Be your own boss. How good is a retail business? - Page 2 - Salary.sg Forums
Salary.sg Forums  

Go Back   Salary.sg Forums > The Salary.sg Discussion Forums: > Investments and Net Worth

Investments and Net Worth Talk all about money making exploits, shares, property and building net worth




Be your own boss. How good is a retail business?

Reply
 
Thread Tools
  #11 (permalink)  
Old 21-06-2009, 04:28 PM
retailman
Guest
 
Posts: n/a
Default

Competition is natural part of life. Even if you work for others, you have to compete with your colleagues, or worse the cheaper foreign talent.

As a retailer, don't show off your wealth unless you're confident it's hard to copy your success. Even better if you can become a distributor, which much harder to copy. You gotta keep improving and competition helps you to do just that. As the chinese saying goes, 不进则退

Reply With Quote
  #12 (permalink)  
Old 22-06-2009, 09:45 AM
Senior Member
 
Join Date: Jun 2009
Posts: 68
quek is on a distinguished road
Default

Quote:
Originally Posted by retailman View Post
Competition is natural part of life. Even if you work for others, you have to compete with your colleagues, or worse the cheaper foreign talent.

As a retailer, don't show off your wealth unless you're confident it's hard to copy your success. Even better if you can become a distributor, which much harder to copy. You gotta keep improving and competition helps you to do just that. As the chinese saying goes, 不进则退
Wow... I fully agree! This applies to everything in life.

Reply With Quote
  #13 (permalink)  
Old 22-06-2009, 12:28 PM
Husky's Avatar
Senior Member
 
Join Date: Jun 2009
Posts: 91
Husky is on a distinguished road
Default

Maybe I should ask my boss to read the part about competition. I am having problems convincing him that parallel imports are NOT illegal. He got very upset recently after finding out some retailers in Chinatown are selling parallel imports of our products. Told me some nonsense about the principal promising him "exclusive" distribution rights. Sigh.

Reply With Quote
  #14 (permalink)  
Old 22-06-2009, 02:45 PM
Junior Member
 
Join Date: Jun 2009
Posts: 3
Alexis is on a distinguished road
Default

Husky, I've done some simple "research" on parallel imports. This thread in the ClubSnap forums sums it up on the various scenarios (ask you boss to read here, then there ):

Quote:
My ex-company was a sole distributor of an IT part in this part of the world(SEA) and the principal from US has agreed that they will not sale to another company if we can fulfil their annual quota.....however they do not have power if another company decided to bring in from their other distributor from other region such as Australia or Japan
Meaning of Distributorship - ClubSNAP Photography Forums
Reply With Quote
  #15 (permalink)  
Old 22-06-2009, 02:57 PM
Husky's Avatar
Senior Member
 
Join Date: Jun 2009
Posts: 91
Husky is on a distinguished road
Default

Quote:
Originally Posted by Alexis View Post
Husky, I've done some simple "research" on parallel imports. This thread in the ClubSnap forums sums it up on the various scenarios (ask you boss to read here, then there ):
Meaning of Distributorship - ClubSNAP Photography Forums
Thanks Alexis, appreciate it.

I told him something similar but it didn't seem to go thru. For some reason, he just doesn't get it! A month ago he was asking me to complain to the relevant authorities, I told him there is no relevant authorities as it's NOT ILLEGAL. He wasn't very pleased with my answer.

Then he asked me if he can get lawyers to send them a letter. For what? I asked. He said (in his own words) "Ask them no sell so cheap!" I almost fainted there and then.
Reply With Quote
  #16 (permalink)  
Old 22-06-2009, 09:15 PM
Senior Member
 
Join Date: Jun 2009
Posts: 40
bjhchong is on a distinguished road
Default

Husky,

Unfortunately, the economy not very good... else i think u should really look for another job... (hopefully, with ur boss' competitors... )
Reply With Quote

  #17 (permalink)  
Old 22-06-2009, 10:18 PM
Senior Member
 
Join Date: Jun 2009
Posts: 68
quek is on a distinguished road
Default

Husky, just curious, is it to copy your boss' business? From your posts, I suppose it's a import and distribution business for healthcare products like vitamins? Do you know how your boss got started?
Reply With Quote
  #18 (permalink)  
Old 23-06-2009, 09:28 AM
Husky's Avatar
Senior Member
 
Join Date: Jun 2009
Posts: 91
Husky is on a distinguished road
Default

Quote:
Originally Posted by bjhchong View Post
Husky,

Unfortunately, the economy not very good... else i think u should really look for another job... (hopefully, with ur boss' competitors... )
Thanks I am looking for a new job. My industry is not too badly affected.
Reply With Quote
  #19 (permalink)  
Old 23-06-2009, 09:41 AM
Husky's Avatar
Senior Member
 
Join Date: Jun 2009
Posts: 91
Husky is on a distinguished road
Default

Quote:
Originally Posted by adbie View Post
Husky, just curious, is it to copy your boss' business? From your posts, I suppose it's a import and distribution business for healthcare products like vitamins? Do you know how your boss got started?
Hi Adbie,

no worries, if you are curious I can share with you more information. My company deals in a wide range of healthcare products ranging from prescription drugs to vitamins to skincare products. The parallel import case involved some products in the skincare brand we distribute.

Essentially, we bring in the products for distribution to clinics pharmaceutical chains; G, W and U. Some of them are also exported to neighbouring countries.

According to my knowledge, my boss and his wife started off as employees in another pharma company way back in the 70s. After working for a few years (learning the ropes & builing contacts), they started their own distribution business, initially owning only a van and using their home as a warehouse. Subsequently they bought a shop and expanded along the way. Now they own a shop with three shop floor space, a small warehouse and an office.

The secret of their success?

1) Hard work - In the early days they did everything themselves, from collecting goods at the pier to delivery to accounting
2) Choosing an industry that they are familiar with and almost recession proof
3) The last and what I think is the most impt factor is they literally just grew with the country during a time of rapid economic growth
Reply With Quote
  #20 (permalink)  
Old 23-06-2009, 10:12 AM
Senior Member
 
Join Date: Jun 2009
Posts: 68
quek is on a distinguished road
Default

Quote:
Originally Posted by Husky View Post
According to my knowledge, my boss and his wife started off as employees in another pharma company way back in the 70s. After working for a few years (learning the ropes & builing contacts), they started their own distribution business...

The secret of their success?

1) Hard work - In the early days they did everything themselves, from collecting goods at the pier to delivery to accounting
2) Choosing an industry that they are familiar with and almost recession proof
3) The last and what I think is the most impt factor is they literally just grew with the country during a time of rapid economic growth
Hi Husky, I just realized a missing word in my previous post. I had wanted to ask you "Is it easy to copy your boss' business".

Have you assessed what you would need in order to replicate their success?

Incidentally, I have a close friend whose dad also owns a vitamin/supplement distribution. He also started by working for others and then set up his own business in his late forties. Their business is perhaps at a smaller scale compared to your boss. But they are already quite rich by my standards (if I'm as wealthy as them, I'd be very happy) - your boss must be even more wealthy!
Reply With Quote
Reply

Bookmarks

Tags
parallel import, sole distributorship

« Previous Thread | Next Thread »
Thread Tools

Posting Rules
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
NUS Business School ad Salary.sg Income and Jobs 1 25-09-2021 07:23 PM
MBA Not So Good After All? Salary.sg Income and Jobs 39 11-09-2009 02:01 PM
Business Degrees Not In Demand Anymore Salary.sg Education and Personal Growth 26 14-05-2009 10:27 AM
More students opt for business courses Salary.sg Income and Jobs 0 13-06-2007 01:35 PM

» 30 Recent Threads
Q: Big4 - Yearly salary increment ( 1 2 3... Last Page)
17,084 Replies, 5,284,142 Views
GovTech ( 1 2 3... Last Page)
6,490 Replies, 2,482,362 Views
DBS tech seed programme ( 1 2 3... Last Page)
3,864 Replies, 1,548,841 Views
Civil Servant Bonus Mid-2023 ( 1 2 3... Last Page)
163 Replies, 163,972 Views
IMDA (under MCI) ( 1 2 3... Last Page)
1,317 Replies, 671,081 Views
Career as Teacher ( 1 2 3... Last Page)
11,423 Replies, 6,999,991 Views
CIMB Apprentice 2024
8 Replies, 285 Views
Lawyer Salary ( 1 2 3... Last Page)
21,271 Replies, 10,644,039 Views
Insights on Post-interview Process
5 Replies, 4,130 Views
Hospital (Private or Public)... ( 1 2 3... Last Page)
775 Replies, 451,321 Views
MAS for Mid Career Professionals ( 1 2 3... Last Page)
2,189 Replies, 1,126,214 Views
Factual Local Bank Salaries - DBS... ( 1 2 3... Last Page)
1,887 Replies, 1,498,433 Views
ITE Polytechnic Scheme ( 1 2 3... Last Page)
342 Replies, 391,343 Views
How is life as a doctor in... ( 1 2 3... Last Page)
7,480 Replies, 3,546,054 Views
HTX (Home Team Science and... ( 1 2 3... Last Page)
893 Replies, 423,237 Views
Roles in accenture singapore ( 1 2 3... Last Page)
7,830 Replies, 2,472,665 Views
Compare civil service salary ( 1 2 3... Last Page)
16,478 Replies, 12,754,782 Views
Civil Svc/ Statboard - Typical... ( 1 2 3... Last Page)
6,231 Replies, 3,889,062 Views
DSTA (under Mindef) ( 1 2 3... Last Page)
1,601 Replies, 1,439,100 Views
Ex-MOE Teachers ( 1 2 3... Last Page)
429 Replies, 515,718 Views
MINDEF DXO (All FAQ on it) ( 1 2 3... Last Page)
5,983 Replies, 4,815,286 Views
Changi Airport Group ( 1 2 3... Last Page)
473 Replies, 641,222 Views
CAD (Commercial Affairs Department) ( 1 2 3... Last Page)
231 Replies, 262,074 Views
NCS (SingTel subsidiary) ( 1 2 3... Last Page)
1,372 Replies, 1,194,594 Views
Enterprise Singapore hiriing... ( 1 2 3... Last Page)
183 Replies, 235,817 Views
LTA (Land Transport Authority) ( 1 2 3... Last Page)
834 Replies, 443,308 Views
Civil Service Current Estimated... ( 1 2 3... Last Page)
189 Replies, 323,214 Views
CSA (Cyber Security Agency) ( 1 2 3... Last Page)
939 Replies, 548,031 Views
Dillema: University of Melbourne... ( 1 2 3... Last Page)
65 Replies, 67,357 Views
Powered by vBadvanced CMPS v3.2.2



All times are GMT +8. The time now is 12:26 PM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.3.2