaboration
So, now you get success in generating more revenue and earn yourselves an extra profit. Congratulation, well done! You can now set up your brand name. Register your company with the Nepalese government, and combine your services with your business category.
It requires some legal documentation, some fees, and a reasonable time, but this is necessary if you want to establish your own corporate company that dominates the whole market share over the country.
Give your business a beautiful brand name and put a logo on the store so that customers can directly know that you are providing them your services. In this situation, you won the customers but not the store. And this is an extraordinary benefit for your brand.
You can use your same business framework that is generating more leads to all other stores. It can save you time and doesn’t need to hire any business professionals.
Go and talk about the same ideas with all the store owners, and show your success. After you start to acquire more businesses, add up more employees and departments, then a real play comes into existence.
Providing Real and Best Experiences to Customers
Now, after you set up your brand, you can start to implement the best customer services. While all the businesses are running under your brand name, you have to maintain the legacy of your brand.
Come up with the best services that can ultimately satisfy your customers. Make them a repeatable customer.
For investing extra money, you can use that from the business owner and leverage his funds.
Expansion of Technology
Now the real scalability of your business starts. In today’s world, it is necessary to have new and advanced technology to win over other competitors. So, you can now conduct R&D activities inside your business.
Do fun and hard work with your employees. Fixed the budget, think out of the box, innovate new ideas. The more you focus on solving the problems of customers, the more you will get motivated.
The adaptation of the right technology gives you a higher percentage of being successful. The technology-driven system is more effective than manual works.
So, at this stage, focus on building technology assets rather than investing more in labor. I know you may be thinking in Nepal, we can’t collect a sufficient amount of capital for advanced technology. But don’t forget the golden statement – where there’s a will there’s a way.
Do double exercise, fixed your mentality, conduct trial & error, set a definite goal, motivate your employees, and be clear for your vision. I know we can innovate if we can re-innovate our beliefs.
Building Online Platform
Every business needs an online platform to grow fast. Build e-commerce, build a website, create a social media page, build an app, build a ticket booking software, connect with CRM, build cloud storage, connect with email marketing, and so on.
To build a kingdom at first, you need a dominating power. And you know the most dominating authority in the business is digital and online infrastructure. And to make you clear cut, the world’s wealthiest companies are all from digital and online marketing businesses.
So, what is the meaning of waiting? Brick and Mortar are only the burdens of business. They may be the physical assets but are a negative accelerator of business scalability.
Thus, go online and bang on the corporate world.
Innovating New Product Line
If you think you should earn more money, then you must develop your new product line. Develop a unique product or service but of your industry.
Many digital companies have different types of gadgets and electronics. Fashion companies have different varieties of clothes and fancy dresses, and so on. The more you add more services to your business, the more you acquire customers. And the more you earn customers, the more you get the opportunity to dominate the market.
While adding a product line, you must focus on how that product will going to help you to establish your brand.
Your new product must align with previous or existing products, and add value to business competency.
Expansion to International Market
It is your choice to opt. If you want more success, wealth, and more development in our country, then you should try international. Also, the global market is the only possible way to make us a billionaire.
Our GDP was only 29.04 billion USD in 2018. And if you want to be a billionaire by just setting up your business inside our country, then you must acquire at least of 3.44% of our GDP as your net worth.
And the fascinating thing is that in 2018 the world’s richest man Jeff Bezos has a net worth of $123 billion, which was equal to only 0.60% of the GDP of the US in 2018. Now you have understood how much wealth the US has.
So, let us make the next engaging comparison. If we got successful at earning 0.60% of our GDP as personal net worth, then we can make $174.24 million. And we can’t deny that it is a satisfying amount to make us one of the wealthiest people in our country.
See, I am trying to say that to become a billionaire, it is nearly impossible for us by only doing business in our home market. It is because we have less economic activities, we do more import than export, and also we have less productivity in our country.
So, to increase our economic prosperity, we must expand our business to the international market.
Dominating Market Share
It is your time to prove the whole nation for your success. Capturing most of the market share is going to be your ultimate access to the wealth of your company.
If you have gone international, then it is sure that you have nearly captured more than 70% market share of our home country. And the data is quite satisfying.
So, after you rise towards the glory, victory, and reputation of your company, you became the master of the market. To come up here, it is not a simple process. Nobody has experienced your struggle, your failure, your persistence, your hard work, your leadership. Nobody gives you a damn until you become a media celebrity.
So, be careful and save your market. There are a lot of competitors and copycat. And the competition will not be easy to thrive and survive. Only the fittest will survive, and the rest will remain dead by cutting their throat.
After you have completed reading up to here, it is quite sure that you are passionate about this idea or about setting up your own business. So, don’t let others stop you.
If you have gone thoroughly, you may have known there is a lot of things that have been missed in this article. But my mission is to make you realize that we can build a multi-billionaire company in Nepal too. Though Nepal is a small country, our vision is not.
Our micro-businesses are not well organized, and I think we can make them unite by some form of business model. So, this was all the idea that I wanted to share with you. And I hope these sharings have built some hope for you too.
I trust you appreciated understanding this and get insight into your curiosity.
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