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How I started my thriving eye wear business while still in school

 

My business is all about eyewear. I work with manufacturers who make my designs. This has enabled me to brand every product in my store. By working with manufacturers directly, I can be able to control quality. This is my third business and so far, it is the longest. I started the first one, a retail marketing business, a few months after finishing my undergraduate program. The second business was in research. It worked to some extent. When I went back to school, I started my eyewear business.


As someone with myopia, I used to purchase my glasses from some of the biggest stores in town. While they had a lot of variety, they were overpriced. I could not understand why I had to spend so much money on something as small as a pair of glasses. My friends also felt the same. While doing a class assignment, a case study on Warby Parker, an American prescription glasses retailer, I found their business model interesting, especially by how they managed to keep their eyewear prices low. I started my eyewear business with Sh500,000 in early 2018.


I was not starting my business to run it full-time. I had started it as a side hustle since I was still studying for my Masters. However, I received a very positive response from my target audience. By this time the business was fully online with marketing done through social media. Within eight months, I had gotten back my initial capital and chose to reinvest it back to the business. I have had a fair share of challenges. Like the initial designs that I sent for manufacturing were a mistake. I ordered what I thought customers would like as I got it without doing any market research and it backfired. Four years down the line, I still have some products from that batch. I later learned to order new stock based on the current trends and market preferences. This is what made the business take off. My greatest business moment came when I shifted from being an online store to opening a physical store. I felt scared and proud at the same time. I wasn’t sure the business would be able to sustain the rent. I however felt that I needed to grow.


Lack of information by the clients on what materials qualify as quality is another challenge. Eyeglasses are made from different materials, and some materials are more durable compared to others. Unfortunately, most clients do not know this difference, and they opt to make their purchase decisions based on price. At some point, it became difficult as clients would go for the much cheaper options which are made of less durable materials. Since then, whenever the issue of price comes up, I ensure that I share the knowledge on quality and material with the clients. I have also learned over the years to never sell what I cannot buy.


I am good at saving money. From all the money that comes in, I usually cover the costs of my utilities, both for the business and personal. I then take a small salary from it and the rest goes to savings. Previously, I would cover my utilities and bills, then save a fixed amount, then if anything remained, I would take it as a salary. This left me struggling.   BY DAILY NATION   

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