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

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

[quek]

Originally Posted by retailman

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.

[Husky]

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.

[Alexis]

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 ):

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

[Husky]

Originally Posted by Alexis

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.

[bjhchong]

Husky,

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

[quek]

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?

[Husky]

Originally Posted by bjhchong

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.

[Husky]

Originally Posted by adbie

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

[quek]

Originally Posted by Husky

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!