A Bulgarian NEWBIE case of access to market – Vasil Ralchev with his successful business model
During the inspiring NEWBIE consortium on-line meeting on the 3rd of November 2020 the Bulgarian NEWBIE team – Business Incubator-Gotse Delchev, Entrepreneurship Promotion Centre presented the successful business model of Vasil Ralchev, 22 –year old young farmer, to access the EU market.
Vasil cultivates 12 ha organic land and grows organic essential plants such as roses, lavender as well as organic fruits and vegetables. However, his family cultivates more than 100 ha and has a distillery to extract organic essential oils. The family work together and everybody has their own responsibility.
After his graduation from the Reading University, UK Vasil Ralchev went through all the processes to optimize cultivation, distillation, production and marketing in the family business. He takes pride in their organic cosmetic products – their own brand InaEssentials – and developed a business model of e-commerce, export –orientation and marketing strategy to enter the EU market. In 2019 he came up with the idea of making an online store, promoting of their brand Inaessential and took all the responsibility for the online store and advertising. Step by step he applied the model of marketing differentiation according to the particular country, its culture and customers’ expectations and motivation to purchase. For instance, German clients need focus on product characteristics, Romanians are happy with the family story. After 1.5 year Vasil organized the export and selling to 8 EU countries with 500,000 customers.
The young entrepreneur Vasil and his friend Georgi Dimitrov are an inspiration for the young people in Bulgaria with their entrepreneurial book for Teenagers and their practical advice, short videos and posts “Don’t be mediocre” using the advantages of the social media instruments and they have been proven very popular:
https://www.youtube.com/channel/UCs8azi4HbNvDwqwlHa-OBJQ?view_as=subscriber with 20.5K subscribers
https://www.instagram.com/nebudiposredstven/ – 24.6k followers
https://www.facebook.com/NeBudiPosredstven/?ref=page_internal – 79,895 people follow
It is not a surprise Vasil and Georgi were among “30 under 30” successful young entrepreneurs of Forbes Bulgaria 2019.