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 For Small and Medium Business Owners v2, Come In and Share Your Biz ~

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LawrenceTan
post Oct 16 2013, 05:03 PM

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QUOTE(kenneths88 @ Oct 16 2013, 02:52 PM)
Oh ok. This I am not worrying. I am just targeting people who actually believe them.  biggrin.gif  biggrin.gif

I will try it. Will update here later  rclxms.gif  rclxms.gif  Btw, thanks ghoss....
*
Hi Kenneths88,

I have further information and method to advise yet due to certain information are not appropriate to disclose in public thread so I had dropped you a PM for this. smile.gif
kenneths88
post Oct 16 2013, 09:33 PM

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QUOTE(LawrenceTan @ Oct 16 2013, 05:03 PM)
Hi Kenneths88,

I have further information and method to advise yet due to certain information are not appropriate to disclose in public thread so I had dropped you a PM for this.  smile.gif
*
Replied you in PM smile.gif smile.gif Thanks
dragontongue88
post Oct 16 2013, 10:13 PM

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Hi, guys. I've been thinking of venturing into business. Been thinking of options for side business, particularly online selling such as those in garage sales... Looking for a side business that I can manage while still working in a day job.

One option that came across my mind is selling Playstation/Xbox games. I know there are many online sellers in garage sales, but I do believe there are not many stores in the state where I live, so maybe an online store that can do Cash-On-Delivery will be attractive to gamers here. Especially if I can offer a cheap price like those sellers in Garage sales. The risk of course is that I'm not sure if there are many gamers (potential customers) here. sweat.gif Lack of stores here could possibly be due to lack of customers.
Do you guys think this kind of business is worth venturing into?

In general, these are some of my doubts. Not just for the games selling idea, but for online selling in general. I would really appreciate it if some experts here can share some of their experience.
1. Biggest issue: How do I find a supplier? Heck, not just for games, but any other products. I tried googling for suppliers and often find very little info. Is finding suppliers really dependant on networking?
2. From your experience guys, what is a reasonable capital for online selling side business like this? Is RM 5k-RM 10k enough?
3. Marketing to the right target. Well, the methods I can think of are old fashioned pamphlet distribution... certainly social media advertising. Garage sales in lowyat forum of course. Stick posters in public toilets? LOL. tongue.gif

I thought of selling mobile phone accessories as well but I feel that is a highly competitive market now as there are many sellers selling those accessories online. I would welcome ideas for other side business as well.

I am really passionate in wanting to venture into business, starting with a side business. But I'll be frank, I come from the engineering line and mostly the academic side, so I know next to nothing about running a business. I'm looking to learn as much as I can really. It's just that I'm not sure how to. Can you learn proper business management through those management and marketing books out there? Somehow I doubt it. sweat.gif But if there are really good marketing and business management books out there, then please share the title with me, I'll go get it. smile.gif

So yea, I would really appreciate any advice/guidance given from all the successful businessmen/businesswomen here. Thanks. notworthy.gif
TSghoss
post Oct 17 2013, 02:50 AM

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From: Penang


QUOTE(dragontongue88 @ Oct 16 2013, 10:13 PM)
Hi, guys. I've been thinking of venturing into business. Been thinking of options for side business, particularly online selling such as those in garage sales... Looking for a side business that I can manage while still working in a day job.

One option that came across my mind is selling Playstation/Xbox games. I know there are many online sellers in garage sales, but I do believe there are not many stores in the state where I live, so maybe an online store that can do Cash-On-Delivery will be attractive to gamers here. Especially if I can offer a cheap price like those sellers in Garage sales. The risk of course is that I'm not sure if there are many gamers (potential customers) here. sweat.gif Lack of stores here could possibly be due to lack of customers.
Do you guys think this kind of business is worth venturing into?

In general, these are some of my doubts. Not just for the games selling idea, but for online selling in general. I would really appreciate it if some experts here can share some of their experience.
1. Biggest issue: How do I find a supplier? Heck, not just for games, but any other products. I tried googling for suppliers and often find very little info. Is finding suppliers really dependant on networking?
2. From your experience guys, what is a reasonable capital for online selling side business like this? Is RM 5k-RM 10k enough?
3. Marketing to the right target. Well, the methods I can think of are old fashioned pamphlet distribution... certainly social media advertising. Garage sales in lowyat forum of course. Stick posters in public toilets? LOL.  tongue.gif

I thought of selling mobile phone accessories as well but I feel that is a highly competitive market now as there are many sellers selling those accessories online. I would welcome ideas for other side business as well.

I am really passionate in wanting to venture into business, starting with a side business. But I'll be frank, I come from the engineering line and mostly the academic side, so I know next to nothing about running a business. I'm looking to learn as much as I can really. It's just that I'm not sure how to. Can you learn proper business management through those management and marketing books out there? Somehow I doubt it. sweat.gif  But if there are really good marketing and business management books out there, then please share the title with me, I'll go get it.  smile.gif

So yea, I would really appreciate any advice/guidance given from all the successful businessmen/businesswomen here. Thanks.  notworthy.gif
*
For the gaming part , I guess you can try to target those local people without credit card . Else they can get it themselves .

For phone accessories , it's do-able if you have contacts from China to ship the products from there . Best to earn when there is a new phone model and once a newer phone model out . Your stock might be hard to sell.
seiluen
post Oct 17 2013, 04:04 AM

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Congratz On V2 !

will continue supporting this thread as always biggrin.gif
dragontongue88
post Oct 18 2013, 11:23 AM

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QUOTE(ghoss @ Oct 17 2013, 02:50 AM)
For the gaming part , I guess you can try to target those local people without credit card . Else they can get it themselves .

For phone accessories , it's do-able if you have contacts from China to ship the products from there . Best to earn when there is a new phone model and once a newer phone model out . Your stock might be hard to sell.
*
Thanks for the response. Having done some reading and searching around, I do believe the gaming idea is more difficult. Local suppliers are extremely elusive, I am surprised they do not promote themselves on the internet more vigorously. And if I were to get international suppliers, purchasing wholesale requires a large capital I believe, not to mention the uncertainty of whether I could sell all the volumes purchased as a newbie business. Dropship is almost certainly out of the question for international suppliers.

Phone accessories seems more possible. Unfortunately, with no contacts in China, may have to seek for those online wholesale sellers from China. The cost for accessories are perhaps lower than games, so wholesale purchase seems more possible. The problem of course is that there are plenty of competition. And my original target demography of people living in surrounding areas is less valid, since not many people will want to deal by COD for cheap accessories.

Well the more I learn, the more I feel that business is like an exclusive circle. Businessmen knows businessmen, suppliers know other suppliers. They are the ones with contacts of each other, but the ones from the outside have no way of contacting them. It's all about contacts and netowrking. Added with the fact that most businessmen likes to keep their cards close to their chest, understandably. It makes it really difficult for someone from the outside to penetrate through that circle. Suppliers in US or UK seems to be more easily 'reachable' in some ways compared to local suppliers.
kochin
post Oct 18 2013, 11:57 AM

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Joined: Dec 2009
From: Malaysia


QUOTE(ghoss @ Oct 16 2013, 11:25 AM)
Since the first thread is already over the limit , I decide to open v2 after asking permission from edyek.

This is a place for people to share their questions regarding on running their on small /medium biz or other inquires .

It's ok to ask on how to run a MLM / Direct Selling but please don't spam/promote it here.

My background , currently working in a MNC while selling burgers at night  laugh.gif
*
very cool boss. i love burgers. so much so i also thought of doing premium burgers too.
but just a dream as i barely know how to cook a decent meal.
but what is lacking is premium burgers.
and i hate the fact that burger is so burger like.
size is kinda fixed. i look forward to bigger sized portion. something that when you go mcD asking small, regular, large, it applies to the burger too rather than just the fries and drinks.

so far one of the most successful burger outlets seems to be burgerlab.
i have yet to try it though. the queues are just plain ridiculous.
TSghoss
post Oct 18 2013, 12:31 PM

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From: Penang


QUOTE(dragontongue88 @ Oct 18 2013, 11:23 AM)
Thanks for the response. Having done some reading and searching around, I do believe the gaming idea is more difficult. Local suppliers are extremely elusive, I am surprised they do not promote themselves on the internet more vigorously. And if I were to get international suppliers, purchasing wholesale requires a large capital I believe, not to mention the uncertainty of whether I could sell all the volumes purchased as a newbie business. Dropship is almost certainly out of the question for international suppliers.

Phone accessories seems more possible. Unfortunately, with no contacts in China, may have to seek for those online wholesale sellers from China. The cost for accessories are perhaps lower than games, so wholesale purchase seems more possible. The problem of course is that there are plenty of competition. And my original target demography of people living in surrounding areas is less valid, since not many people will want to deal by COD for cheap accessories.

Well the more I learn, the more I feel that business is like an exclusive circle. Businessmen knows businessmen, suppliers know other suppliers. They are the ones with contacts of each other, but the ones from the outside have no way of contacting them. It's all about contacts and netowrking. Added with the fact that most businessmen likes to keep their cards close to their chest, understandably. It makes it really difficult for someone from the outside to penetrate through that circle. Suppliers in US or UK seems to be more easily 'reachable' in some ways compared to local suppliers.
*
You're welcome~
Else maybe you can start off with franchising/partnering with your local phone accessories sellers ?
US / UK won't it be more expensive ? shipping cost also higher I think
It's indeed hard to get the important contacts but you need to start from some where. Maybe you can find wholesales that operates locally here in Malaysia but they ofcos are selling more than China prices .

I tried to do a women's clothing biz which is on hold at the moment , the cost for the dresses is only less than 18 but it's selling for 40+ sweat.gif

QUOTE(kochin @ Oct 18 2013, 11:57 AM)
very cool boss. i love burgers. so much so i also thought of doing premium burgers too.
but just a dream as i barely know how to cook a decent meal.
but what is lacking is premium burgers.
and i hate the fact that burger is so burger like.
size is kinda fixed. i look forward to bigger sized portion. something that when you go mcD asking small, regular, large, it applies to the burger too rather than just the fries and drinks.

so far one of the most successful burger outlets seems to be burgerlab.
i have yet to try it though. the queues are just plain ridiculous.
*
Lol , everyone starts cooking somewhere too. I learned mostly from online (google/youtube etc) and practice at home

As the saying goes , you don't go reinvent the wheel . It's not easy to have different sizes of patty as it's confusing (will shrink after cooking / customer changing mind after ordering)

Do it bigger , I believe my burger is big enough already sweat.gif



amirulhakim
post Oct 18 2013, 06:29 PM

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From: Shah Alam



Hi guys, recently i just registered a company with SSM. Currrently i have a partner to do the business. We plan on selling VCO based product. What makes our product different from other company's VCO is that we are the only one selling in emulsion form. We plan to make emulsion as our main product. Currently we have one interested party to be our investor. Do you have any suggestion in what we should prepare before we accept him to be our investor? Do you guys have any useful insight?
dragontongue88
post Oct 18 2013, 08:47 PM

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QUOTE(ghoss @ Oct 18 2013, 12:31 PM)
You're welcome~
Else maybe you can start off with franchising/partnering with your local phone accessories sellers ?
US / UK won't it be more expensive ? shipping cost also higher I think
It's indeed hard to get the important contacts but you need to start from some where. Maybe you can find wholesales that operates locally here in Malaysia but they ofcos are selling more than China prices .

I tried to do a women's clothing biz which is on hold at the moment , the cost for the dresses is only less than 18 but it's selling for 40+  sweat.gif

*
nod.gif Yep, I think the cost is high if bring from US or UK. Agreed, everyone has to start from somewhere. It is the first stage that is the hardest. I'll have to do more research and look for more alternatives.

High profit margin there for those dresses, drool.gif you'll certainly earn if you market it to the right consumers. rclxms.gif
izzyuke
post Oct 19 2013, 03:12 PM


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Congratulation V2 ! rclxm9.gif

For massage oil product, where is the place to market it?
Besides alternative medicine shops.
anak kenyalang
post Oct 19 2013, 10:10 PM

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Joined: Jul 2013


Hello guys.

Any of u guys here have an experience about water filter machine? The one u insert 20cent, get a liter of water. What's the cost for the machine, the maintanence and everything else? Most importantly, what's the profit margin?
ah_suknat
post Oct 19 2013, 10:22 PM

whoooooooooooooop
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From: /k//k/, /k/undasang



QUOTE(izzyuke @ Oct 19 2013, 07:12 AM)
Congratulation V2 ! rclxm9.gif

For massage oil product, where is the place to market it?
Besides alternative medicine shops.
*
beauty shops, boutiques,
escargo75
post Oct 20 2013, 02:15 PM

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Joined: Oct 2010


QUOTE(ghoss @ Oct 18 2013, 01:31 PM)
You're welcome~
Else maybe you can start off with franchising/partnering with your local phone accessories sellers ?
US / UK won't it be more expensive ? shipping cost also higher I think
It's indeed hard to get the important contacts but you need to start from some where. Maybe you can find wholesales that operates locally here in Malaysia but they ofcos are selling more than China prices .

I tried to do a women's clothing biz which is on hold at the moment , the cost for the dresses is only less than 18 but it's selling for 40+  sweat.gif
Lol , everyone starts cooking somewhere too. I learned mostly from online (google/youtube etc) and practice at home

As the saying goes , you don't go reinvent the wheel . It's not easy to have different sizes of patty as it's confusing (will shrink after cooking / customer changing mind after ordering)

Do it bigger , I believe my burger is big enough already sweat.gif
*
Where is your shop?
TSghoss
post Oct 20 2013, 04:12 PM

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Joined: Mar 2010
From: Penang


QUOTE(escargo75 @ Oct 20 2013, 02:15 PM)
Where is your shop?
*
At Dato keramat there , opposite federal place
kangry
post Oct 22 2013, 01:50 AM

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Joined: Feb 2010
From: Subang Jaya


Failed

Capital : 0
Period : 2 years +
Type of Business : Event props and Booth Contractor
Person : 1 partner (both of us can design and have knowledge on the materials and contruction techniques)
Lesson : Client company wash out with outstanding payment, unable to sustain to pay suppliers


This is a business that is easy to maintain the sales, what we did was, walk around exhibition and talk to people (give name cards). Eventually people will contact you to compare price and design. Nett profit margin is around 20%-45%

anyway im still looking for other business opportunities despite the failure of first business (which is very pain in debt but i am recovering =)). Lesson learned 0 capital doesn't mean low risk.

Also i would like to share this info for those who are interested on CAR RENTAL business, please refer to the website below,

http://wahiabdrashid.com/287/menubuhkan-sy...at-kereta-sewa/

not an easy process for the licensing, and risk management part.
Manuk1188
post Oct 22 2013, 08:27 AM

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Joined: Dec 2008
From: Malaysia


Maybe i should share mine as well.

Business Fail and Gone Wrong - Very Failed

Type of Business : Transportation of Goods (East Malaysia - Sabah)
Started Year Jan 2005 - April 2007
Capital : RM5,000 (Each Person)
Period : 2 years +

Person : 5 partner (But only 3 in the Enterprise Trading license)

Vehicle : 3 Ton Lorry (Upgrade to 6 ton Load)
Worker : 1 Driver, 1 Hookman/Assistant

Business Load all good from KK Major Town to Mostly SDK/TWU/LD - Longest is Semporna

1 Trip = RM350 for the Fuel (RM180 for 1 Way)
1 Driver = RM300 for the Food/Stay

1 Trip Load = Worth of Transportation Fees = RM 1k. (The less is RM700)
Return from Sandakan = RM300~500 Additional Goods load back to KK (But not always, Once or Twice a Month)
If from Tawau/LD = Empty

Every Week surely have 2 ~ 3 Trips.
Simple Calculation = 8 Trips per month
= RM8k ++ (if plus the SDK trip back)

Driver Salary = RM 1.5K (1 Trip RM50) Commission the more the better
HookMan = RM400 (1 Trip RM30) to accompany the Driver and Unload the Stuff

Reason Business Failed due to the Main Con/Supplier.
He acted as the King of Transportation whom can give you more or less of Goods. Meaning have to jaga him also.

How he does ?
Since i mention all the Goods are from Him. Therefore, he can select the best of high income to any transporter. So He is the one direct deal with the Customer. OF course, i also go see the Customer and offer.
But what he does, he get the Goods, pass to me to send, and received the payment within 3 ~ 7 working days.
Lama Lama, he drag and say the Customer didn't pay weekly but into Monthly.
Findout, he use the money to pay his own Lorry (He got 8 Lorry) so he use the money to move swiftly around for his own purpose.

Lama Lama, say all the Money cannot be pay. WHY ? because one of my Partners whom claim is in the Transportation Business before is handling didn't get the Black & White thing to Sign / Chop
That time i was working (Makan Gaji) n use the Salary to cover the Operation. Man, it was my very down moment.

When all partners decide to stop. 2 have left, i mean not in the Trading License. Me myself wan to revive it but failed as the other 2 doesn't want to continue. Jual the Lorry and lucky i still have my job.

From RM5,000 Capital, i have fork additional RM6,000 for the Operation, Fuel and even Driver. Because i belief if i can overcome the DOWN time, i am sure will be a hit since i see the Opportunity but i was been CON in the first place. The Business was a CON, as it was intended from the very beginning moment.

Therefore, i learn. FRIENDS is always FRIENDS. but BUSINESS is BUSINESS. and Evertyhing you do in LEGAL Business please please get it BLACK & WHITE. Sometimes friendship hurts when it comes to MONEY.



LawrenceTan
post Oct 22 2013, 11:02 AM

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103 posts

Joined: May 2013


QUOTE(anak kenyalang @ Oct 19 2013, 10:10 PM)
Hello guys.

Any of u guys here have an experience about water filter machine? The one u insert 20cent, get a liter of water. What's the cost for the machine, the maintanence and everything else? Most importantly, what's the profit margin?
*
I saw this water dispenser machine few years back in my hometown and they had gone within a year.
Personally i don't get water from there because hygiene would be a concern for me. Well for the costs & profit margin can't advise you, never really go deep into that. smile.gif
LawrenceTan
post Oct 22 2013, 11:08 AM

Getting Started
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Junior Member
103 posts

Joined: May 2013


QUOTE(Manuk1188 @ Oct 22 2013, 08:27 AM)
Maybe i should share mine as well.

Business Fail and Gone Wrong - Very Failed

Type of Business : Transportation of Goods (East Malaysia - Sabah)
Started Year Jan 2005 - April 2007
Capital : RM5,000 (Each Person)
Period : 2 years +

Person : 5 partner (But only 3 in the Enterprise Trading license)

Vehicle : 3 Ton Lorry (Upgrade to 6 ton Load)
Worker : 1 Driver, 1 Hookman/Assistant

Business Load all good from KK Major Town to Mostly SDK/TWU/LD - Longest is Semporna

1 Trip = RM350 for the Fuel (RM180 for 1 Way)
1 Driver = RM300 for the Food/Stay

1 Trip Load = Worth of Transportation Fees = RM 1k. (The less is RM700)
Return from Sandakan = RM300~500 Additional Goods load back to KK (But not always, Once or Twice a Month)
If from Tawau/LD = Empty

Every Week surely have 2 ~ 3 Trips.
Simple Calculation = 8 Trips per month
= RM8k ++ (if plus the SDK trip back)

Driver Salary = RM 1.5K (1 Trip RM50) Commission the more the better
HookMan = RM400 (1 Trip RM30) to accompany the Driver and Unload the Stuff

Reason Business Failed due to the Main Con/Supplier.
He acted as the King of Transportation whom can give you more or less of Goods. Meaning have to jaga him also.

How he does ?
Since i mention all the Goods are from Him. Therefore, he can select the best of high income to any transporter. So He is the one direct deal with the Customer. OF course, i also go see the Customer and offer.
But what he does, he get the Goods, pass to me to send, and received the payment within 3 ~ 7 working days.
Lama Lama, he drag and say the Customer didn't pay weekly but into Monthly.
Findout, he use the money to pay his own Lorry (He got 8 Lorry) so he use the money to move swiftly around for his own purpose.

Lama Lama, say all the Money cannot be pay. WHY ? because one of my Partners whom claim is in the Transportation Business before is handling didn't get the Black & White thing to Sign / Chop
That time i was working (Makan Gaji) n use the Salary to cover the Operation. Man, it was my very down moment.

When all partners decide to stop. 2 have left, i mean not in the Trading License. Me myself wan to revive it but failed as the other 2 doesn't want to continue. Jual the Lorry and lucky i still have my job.

From RM5,000 Capital, i have fork additional RM6,000 for the Operation, Fuel and even Driver. Because i belief if i can overcome the DOWN time, i am sure will be a hit since i see the Opportunity but i was been CON in the first place. The Business was a CON, as it was intended from the very beginning moment.

Therefore, i learn. FRIENDS is always FRIENDS. but BUSINESS is BUSINESS. and Evertyhing you do in LEGAL Business please please get it BLACK & WHITE. Sometimes friendship hurts when it comes to MONEY.
*
Hi Manuk, your story are really inspiring and it is a very common mistake that happened in partnership which build on FRIENDSHIP.

Every agreement or entity should get it black & white, and also for accounting. It's very sensitive when come to money which some people might not have ethical may lead to undertable transaction for all. Again, this case always happened in those partnership with 'brotherhood'.

Getting a right buisness partner is very important.

May your new venture get the right business partner & strive for your business.

This post has been edited by LawrenceTan: Oct 22 2013, 06:43 PM
Manuk1188
post Oct 22 2013, 12:47 PM

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Joined: Dec 2008
From: Malaysia


QUOTE(LawrenceTan @ Oct 22 2013, 12:08 PM)
Hi Manuk, your story are really inspiring and it is a very common mistake take happended in partnership which build on FRIENDSHIP.

Every agreement or entity should get it black & white, and also for accounting. It's very sensitive when come to money which some people might not have ethical may lead to undertable transaction for all. Again, this case always happened in those partnership with 'brotherhood'.

Getting a right buisness partner is very important.

May your new venture get the right business partner & strive for your business.
*
Thanks for the encouragement.

Business maybe is not my type. As i turn older and forseen that, Makan Gaji is my goal. As i don't see myself as a Leader or CEO or an Owner. But i see myself as a Career Ladder-man ... Keep promote n promote smile.gif Because i love the way the Company offered me (Training oversea, Conference and Company Field Trip) Even if the Bond is exist, i don't mind because i love the Team and the Company Owner.

AFterall, who doesn't love the FREE Stuff ...


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