Hi Guys....is nice to see all the new and future entrepreneur over here...

I started buynow.com.my since 1999 with RM5k capital.....me and my wife at the age of 29

today we are doing 4-5 mil a year revenue.....

I made money and i lose money.....thus, i think the following are what i THINK are important...and hope it help!
**again, very personal experince...you extract what good for you and your business.

1. invest into you - reading and keep learning
why some co made money, another loss money? all the same nature of business, same roll in that location.
This is a lot to do which what you know, how you do it and who you know.

2. Capital
Most people start business thinking about the capital....but if you don't have experience, and you took 200k to start something....likely you will lose it. Then you will start blaming into some others factor. (e.g. economic, business environment, your partner, your staff etc) last blame on yourself.

Let start small...said anything below 20k, and you can made 3k a month.....i consider that good return, then you can scale up to 40k or 80k...but the keys are....profit all the way....

**i start my business with 5k and made 3-5k a month....and we growth...then i manage to raise 1 mil from banks.....and i losse money....strange right!!!

3. Business philosophy - if you are not making money.....likely you have a wrong philosophy

focus -
instead of too many different business, too many locaton, too many people and problem, why not 1-2 location, 1 business but double the profit?

Activity level -
Most small business owner think they want to grow big....real big. Then we put in a lot of effort and money and try new things, people, concepts....and losses money.

Let think differently, ask your self this question:
1. Owner - you are responsible to double or triple your current income / profit.....how to you do it?

2. staff - they are to support you, your activities.....not sales and profit.....(or maybe partial, especially less than 10 people company)


more info on future update:
diy@computerrepairdiy.com

Glad that you like the sharing....

here is another one:

We do not need to own the network, but we should able to access the network.....

banks - average banks own 300-800k credit card members
bonus link - 2 mil or more
buysell.com.my - mil
mudah - mil
lowyat.net - mil

they are too big you think...okok, not so huge business....

kopitiam next door - daily 30-80 people
car wash opposite - wash 30 cars a day
car workshop serving yuo - easily got 100-200 regular customer....


So what you need to do......
1. design a value proposition that "trill" - mean you your self see the offer also will said..."wah"
2. Tell your network - Hi bro, i have this wonderful products / services that off market 40%/50%/90% what ever you think are good, ask them to help offer to their customer (with or without referral fees - upto you again**)

** if your products are hair cut for example, normal salon with wash maybe RM30....you offer them RM15 (50% off) but you also give the RM15 to your network partner (he collect the money and give them a cash coupon)....so the network partner can decide to made RM15 or even give the whole coupon for free.....so you loss money RIGHT???


The key ....back end profit. Let said you got 100 customer try your 'wonderful" skill.....and 50 people love it....and come back next month....walah, you just got RM30 x 50 = RM1500 new profit....without spending advertising cost..


with love

Joshua

Just talk to any retailer / whole seller and tell them your intention...after 2-3 supplier, you know who can support you on pricing and supply.....