Wednesday, 26 August 2015

STOP! You are killing yourself!!!

Social media platforms are increasingly getting popular among business owners. A classic example is Facebook group. With due respect to all "group master/ owners", I personally think that you are doing a great job in gathering genuine readers and also providing "free" publicity opportunity for business owners to promote and advertise their products and services. With the mass amount of members in a group and even multiple other groups, they can simply post and start promoting their stuffs. While all these started with good intentions, it may also be a slow poison to their business.

Here is why!

Have you ever hear people saying "red wine is good for health"blah blah blah.... but too much of red wine (over consumption) is bad for health. Water heal, water kill.

Consider this, you start posting your promos in a Facebook group. You get lots of "likes" and "attentions", you are happy because customers come and patronize you. This cycle continues.....

Remember this: You are not EXCLUSIVE in the group. When you are performing well, other business owners also can see. They will COPY you. They start posting. When this happen, readers have more choice to read and "accept" more promotions fro various businesses. SLOWLY, you will be overtaken by the newer ones, better ones, sustainable ones, etc...

You don't need to be a rocket scientist to predict what will happen next. 

Aren't you killing yourself?

Any solution? Yes. There is and you need to exercise it as soon as possible.

If your posts are attracting lots of crowds, I congratulate you. But please don't be complacent. When customer come, do these few things:
  1. get to know them
  2. try to get their contact details such as name, tel, emails
  3. invite them to share 
  4. give them freebies for a "return" reason
  5. enroll them into any membership program that you can launch
  6. Discount for next visits
  7. etc....
Whatever it is, always give them a "compelling" or "preferential favor" to return.

Sound difficult? Too messy? Don't know how to start? Most importantly, tight budget?

Well, there is no free lunch in this society. Let me share with you how one of my business "COFFEE:NOWHERE" uses a Mobile App to increase sales, retain customers and to increase cash flow without robbing a bank.

In this example, I will just quote one "function" on how it help us keep track and retain customers. If you explore the app further, you will know how COFFEE:NOWHERE actually uses the app to "pre-sell" products through their packages and also accumulating cash through "pre-paid" system.

First, please download "COFFEE NOWHERE" app from App Store or Google Play. After installing, follow these easy steps:
  1. Tap loyalty
  2. Choose the loyalty program to redeem
  3. Login/register <----- this is where you know customers details
  4. Tap to stamp
  5. Redeem upon completion

Tap on "LOYALTY"

Select the loyalty program to redeem

Login or register for new user








Tap to stamp

Phone will show a QR for merchant to authenticate.

Redeem upon completion


Easy right?

What are the benefits?

•    Create as many loyalty program as you like
–    There is no restriction of how many loyalty program you wish to create.
•    Collect customer datas
–    Customers is required to register and login
•    Unique passcode for each staff for authentication
–    No more foul play. Each stamp is traceable
•    No wastage
–    Customer just need to download your mobile app
•    No worries of losing data
–    Data is cloud based and backup live. Customer just need to re-download the app and login again.
•    100% track-able
–    Every transaction is tracked and logged in the admin panel
•    Cost effective

What are the disadvantages if you are using the traditional physical card of "stamp and redeem" ?

Access and try for yourself. Don't wait till customers stop coming then you start taking action.

COFFEE:NOWERE apps is created by "Big Apps Idea Pte Ltd" and the running cost is only USD59/mth. Imagine and compare what if you pay for magazine advertisement, facebook boosting etc.... all these will cost a lot more and may not achieve your desire result.

For more information, you may contact Big Apps Idea (Whatsapp/wechat/tel) +65 84842777

Thanks for viewing. Please continue to support my blog and I hope to bring you more real life technique that work. Most importantly, if you find it useful, share with your friends.

Thank you and God bless.

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About the Author

Welson is a serial entrepreneur and has an impressive track record of running and building businesses from scratch (most of the time not knowing much about the industries and businesses) and growing it exponentially. He graduated from Edith Cowan University with a Bachelor of Business, Double Major in Marketing & E-commerce. 

Welson came from a humble family background, started working at 13 years old and experienced near bankruptcy. He started his first business "Expressprint" at 27 with only $2000 and a mountain of debts. 10 years later, Expressprint grew to become the most sought after licensing brand in Singapore with more than 500 licensees. In fact, he now runs a diversify portfolio of businesses such printing, mobile apps, car wash, carpentry, laundry, training, gifts, packaging, F & B, etc... a whopping 33 businesses in total with an 8-digit annual revenue.


This multitasking, talented entrepreneur truly live his "creator" vision. Under some kind coincidence, a coffee spark went off in his soul. Mr. Ang brought together individuals who together with his divine business acumen birthed forth COFFEE:NOWHERE. Besides being featured on national papers, and live interviews, his passion was highly commended with a Merit Award by Shell LiveWire as an outstanding young Entrepreneur in 2007 and also multiple national awards.

A true believer of a journey of excellence in everything he touches, within months of birthright, Mr. Ang led COFFEE:NOWHERE to 4 countries and 7 outlets in Asia. This includes Singapore, Malaysia, Vietnam and Indonesia.

Awards & Accolades



Awards


Featured in

Welson is featured in multiple news and media




























Thursday, 30 July 2015

money out, money in

I have conducted multiple business seminars, workshops, training, coaching, etc... for the past 3 years with thousands of attendees. I am especially drawn to aspiring entrepreneurs who either about to start a business or already into the business or even about to "exit" from the business.

Out of these events, I often asked these few questions and gotten the following answers in general:

1) How much you invested and when is your return on investment (ROI)?
  • S$200,000 with ROI 2-3 years (24-36 months)
  • S$50,000 with ROI 2-2.5 years (18-24 months)
2) What is the most important factor that keep your business afloat?
  • continuously providing good services or products <<< most common answer >>>>
3) How to you grow your business ?
  • do more marketing
  • get more sales
  • get investors
Now, going into details....

If you invested S$200k and plan to get back within 24 months, your business will need to generate pure profit of S$8.5k a month. This is not rocket science. Unless you get back all the monies you invested, only then, the next dollar is your returns. How much revenue is needed to achieve that? I will use a generic operation ratio for reference.

Assuming that you are operating a retail shop

A simplified breakdown of cost could be:
  • Rental -15%
  • Manpower -20%
  • Cost of goods -30%
  • Cost of operations - 10% 
  • Maintenance and Utilities - 5%
  • Miscellaneous - 15%
  • Gross profit 5%
This means that if your sales is S$200k, your gross profit is S$10k. Now. This is a problem. A lot of starting entrepreneurs "accepted" the fact that it is ok for business to be slow, lower than expected sales volume or even losses for up to 6 months. To me, having this mindset is already very wrong, let alone sinking into reality of really making a lost. Imagine this, if the first 6 months are losing monthly or barely enough to make profit, your ROI will be lengthened. Remember, the real ROI starts when you start making profit. Henceforth,  after losing 6 months, you need to add back 6 months into your targeted length of ROI. Wait, you also need to add on the losses you accumulated in these months.  

Based on the assumption, originally, your ROI for a $200k investment will breakeven on the 20th month. Provided that you start earning steadily from the 6th month onwards for the next 20 months, only then you can get back your investment between 26th to 30th month, leaving only a few months to get REAL PROFIT (most tenure is about 3 years before next renewal).

Even if you can steadily see the flow of business and profits, BUT, 6 - 10 months of profits will bring you only S$60k-S$100k and divided by 3 years, you make between S$20k - S$33k a year. AND thats provided everything is smooth sailing. There is still an element of risk.

Are you better off working for people? 

According to a recent statistic from Ministry of Manpower (MOM), current average income for mid-level employee is S$3770 (S$45k per year) see here. A mid-level employee already earn more money than you.


Do not despair. Not all businesses share the same statistic as illustrated here. Some new start-up like "Grabtaxi" grew and within 2 years, valued between US$750M to US$1.5B.

 I will be blogging on Question 2 & 3 on my next post. Meanwhile, subscribe to my blog for new updates and SHARE with your friends whom may find it useful.
that puts its valuation at between US$750 million and US$1.25 billion. And it took the start-up just two years to get here. - See more at: http://business.asiaone.com/news/grabtaxi-blazes-path-local-start-ups#sthash.5T5FQgVY.dpuf


Watch out for next post.

---------------------------------------------------------------------------------------
 About the Author

Welson is a serial entrepreneur and has an impressive track record of running and building businesses from scratch (most of the time not knowing much about the industries and businesses) and growing it exponentially. He graduated from Edith Cowan University with a Bachelor of Business, Double Major in Marketing & E-commerce. 

Welson came from a humble family background, started working at 13 years old and experienced near bankruptcy. He started his first business "Expressprint" at 27 with only $2000 and a mountain of debts. 10 years later, Expressprint grew to become the most sought after licensing brand in Singapore with more than 500 licensees. In fact, he now runs a diversify portfolio of businesses such printing, mobile apps, car wash, carpentry, laundry, training, gifts, packaging, F & B, etc... a whopping 33 businesses in total with an 8-digit annual revenue.


This multitasking, talented entrepreneur truly live his "creator" vision. Under some kind coincidence, a coffee spark went off in his soul. Mr. Ang brought together individuals who together with his divine business acumen birthed forth COFFEE:NOWHERE. Besides being featured on national papers, and live interviews, his passion was highly commended with a Merit Award by Shell LiveWire as an outstanding young Entrepreneur in 2007 and also multiple national awards.

A true believer of a journey of excellence in everything he touches, within months of birthright, Mr. Ang led COFFEE:NOWHERE to 4 countries and 7 outlets in Asia. This includes Singapore, Malaysia, Vietnam and Indonesia.

Awards & Accolades



Awards


Featured in

Welson is featured in multiple news and media

Sunday, 19 July 2015

Part 1 - The coffee journey: No-where or Now-here?

After much deliberation (due to laziness),  I decided to blog about one of my business adventure "COFFEE:NOWHERE". Through this blog, I will like to share about some of the interesting encounters, problems and strategies deployed in the cafe. I am not sure how frequent I will update or even how many parts will there be. Please subscribe to this blog so you will be notified immediately when there is a new post.

Part 1 of ?? (I will input after completion)

I am a cafe owner. In last quarter of 2013, I was invited to invest in a coffee business with a few coffee passionate partners. Our base of starting a cafe is of course "profit". Seeing the trend of specialty coffee as a blooming business, I thought it was a good idea to have my so-called cafe and I can start inviting clients to my own cafe for a business discussion. Since most of my business meetings are in various cafe and my monthly expenditure on buying coffee exceeds S$1000, I decided to invest. With no apparent knowledge and skill-set of a barista, I called in my business partner, James to invest a cafe as part of our business portfolio.  This will be our first-ever F&B investment.

As a business person, I can't contribute much to the set up and have to "rely" heavily on the expertise of 2 coffee frantic as I myself have no knowledge about coffee. Wait, hang on! If all do coffee, who will do business? Haha. I might still be useful.

Our objectives of this investment is to make profit, serve the community and as Christian, we wanted to use cafe as a platform to reach out to more people.

The journey begins...

Choosing the name of cafe

As a business, this is the most important aspect prior to business proper. This is because in the next few moments, we will be addressing the business by the name. People starts to know the business by the name. The business is surrounded by the name. The name will form the brand. It is important to have a name that can easily be remembered, understood and read.

We set up a company called Setacafe.com Pte Ltd to operate this business. Like many others, we started brain storming on the name, the concept etc.... Finally, I propose the name "COFFEE:NOWHERE" which I like, but faces challenges by the team. They said "Coffee" got no problem. Nowhere (no where) is the problem. I explained that's your perspective, but to me, its Now Here. We have a good debate over this and agreed on this 2 pronunciations no-where (although dictionary reveals no-where as the correct word) and now-here, which is interesting. A word with 2 meanings. This fit perfectly with our objective to serve the community. How? (scratch head)


No-where and now-here depict 2 extremes. Isn't it true that we all begin from no-where but persevered through to bring ourselves now-here. 

There are tons of unmet needs from the community and we wanted to meet that needs. These needs arise from people, especially from the people who are left out, discriminated, abandoned...the list goes on. And yes, they are technically "no-where" now. We know this is not the end.  By serving these needs and meeting them as best we could, we hope to encourage them with hope that, they can be no-where, but, somehow, some day, they will be now-here if they do not give up. This is a journey, no one will journey for the purpose of destruction. Henceforth, our slogan "a journey of excellence", wraps it up.

Before we start, coffee is no-where, after we started, coffee is now-here. OK. I am not going to claim credit for this name. This name is adapted from my pastor (Ps Kong, CHC) who, in his sermon mentioned GODISNOWHERE.

Till now, I often overheard customer debating on the pronunciation of the name. Whichever way they wanted it to read as, we are the real winner, because they will sure remember us. Haha, marketing dollar saved.

No-where or Now-here?

Watch out for next post.

---------------------------------------------------------------------------------------
 About the Author

Weson is a serial entrepreneur and has an impressive track record of running and building businesses from scratch (most of the time not knowing much about the industries and businesses) and growing it exponentially. He graduated from Edith Cowan University with a Bachelor of Business, Double Major in Marketing & E-commerce.
Welson came from a humble family background, started working at 13 years old and experienced near bankruptcy. He started his first business "Expressprint" at 27 with only $2000 and a mountain of debts. 10 years later, Expressprint grew to become the most sought after licensing brand in Singapore with more than 500 licensees. In fact, he now runs a diversify portfolio of businesses such printing, mobile apps, car wash, carpentry, laundry, training, gifts, packaging, F & B, etc... a whopping 33 businesses in total with an 8-digit annual revenue.

This multitasking, talented entrepreneur truly live his "creator" vision. Under some kind coincidence, a coffee spark went off in his soul. Mr. Ang brought together individuals who together with his divine business acumen birthed forth COFFEE:NOWHERE. Besides being featured on national papers, and live interviews, his passion was highly commended with a Merit Award by Shell LiveWire as an outstanding young Entrepreneur in 2007 and also multiple national awards.

A true believer of a journey of excellence in everything he touches, within months of birthright, Mr. Ang led COFFEE:NOWHERE to 4 countries and 7 outlets in Asia. This includes Singapore, Malaysia, Vietnam and Indonesia.

Awards & Accolades

Awards


Featured in

Welson is featured in multiple news and media
 

Thursday, 12 February 2015

Within you'll remain

歌词以表达了一切。献给特别的她。
A sweet song dedicated to her.

Within you'll remain

http://youtu.be/wXI_aYog2hA

Facing The World With An Empty Heart
I Could Disappear Into The Dark
And You Were The One
Who Could Make My Dreams Come True
My Dear, It's You

When You're Not Around
My Heart Stood Still
Within You'll Remain And Always Will

Illusion Says There Is Another Man
Who Would Interfere Into My Plans

(我愛妳) I Love You
(我愛妳) I Need You
More Than I Ever Did Anyone
I've Never Felt Like This Before

(我愛妳) I Want You
(我愛妳) I Need You
We Could Be Two Lovers From The Past
And The Future Is Our Chance

When You're Not Around
My Heart Stood Still
Within You'll Remain And Always Will

(我愛妳) I Love You
(我愛妳) I Need You
More Than I Ever Did Anyone
I've Never Felt Like This Before

(我愛妳) I Want You
(我愛妳) I Need You
We Could Be Two Lovers From The Past
And The Future Is Our Chance