Learn About the 5 Fundamentals to Reach the 100CR Club From Bhupinder Madaan, Founder Theka Coffee – Ahmedabad GUJ
I started my entrepreneurial journey quite young. Coming from a humble beginning, I used to believe that I was “the dumbest person in school.” Overcoming hurdles is a big part of anyone’s journey and I was no exception.
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My first attempt at business was selling momos on the street which then transitioned into a Paratha business before moving onto my current one. Eventually I pitched my business Theka coffee on Shark Tank India. While I did not secure a deal on the show, the national exposure that we received resulted in growth that we could not have imagined. Today we have over 55+ Franchise outlets pan India with growth that knows no bounds.
I rely on the lessons I’ve learned as a seasoned entrepreneur to guide me when things appear chaotic, which they frequently do when you are in business. Some of these lessons come from other people’s guidance, while others come through trial and error. Here are some guiding principles that have helped me grow my business over the years:
No 1: Starting Small
We started with one kiosk on the street and we are now selling over 5,00,000 bottles. Everyone starts small and that is the nature of things in business. It allows for a number of benefits such as lower initial investment, easier and quicker adaptation to changes in the market and additionally it allows a business to test and validate their model before scaling up. This can help identify and address potential issues early on, which can in turn help save time and resources in the long run.
Overall, starting small allows for a more manageable and gradual growth process which in the majority of the cases leads to a sustainable business.
No 2: Selling Quality Products
Our products are made from 100% Arabica beans that are sourced locally and ethically. Selling quality products is important for a number of reasons. First and foremost, providing high quality products helps establish trust and credibility with the customers. This can lead to repeat business and positive word of mouth recommendations.
Additionally, high quality products lead to fewer returns and complaints which can help save time and resources that would otherwise be spent on customer service and return management.
No 3: Being Affordable
We sell a range of products, starting just at Rs. 100 and go up to Rs. 165. Affordability is an extremely important parameter for a business, especially in a price sensitive market such as India. It allows for increased customer accessibility to products and services leading to a larger customer base. When a business offers competitive prices, it helps increase customer loyalty, acquisition and retention.
Additionally affordability can help establish a business as a viable alternative to more expensive options which results in a direct increase in market share. Furthermore, offering affordable products or services can lead to greater profitability as businesses are able to sell more volume at lower prices.
No 4: Scaling Quickly
Theka coffee has reached 16 cities and is expanding as you are reading this. Scaling quickly helps a company take advantage of a market opportunity before the competitors do. The ability to scale quickly can help a company quickly increase its customer base, revenue and market share. It can also help a business achieve economies of scale and improve profitability. Know more about Healthiest Coffees!
Additionally, scaling quickly helps a company establish itself as a market leader and makes it more difficult for new players to enter the market.
It is however also important to note that scaling too quickly before the business is ready can
create a host of challenges such as putting pressure on resources, cash flow problems, supply chain disruptions and burnout among employees. Therefore it is essential to balance the benefits and potential risks associated with scaling quickly and make decisions accordingly.
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No 5: Working Hard
The price of success is hard. Mai Theka sota , jagta & peeta. There are no “easy” routes available when running a business. I had a lot of early mornings, sleepless nights and exhausting days. This is quite self evident and is often a key factor in achieving success.
Hard work leads to increased productivity, highly quality work and greater output. This, in turn, leads to increased revenue and profitability in business. Working hard helps establish a strong work ethic and positive reputation both internally and externally. It helps attract customers, partners and investors and also helps create a sense of ownership and pride within the company, leading to better job satisfaction and employee retention.
Working hard involves setting goals and working towards them. Persistence is key here and one must be willing to constantly learn, unlearn and relearn. Dedication to business, ability to manage time and adaptability are key to overcoming obstacles.
Working hard however does not mean working long hours, it means working smart, using time effectively and focusing on tasks that matter the most. Work life balance is key to creating a successful business and maintaining a fun & healthy life.
I did not start out to make a 100 crore company and I never will. The goal was always to fulfill a gap in the market and make a product that I was proud of serving to the customers. Money is a by-product of the value you add to the world and I am glad that I have been able to do that with Theka Coffee. As far as I am concerned, this is just the beginning and we still have a long way to go.