Starting a business isn’t easy, and sustaining one is even harder. How did Kimstore, an online marketplace for gadgets started by Kim Lato in 2006, grow from a humble Multiply outlet to one of the pioneers of e-commerce in the Philippines? Kim Lato talks about the challenges of starting and sustaining a business. Before Starting a Business When asked if she knew from the beginning that she was going to be an entrepreneur, Kim answered, “I came from an entrepreneurial family, so it was normal for me to see my parents running their own businesses. Then when it came time to start my own, it was easy for me to welcome the idea.” Multiply, which was where Kimstore started, was used mainly as a social networking website. So how did she think of using Multiply as a marketplace? “I had a pool of friends on Multiply, which at the time was the fastest-growing social network. Usually, people just blogged on it, but I thought, ‘Hey, I have friends on Multiply, so why not sell in this community?’ “So I started selling cameras, lenses, and other accessories. Then, people who bought cameras from me were also looking for phones and tablets, […]
A cog, no matter how small, is necessary for a machine to function. Similarly, in an online business, although each person’s degree of involvement may vary, everyone in your virtual team contributes to making sure that goals are reached. An online business, just like any sort of business, is dependent on people. A team is necessary for a business to take off and scale. Employing the right kind of people is half of the puzzle. Setting expectations and keeping them engaged are equally important. Here are some tips to create and sustain a dream team for your online business. Make sure they’re trustworthy Anyone can hide in the anonymity of the Internet. The concept of “stranger-danger” especially rings true when you’re not physically meeting the people you hire. How do you know if these faceless people can really be trusted? Background checks and screening can go a long way. A simple look at their accounts on various social media platforms can serve as your first impression on your potential virtual teammate. Professionally speaking, you can browse their LinkedIn profile. To ensure that you can trust their abilities as well, ask them to take a web-based test, depending on the tasks […]
Businesses only become sustainable when its customers are happy. But even when it happens, this stage is still very temporary. When customers sense they’re worth nothing more than their money to you, they’ll shop around and go to where they feel they’re valued the most. Customer satisfaction should be a cornerstone of your brand. With the global market today, competition is everywhere. Since the market has gone online, it’s harder to build trust between the customer and the business. With a well-developed brand, it’s easier to spot if a certain product or service being offered is reliable, or if it is a sham. Here are some tips to consider in ensuring customer satisfaction and establishing a trustworthy brand for your business: Be accessible Customers want to know the fine print about your business. Make sure to have your communication lines open – listing your social media accounts, hotline numbers, and even operating address makes a huge difference. Return the favor by assisting them and eliminating their worries. This would lead to your brand’s credibility. Be honest Being open about both your business’s strengths and weakness (or more aptly, your limitations) lets your customers know you have their best interest at […]
If you have a tech startup or an online business, you’re most likely doing most of your work right in your own bedroom, on a neighborhood cafe, or just about anywhere convenient. At one point, however, you might be asked by clients where you’re operating. Or maybe you’re ready to formally register your business. Does it mean that it’s time to reconsider your setup? Don’t move out and rent just yet! A virtual office might come in handy. A virtual office is a setup where a leasing company would allow you to use their address for a fee. You can officially use their address even in your business registration and other transactions. Because there’s actually no physical office space involved, you’re just going to pay minimal fees. In effect, you’re renting yourself a mailbox. It’s a great way for getting yourself a prestigious business address that you won’t otherwise be able to afford in the meantime. Sounds great? Here’s when you should get a virtual office for your business: You’re wooing big deals From the perspective of your clients, a business address would make you more attractive to enter into contract with. Especially when you’re chasing after investment money, you […]
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