Posts Tagged ‘carve your niche’

With spiraling growth of E-commerce in India the trend has heralded the arrival of many a web entrepreneur and the Entrepreneur Spotlight for April 2012 is on one such interesting venture and its founders.  “Footsy”, a fresh new venture with Pooja Mehta and Seema Seth at the helm of affairs is all set to change the way we look at “socks”….Yes a foot fetish with a twist and here is their story…

Company Name: Footsy Designs

Brand name: Footsy

E commerce portal: www.footsy.in

PERSONAL PROFILE OF FOUNDER/FOUNDERS :

Footsy is the brainchild of Ms Pooja Mehta and Ms Seema Seth.  Pooja Mehta, 27 has studied Design Management at the  Mudra Institute of Communication (MICA), armed with professional experience of over 6 years and Ms Seema Seth, 32, has studied Communication Design, Srishti School of Art, Design and Technology with a professional experience of  9 years.  Seema is a first generation entrepreneur who runs her own communications design studio, Studio Sky.

 

Footsy is a partnership firm established on 10^th September, 2011 in Bangalore.  Their e commerce store went live on 13^th February 2012

 

 

How did you get the idea to begin this venture?

 

We come from a background where people dress unconventionally just to make a statement and get noticed. We believe socks are a reflection of one’s personality. In a place where the ‘uniform’ dominates, socks allow you to show a piece of ‘you’. Even in the corporate world, which is ruled by well-tailored business suits, CEO’s of some large organizations are experimenting with fun socks.

 

Socks let you express yourself. While there are big sock brands internationally, it is something that has never been done before in India. We want people in India to think beyond the conventional grey, brown and black socks. We want socks to grow beyond the ‘undergarment’ status and to become a fashion accessory that they would love to flaunt. We want them to play a little! (Incidentally, ‘play a little’ is also our tagline).

 

Apart from socks, we also have a range of legwarmers, snugglers and accessories (only shoelaces at the moment). Going forward, we’d like to introduce new categories of socks like summer socks, yoga socks, anti skid etc and also play with printing and dying techniques. We also plan to introduce leggings, pajamas, jewelry for the feet, and more. But we will only add these once we’ve got a wide and interesting range of socks in place. One step at a time.

 

What were the supporting/motivating factors in setting up this business?

 

Seema Seth, has spent over nine years designing brands for other people. A year ago she set up her own design communication studio as well. For someone who always followed her gut, building her own brand was but a natural transition.

 

Pooja Mehta, comes from a family of entrepreneurs and has spent the last six years bridging the gap between business and design. Starting her own product led business is something she always wanted to do. For Pooja, Footsy is a promise of both – business viability and dreams.

 

 

What is your USP (unique selling proposition)?
We’re creating ‘collections’ of socks. In the fashion industry, designs are always categorized into collections – winter, spring-summer, vintage, etc. Also, colour trending is a very important aspect of fashion. We hope to bring this thought process into our products. We want to elevate socks into a fashion accessory, and to do that, we have to approach our business in a slightly different way.

What is your vision for the venture?

 

Footsy officially launched on 13th February and our vision for the future is to become synonymous with socks. If you think of socks, we should be the first brand to come to your mind. Today we are retailing only through our e-commerce website and are tying up with a few retail outlets, but going forward we would like to have our own exclusive stores and be present not only in India but internationally as well.

 

Any steps that you are taking to help society in general & people in particular?­

 

We’re in the process of identifying women’s groups who specialize in knitting and crochet techniques. These could either be NGO’s who focus on skill development, or just women who enjoy knitting. With our design inputs, we want to work with a network of women for our range of woolen/ handmade products.

What are the problems that you are facing?

 

Footsy is a 2 people organization, with of course, a lot of help and support from our friends and family. From the time the idea of Footsy was born, we’ve been brainstorming, ideating, travelling to towns we’d never imagined, glued to the Internet and phone, trying our best to create something we’d be proud of. Like any other start-up organization, we have spent sleepless nights taking stock of inventory, packing, getting the e-commerce website up and running, besides other things.

 

It’s not easy, at all! But it’s fun when you’re doing something you believe in. It’s taken over six months of research, ideation and experimentation to bring this to life…but surely, it has been time well-spent!

 

Having said that, our biggest challenge in this business is to change people’s perception towards socks.

 

FUTURE PROSPECTS:

Where do you see yourself?
We’ll answer this question slightly differently. We don’t really have a rigid business plan. We’re growing organically. We’re very fluid right now. We’re being sensitive to what the Indian audience wants. We’re making notes of which of our products are selling out quick, and the feedback we’re receiving from our customers, friends, media, our manufacturers and suppliers. Having said that, we have a very clear idea of what we want to do, therefore, a very strong opinion on what we don’t want to do.

 

Our immediate plan is to expand our product range. We’d like to add a new collection every season.

 

Five/ ten/ twenty years from now – Footsy will be the most sought-after brand in foot accessories in India.

 

Any plans of expanding the business?

 

At the moment, we’re doing purely online sales. But, we’re expanding our market presence by adding on offline sales as well. We’re tying up with various retail outlets across the country, and in future, we’d like to have exclusive Footsy stores.

 

How much of technology used to promote business?

1. SMS/MOBILE ADVERTISING Not yet
2. WEBSITE (PROVIDE URL)  www.footsy.in
3. ONLINE STORE www.footsy.in
4. SOCIAL NETWORKING SITES LIKE FACEBOOK www.facebook.com/footsydesigns
5. ANY OTHER
   www.twitter.com/footsydesigns

   http://pinterest.com/Footsy/

 

ANECDOTES/EXPERIENCES (GOOD)

We’ve received very positive feedback from everyone around us. On the day we launched, we were hit by an overwhelming response. We got a call from a magazine for an interview only 4-5 hours after we launched. A leading fashion publication wanted some of our products for a fashion shoot. We got a high number of orders. I think we received product validation on the first day itself. All in a day’s work!

 

ANECDOTES/EXPERIENCES (BAD)

Our research phase, before product launch, was very exhausting. We’d designed our first collection of socks, and were seeking manufacturers to partner with. We met with some of the best and biggest socks manufacturers in India. And we met with small quaint factories in rural towns. We were discouraged at every step.

 

It’s heartbreaking to see that factory setups, which literally churn out socks every minute, refuse to try something out-of-the-ordinary. The mindset is so rigid. Somebody wanted huge volumes. Somebody didn’t understand why we wanted such bright colours. Somebody else wasn’t happy to work with a start-up. It’s crazy!

 

When people are so used to seeing a product in a particular way, they feel anything different is risky. That leaves only a very small space to experiment. We wish the manufacturing industry was a bit more flexible…that’s the only way something new will be born.

 

Any advice for future entrepreneurs?

 

Most people are daunted by the thought of investments, business plans, and the ‘correct’ way to start a business. But really, you just need one big idea. If you believe in something, just go for it. There is no right or wrong way to start your business. Believe in yourself and follow your gut. Once you begin, everything falls into place. As an entrepreneur, your learning curve will be huge.

 

 

What are your strengths, weaknesses, opportunities and threats?

 

STRENGTHS:  First-mover advantage, our experience in design and brand building.

 

WEAKNESSES: A lot of what we want to do, is not supported by the machinery for socks available in India. Which may result in Footsy seeking international manufacturers.

 

OPPORTUNITIES: To change the way people in India perceive socks

 

THREATS: If similar popular international brands come into India, it may make us a bit nervous!

 

What innovative ways of doing business are you using?

 

E-retailing is really hitting its peak in India. We launched our brand online, and have been using social media extensively for product promotions, brand visibility, and marketing activities. The advantage with social media is that it’s practically free, and provides us visibility with the right target audience.

 

What are your views on customer relationship management?  How do you approach it?

 

Like in any business, customer is the king (or queen!). We make sure if there is any complaint/ feedback from our customers, we resolve it in a matter of hours. We go out of the way to make sure the customer gets what he wants. Also, to add a bit of a personal touch, we have been sending handwritten ‘thank you’ notes to most of our customers.

 

What makes you different from your competitors?

 

Currently we are the only exclusive online socks retail brand in the country today. In India, a large part of this industry is an unorganized market. We stand out because we’ve taken the care to really create a brand.

 

If you have been in the news and help us with some snippets or pictures that would be great.  http://www.youngupstarts.com/2012/03/16/footsy-socking-it-to-ya-online/

 

http://www.pluggd.in/buy-socks-online-in-india-on-footsy-297/

 

http://indiatoday.intoday.in/story/soya-express-golf-bag-soaps-footwear-watch-socks/1/177605.html

http://wowelle.com/2012/03/30/footsy-taps-into-a-smart-e-commerce-niche-in-the-indian-apparel-market/

http://www.timeoutbengaluru.net/consume/shopping_details.asp?code=611&source=1

Images courtesy: Footsy

This is a guest post by Rafferty Nicholas-James.

 

Author bio: With experience in working within accountancy, Rafferty Nicholas-James is a freelance journalist who specialises in commentating on business, finance and marketing related subjects.

 

Customer Relationship Management (CRM) software can have a wide range of benefits for businesses of all sizes. Such software can also be used as a financial tool, helping to increase revenue and save money. The financial benefits are one of the main reasons why an increasing number of businesses are choosing to make the investment and purchase CRM software.

 

Some may think that such software solutions are only suited to large scale business models but ERP, CRM and eCommerce systems are becoming increasingly important to small and medium sized operations. With these resources decreasing in price and becoming more affordable, more and more SME’s are taking advantage and implementing business software into their day to day operations.

 

A key feature of most CRM software systems is the ability to track the progress of sales from start to finish. By analysing the sales process and breaking down the various stages of the supply chain, one can focus on areas that require improvement, assessing and tweaking how business is carried out and what produces the best results.

 

Digitalising the client database, records of contact and agreements will also increase the speed and efficiency at which customers are dealt with. CRM software can help in reducing handover time with issues/ progression of sales updated on the system if a number of staff work with the same client.

 

Focusing on the customer, CRM solutions can also be used to analyse customer buying habits and estimate their budgets. In doing this, businesses are able to build customer loyalty by targeting them with relevant marketing material. It is often said that winning new customers is not only more difficult but that it is also more expensive than keeping existing ones. In today’s increasingly tough economic climate this is becoming more evident as customers become more aware of the competition and feel less affinity to vendors. Sales teams can also use this analysis to calculate who the most profitable customers are, focusing resources on those who over the course of time result in a better return of investment.

 

As the internet impacts the way businesses advertise and communicate with their customer base, another area in which CRM applications are becoming increasingly important is marketing. It is now possible to synchronise an enterprises social networking accounts, updating contacts and planning marketing strategies.

 

By reducing the amount of time spent on the growing number of areas one needs to cover in the modern business world, CRM solutions afford business leaders with the flexibility and resources to focus attention elsewhere.

 

 

 

 

 

 

 

Running a business is not easy but it doesn’t have to be difficult.  Low investment in business might sound like a distant dream but take it from me it’s not.  It is in fact quite achievable and with some thought and a little planning you could set up your business for little or nothing.  Sounds too good to be true?  Well here are 13 zero to low cost business ideas to help you net BIG GAINS with negligible investment…

Consultancy

Anyone with some experience, expertise and skills in a niche area can turn consultant.  What’s more?  You need little more than your cellphone, laptop and an internet connection to get on the road of setting up a consultancy.  You can even set up a free blog with tools like Blogger, a free Facebook page and Linkedin profile and you have started your own consultancy.

Spread the word around by encouraging people to like your page or profile!

Teaching

Teaching from home, taking personal lessons, training or delivering modules online via Skype or YouTube are just some possibilities you can explore.  Oodles of patience, a genuine interest in people and networking and the willingness to adapt to needs of learners are some essential qualities you need to teach and tutor people.

Hiring

It’s the new business…renting clothes, accessories, books and toys are just some ideas worth exploring.  In a bid to promote frugal living and helping people overcome their temporary needs for products while steering away from accumulation, hiring is a great business opportunity.

Look around you…rope in friends, family and gather stuff that can be used and hired out to other people.  Either that or procure new things to create an inventory that you can use to hire out.

Catering With a Twist

Each and every one of us who cooks has his or her special treats, dishes that he or she can rustle up in signature style.  Running a catering business around your specialty as a cook might just be the thing to do.  Else opting for simple things like just cupcakes, desserts, cookies and doughtnuts with a hole in the wall shop might be the best thing to do.

Personal Shopping

Time is a scarce resource and most people today lead very busy lives.  They don’t have time to shop for their personal needs yet it’s important that they are well turned out.  This is where your business opportunity lies.  Turn personal shopper if you have an eye for fashion, information about the best places to shop, an ability to work with varying budgets, a sense of style and a willingness to meet your client’s needs.  Shop and get paid to do it!

Home Care Business

Another business opportunity that spawns out of busy lives we lead today.  People don’t have time to cook, wash, clean and buy groceries but it’s a job that must be done, right?  Set up a service to help people procure groceries and essentials or simply clean their homes.  A good opportunity to explore particularly in developing countries where unskilled labor is available in plenty but always in search of jobs and good remuneration.

Urban Gardening

With lifestyles in all cities veering towards clean and green living, raising flood inflation and a growing tribe of people favoring organic foods the concept of urban gardening is being embraced with enthusiasm.  Use your garden patch, terrace or windowsill to grow exotic vegetables and rare herbs to begin your foray in to urban gardening.  The other option is supplying aspiring urban gardeners with supplies like seeds, information and training.

Writing

If you have a way with words then writing is one lucrative business opportunity.  Turn resume writer, letter writer, editor, copywriter or go all the way and publish a book.  If looking for publishers is not something you want to do then set up a free blog or self publish on platforms like Kindle and test the waters first.

Translation

This is a lucrative opportunity especially when you know people who look for translation facilities.  Tap in to an expat network or set up a business that provides foreign students with translation facilities or connect with companies who look for interpreters and translators.

Crowd sourcing

Bank on people power to help companies garner resources and ideas from a number of people.  WittyShit is one company that encourages people to submit one liners and sells them to companies looking for slogans and one liners.  The idea is to reward people who come up with these ideas and help companies find resources at a fraction of the cost they would have otherwise incurred.

Project Work

All over the world students are constantly looking for help with their project work.  So if you have access to the required resources like books and journals, a flair for writing and drawing then assisting them with their projects might be an opportunity worth exploring.  Even a niche area like preparation of PowerPoint presentations and handouts here is a good idea.

Vending Platforms

Organise a flea market or set up an e-commerce site for crafters.  Take a leaf out of the etsy, afday or shopo experience to help connect buyers and sellers looking for a platform to sell.  Never liked it anyway is an online venture that helps people get rid of stuff their “exes” gave them.  A great way to meet financial needs while you get rid of the “ex” files literally!

 

In compiling this list of zero to low cost investment ideas I have tried to set you thinking about what you can do.  I want to open your minds to opportunities and wrench you free from obstacles.  If I can help you develop and build on any ideas that you may have, I’d be happy.

 

Image:

http://www.freedigitalphotos.net/images/view_photog.php?photogid=2265