I started my coaching class (3 yrs back) while still on job and it is my first experience in running business.
I focused as much on earning as SAVING.
As they say “Money saved is Money earned in business”
Some tips for my friends – rodinhooders !
1. Started (and still continue) my coaching in a garage.
2. Learnt to not to go through broker when renting out a place. You end saving one month rental (paid as brokerage). Instead just ask the watchman in the building where you find a shuttered garage.
3. Bought chairs with tables hooked to the arm, from Quikr. New cost Rs.1200 , I got it for Rs.400.
4. Started with Private coaching as it needs less space.
5. Rented out AC @ Rs.500/month
6. Hired teachers at revenue share , so reduced fixed cost (monthly salary) and made it variable (fees share).
7. Did not go for a white board; instead opted for black board.
Reason- White board requires markers which cost Rs.40 – life 3 days (maximum)
Black board requires chalk cost Rs. 40 for 100 chalks – life 3 months
8. Saved on test papers. Instead of xeroxing/printing test papers asked my students to maintain a separate 200 pgs book to write the test. This also helps in keeping a record of all their test performance.
9. Saved cost on office boy. Had one for few months, then thought I am better than him on doing his job 🙂 (No job is small). My class was like my home – never felt ashamed of cleaning it myself.
10. My coaching class does not have a wooden door. It costs Rs.3000 for a second hand and installing the same.
My Rs.500 flex banner worked wonders- it acts as a door and doubles up as a advertisement.
I am proud to be thrifty 🙂
Business has taught me to how save every penny and earn every penny !
It’s funny.. I remember arguing with a broker to return my Rs.200. It was more about winning my hard earned money. It was about not being cheated or fooled . Think I was just trying to prove something to myself… that I CAN.