In our latest interview, we spoke to Devesh Sonthalia Founder of SFIC Fiscal Services Pvt Ltd and He is also a multi unit owner with a chain of 7 operational restaurants. Devesh shared with us how he started his journey early on and learnt a lot of business lessons which made him successful. Today, he manages multiple brand outlets and is also the marketing board member at Subway. Let’s read more.
Excerpts from our interview with him:
Tell us a little about yourself please:
I started my journey in September 2011, as soon as I passed out high school, as a single restaurant owner of the multinational brand “Subway”. My first restaurant was in Howrah but it didn’t do well so I had to shut it down, I learnt an important lesson here. I then moved that restaurant to Park Street where we were bleeding due to the high rentals. It had been almost 4 years without a single penny earned but I didn’t lose hope. You know what? It worked. Today, I run 7 operational restaurants with few more upcoming. I am from the marketing team of Subway East India and also a marketing board member of Subway India.
I am also a part of my financial business which was started by my father. I just try and assist him. So, I am active since the past 2.5 years, I am a financial planner and advisor by profession dealing in all sorts of financial instruments. I also educate people with financial planning by hosting IAP which is Investor Awareness Programs in various corporates etc.
Why did you choose entrepreneurship over a job?
My strength includes the flexibility to deal with people, to figure out flexible solutions to the toughest problems, always think to create value for all and not just for myself. Weakness is that, sometimes, I tolerate people for long. Although I am straight forward sometimes I delay it. But yes, I was never good in studies. I always had the vision to become a successful person based on my capabilities. It’s still a long journey and I look forward to achieving newer heights. I strongly believe, never stop learning. Just know when to remove the L.
What gets you out of bed in the morning i.e. what’s your source of motivation?
Good Question. I would admit that I am a pretty lazy person. There have been days where I used to get up late and stream videos late night for my entertainment. I realised by waking up late I am wasting time. I studied time management. Now, I manage my time and meet all my requirements be it personal, professional or social. I am in and out of bed right on time.
Why should people choose your products/services?
See, people should always choose the product or service which tends to create value for them and talk sense. Also, All are our services under are focused around it. If there is anything where we cannot serve the expectations or cannot create value, we are open to say no directly to the people. Also, I believe when I manage the money and suggest insurance plans for my clients, I do it like I do mine. It’s that simple. The outcome has been good because I am sincere towards my clients. If I can do it I can, if I can’t do it I can’t.
What’s your competitive advantage and why can’t it be copied?
Our think tank is our competitive advantage. Also, we believe in continuous learning. Services can be copied but the way how to make them innovative in terms of deliverables & to find innovative solutions is something which can’t be copied. My financial profession deals in PR so be it with a retail client or an HNI client, I always feel each client is important for me. For my FNB sector, where I am unable to be present at all times, I have a team whom I personally train with similar policies. Continuous training and motivation to my team have been a great help in building a great team.
What challenges/obstacles did you face in your journey so far?
Every business has risks. Our risks are associated with a right skillset that we look for expansion in future. We already have a core niche team but I see from future expansion perspective, we would need innovative minds, with the flexible thought process. Although, with a clearly defined process, and innovative means to reach out to search resource, we are confident enough that we will mitigate it. The second obstacle that we have observed is building sales and driving profitability. Using the basics is something which we all must look at. Stick to our roots. It’s not about doing something extraordinary. It’s about giving your best while doing the ordinary.
What are your expansion plans/breakeven projections?
With respect to my financial sector, I aim at managing ₹1000 crores and train and educate more people about investments and securing their future. With respect to my FNB sector, I aim at having 20 operational restaurants by 2025 by expanding in and across East India. Looking forward to expanding to other parts of India post-2025.
Tell our audience more about your failures? How should one bounce back?
Yes, we do have and it is increasing with time and with requirements. The bigger the establishment the bigger challenges you can overcome. All the challenges and roadblocks are achievable. Impossible is nothing.
What comes first for you – money or emotions?
I am a very emotional person; business needs to have emotions, not personal, obviously, but business ones like concern for quality deliverables, client satisfaction, targets & roadmaps, you planned & how you will achieve it, etc. Money is obviously the priority but I believe if your value creation process is right for others, the money will automatically come as an outcome of it. You must have the correct balance of both. Any good business decision is a proper analysed decision of both.
How do you handle the pressure and manage stress?
No one learns these traits by birth. It’s all with an experience that one gains the ability to manage pressure and stress. Easier said than done but while facing stressful situations we must remember to remain calm. One personal thing which I follow is anger management. Controlling anger can help us all in a long way. It doesn’t mean I don’t get angry. You should know the balance and the correct time to get angry. For my team, I am a doctor when they are down and demotivated but also I am a policeman to them.
What advice would you give to someone starting out, particularly to aspiring entrepreneurs?
I have always followed my passion. My dad was in the financial advisory field for 30 years. But I had a vision and wanted to open a restaurant. Despite my failure for the first 4 years, I got full support from my family and without their help reaching here wouldn’t have been possible. All I can say is follow your passion and follow it sincerely. You shall surely achieve success.
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