In 1996, two best friends and survivors of the Civil war in Lebanon opened up this new business, namely Brands for Less (BFL). Both partners, Toufic Kreidieh and Yasser Beydoun, had a goal in mind, and they worked on it till they achieved more than that.
Brands for Less came into being when the young boys saw a gap between the brands and the consumers. It is true that everybody wants to purchase a brand whether we talk about toys or clothes. People adore branded stuff. This was the sole reason that motivated Toufic and Yasser to open their business.
Entrepreneurs do not wait for the right time; they take the time and make it right. In 1996, Toufic and Yasser bridged the gap between brands and consumers. The goal of consumers is to purchase things at the minimum prices, and the goal of brands is to have maximum sales. Brands for Less acted as a platform for both brands and consumers.
With time, as the brand name grew, it played as an inspiration for many young entrepreneurs. Here is how Toufic and Yasser taught us to stay focused in every situation.
Encouraging Determination
The young entrepreneurs Toufic Kradeieh and Yasser Beydoun came through after a lot of struggles and hustle. It is not easy to establish a brand and work on it enough when you do not feel like working. Every working person can feel how demotivating failure is, but these boys taught us to look at failure as a milestone towards success.
As mentioned earlier, both boys are the survivor of the Civil War in Lebanon. Yasser and Toufic were childhood best friends. Toufic came from a broken family. He had to look after his family, with his friend by his side.
They both had a struggling childhood because of the exposure to civil war. After completing his schooling, Toufic started doing many part-time jobs from the age of 13. He had a focus in his mind. He wanted to look after his family. He saw his mother working hard day and night to look after her family.
The factor that promotes success is the struggle.
Establishment of BFL
After getting a scholarship and graduating from the best university, Toufic was called by Gulf Oil. In 1996, the company wanted to hire Toufic as the manager. While being at the job, Toufic and Yasser had already discovered the market gap. And hence, they opened their first store in Lebanon.
There were four stores in Lebanon when Toufic decided to move to Dubai with Gulf motors by the time. After moving to UAE, Toufic saw an opportunity to bring his business to the state. He took a loan from a bank, resigned from his job, and opened up his first store in Dubai.
In the beginning, things were difficult as the business did not have much exposure. It was not a well-known store, and hence, people thought twice before making a purchase. But with the time, motivation, and hard work of the two entrepreneurs, BFL earned a name, stores, and loyalty.
Existing Situation of BFL
After the constant struggle and hustle of Yasser and Toufic, BFL earned its name in customers' minds. Everybody wants to own branded things, whether toys or clothes. People love the brand name. BFL is the bridge between consumers and brands. The store has a lot of deals and discounts that let the consumers feel like winners.
Currently, BFL has its headquarters in Dubai. The store now has 76 stores worldwide, out of which 46 stores are in Dubai and the United Arab Emirates. This proves to us that if you put your mind to something, you can achieve it. The entrepreneur's goal is to have upto 300 to 400 stores.
BFL in 2020
When the pandemic hit this world, most businesses faced huge losses; some were even shut down. But unlike others, the BFL group of Companies made the most out of this situation. In one of his old interviews, Toufic Kredieh mentioned that the best form of investment is real estate.
In 2020, when everything was shut down, when there was a worldwide lockdown, Toufic saw this as an opportunity for the growth of his business. In this year, prices of everything reached rock bottom, even the real estate. Toufic used this, and he purchased stores at the minimum possible prices.
When things started getting back to normal, the property was the first thing that had a huge increase in its value. When businesses lost track of what to do, Toufic had a clear goal, for he already purchased his stores in the pandemic.
Wrapping it Up
The inspiring story of these two struggling entrepreneurs teaches us the importance of mindfulness. Regardless of the situation, both friends stood by each other and made sure to make the most of every situation. A person who knows how to turn a negative situation into a positive one is the winner of this era.
This article was written in cooperation with BFL Group of Companies