The secret to wealth is actually taking a loss - how did he do it?
In some people's eyes, to get rich and make money you have to be smart and sharp! But there really is a capable man who made his fortune through sheer simplicity. As the saying goes, great wisdom appears foolish - sometimes taking a small loss earns you a big gain. Let's take a look!
Simplicity is the secret to wealth
When you first meet Gao Rongmeng, he gives the impression of a plain, honest farmer. But don't underestimate that simplicity - in Gao Rongmeng's own words, it's his business secret! As for giving up farming to run a clothing business, it all came from his early boldness, like a young calf unafraid of the tiger.
From getting started to settling in the city
His initial interest in the clothing business was influenced by his older brother, who opened a clothing store in town. With the initial idea that "it must be easier than farm work," Zhang Rongmeng threw himself into the clothing business without hesitation.
In 1993, Gao Rongmeng, a farmer from Qianxinan Prefecture, Guizhou, stopped farming and decided to open a store in town to sell clothing. In 1996, he moved from the town to Xingyi City, where foot traffic was heavy, to do clothing business. Gao Rongmeng found it was not as easy as he had expected, and funding became the first problem he had to solve.
Solving the customer base problem
The road of business is always full of twists and turns. Once the funding problem was solved, the lack of customers plunged Gao Rongmeng into another predicament.
He explained, "When I first started doing business, I had no customers and business wasn't very good, and I was quite anxious. Over time, as I gained experience and got a good grasp of the standards and quality of my goods, more and more customers came, and business gradually got better and better."
Store relocation
As the old saying goes, skill breeds boldness! Now, as Gao Rongmeng's business runs more and more smoothly, he has begun to set bigger development goals! In 2015, after some consideration and market research, Gao Rongmeng relocated his store to Zhexing Commercial Expo City.
He explained, "Zhexing Commercial City has good planning, a good geographical location, and the market is laid out quite well, so I went to Zhexing Commercial City and bought shops there. I bought ten shops myself, and now I'm gradually running them all."
Quality first, service foremost
Coming to the new market, what Gao Rongmeng didn't expect was that what awaited him was not greater profits, but a huge blow. It turned out that when Gao Rongmeng previously did business in a small place, although there was less foot traffic, there were also fewer similar stores and less competition. Now the market was bigger, similar businesses had suddenly increased, and he was a latecomer, so it was hard even to gain a firm foothold, let alone make money!
What should he do? Gao Rongmeng thought of a good solution: raise his quality standards and service level. Gao Rongmeng firmly believes in the business philosophy of "quality first, service foremost."
Gao Rongmeng explained, "In terms of quality, you have to be number one; in terms of price, you have to satisfy the customer. When customers come to our store, one piece is wholesale price, ten pieces are wholesale price, and a hundred pieces are wholesale price, so customers get the most affordable price and the most satisfying products."
From tens of thousands to hundreds of thousands
Having been in the clothing business for more than twenty years, Gao Rongmeng has experienced the bittersweet hardships of the clothing industry. Now his store scale is growing larger and larger, his team has grown from two people to more than ten people, and his income has increased from the initial tens of thousands of yuan per year to hundreds of thousands of yuan. Looking to the future, Gao Rongmeng hopes to develop steadily in Zhexing Commercial Expo City and spread his "Ideal Clothing" throughout every part of Qianxinan, Guizhou.
Wealth-building experience
1. If you think the clothing business is easy and just casually test the waters, that is very risky;
2. When you encounter problems, you must have calm judgment;
3. Valuing service is the magic weapon for winning customers;
4. If you enter a relatively mature market but cannot manage to offer what others don't have or make what you have unique, what should you do? You can try settling down and using the clumsy method, that is, investing more in the early stage and getting less return, but building a more solid foundation;
5. Doing business and being a person follow the same principle: honesty and treating people sincerely are the foundation. If you want to make your business big and successful, relying on cheating, deception, and petty cleverness ultimately will not succeed!
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