How is everyone doing? Welcome to this exciting journey on the blockchain-based Steemit platform. In today's session, I am going to discuss "Let's Talk Business" with you all, as part of the Steemit Challenge Season 34, Week 6, Question 2.

To begin with, my younger brother and I have lost our parents. Consequently, I had been considering starting a business for quite some time. It occurred to me that an electrical goods business would be ideal for either myself or my younger brother. Moreover, there is virtually no risk of inventory wastage, and damaged goods are returnable—a factor I prioritized to avoid the losses associated with perishable or easily spoiled stock. I therefore decided that my brother would manage sales in Rangpur, while I would source and ship electrical items from Dhaka on a weekly basis.

The business is named "M/S Rana Enterprise," and it is a reliable establishment for the wholesale and retail sale of all kinds of electrical products. We stock a wide range of essential items, including electrical switches, sockets, fans, and lighting systems. I have included photos of the shop here. My younger brother is responsible for managing the shop; he runs the business daily from 10:00 AM to 10:00 PM. In addition to retail sales, we also handle residential electrical work, such as wall chasing, laying conduits in ceilings, and complete electrical wiring installations.

Additionally, three days a week, my younger brother uses a motorcycle to deliver goods to specific shops in areas like Rangpur Paglapir, Gangachara, and Narirhat. We also stock merchandise at our home, from where supplies are distributed to various locations. Many customers also visit the shop directly to purchase the products they need.

I believe that starting a business does not require a large amount of capital; rather, it is your willpower, courage, and patience that enable you to focus on managing the business and fulfilling your responsibilities. Furthermore, the business plan—and the process of verification within it—is crucial. For instance, prior to 2020, I spent about three years visiting the Gulistan area in Dhaka, the capital of Bangladesh; I toured various electrical markets to compare products and prices and tried to build connections with the people there. I also endeavored to source goods directly from factories or purchase them from primary suppliers—the first point of sale. By purchasing directly from the factory, I was able to save 10 Taka per dozen.

Let me tell you about my business planning. To begin with, this electrical business—Rana Enterprise—was launched in 2020. I started the venture using a total of 60,000 Taka: 30,000 Taka from my elder sister and a combined 30,000 Taka (20,000 plus 10,000) from my two aunts. I did not have any other capital of my own; the business was started entirely with this sum.

You must earn the customer's trust and confidence, and then safeguard that trust. How do you do this? First, ensure you provide the best possible product—even if the cost price is 200 and the profit margin is 20 per dozen—so that the customer can use it for a long time and speak highly of the shop. This prevents the customer from feeling—or claiming—that you overcharged them. Operating on a cash-only basis, rather than offering credit, is the hallmark of a superior merchant; you must remain firm and unwavering in this regard. Ultimately, you must satisfy the customer by maintaining cordial behavior and keeping your word, thereby building mutual trust and confidence.

So, I started the business with an investment of 60,000 Taka. Naturally, during that first year—as a new entrepreneur—it was challenging to build up savings solely by purchasing and selling goods with that initial capital. However, after taking stock of the inventory, I found that I held goods worth 120,000 Taka. I realized that if I increased my purchasing capital from 60,000 Taka to 250,000 Taka, my annual income would rise significantly; effectively, this projected a doubling of my annual profits. Furthermore, both my younger brother and I believed in cash-based transactions and were unwilling to sell on credit. Yet, after covering everything from initial startup costs to all ongoing family expenses, the value of our current inventory now exceeds 600,000 Taka. Thus, we have successfully grown the business from an initial 60,000 Taka to a value of over 600,000 Taka.

Product & Quantity	Purchase Price	Selling Price	Steem Price
Thailand Capacitor 1P	90	110	14.34
Osaka Tape (Dozen)	165	185	24.12
Mc Hero Two-Pin Plug	150	170	22.16
Master Dimmer	420	480	62.59
Utsab Holder	210	235	30.63
Total	1035	1180	153.84

[Google sheet link sign in with your Gmail](Source: Google https://share.google/zHsrNQl955Zkobkwo)