The SHINE Series features individuals who I meet on my travels or through my network who inspires me through their mindset, actions and/ or heart to flourish.
One birthday, a dear friend gifted me with a pouch that had my name on it. I super love it and asked her for the company so that I could customise gifts for my family and friends. That was how I got to know Kit. Since then, I have ordered many gifts both personal and for corporate events. Every single time, she was super warm, courteous and professional – going the extra mile.
It gives me great joy to have the opportunity to learn more about her through her sharing. I was curious about her favourite quote from Eddie Van Halen “You only have 12 notes. Do what you want with them.” and had to google it to understand it better. Love it when I learn something new!
Kit Lim – Entrepreneur, Ribbons & Bows, Singapore
What inspired you to start your journey?
I have always been curious about building a business, having seen my parents started their own from scratch since I was a child. Over the years, I observed how they overcame a myriad of business challenges with perseverance and resourcefulness. I was greatly inspired by my parents’ grit, gumption and creativity. For a good while, I’ve put the plan to be a business owner on the backburner. After 14 years in the corporate world, with much gung-ho spirit and a little savings, I hopped off the pretty merry-go-round of corporate life, and got on the roller coaster of entrepreneurship.
What challenges, if any, did you find at the beginning of your journey and how did you overcome them?
One of the challenges was contending with unconstructive criticisms from some friends who came to know I was planning on starting my own business. Besides feelings of hurt, I also grappled with feelings of doubt in my ability to pull this off. I began to wonder if I had made a rash decision. After much introspection, I decided to sieve out the disparaging remarks, distance myself from sources of toxic negativity, and to surround myself with family and friends who were emotionally supportive but were never hesitant to provide constructive criticisms. Looking back, that was probably my first lesson as a business owner: Walk with people who bring out the best in you on the road less travelled.
How did you get the idea for your business and why did you think it would work?
“Ribbons & Bows” is an online store specializing in personalized gifts, which I co-founded in late-2018. The target audience comprises busy adults who yearn to express their thoughtfulness to family and friends through meaning gifts but are strapped for time. The idea for the business arose from the difficulties I experienced during seasonal gifting. While I enjoyed gifting, “hunting” for the “perfect” gifts for several family members and friends within a small window of time for shopping was a stressful experience for me. My hectic work life simply did not allow me the luxury of time! It was even more nerve wrecking when I needed to get “right” gifts for several co-workers within a short timeframe. Eventually, when I started my own business and was brainstorming for product ideas, I decided to provide product solutions that would solve my own gifting problem. Hence, “Ribbons & Bows” was launched with the aim to provide trendy, curated range of customizable gifts that convey thoughtfulness effortlessly without costing an arm and leg.
What kind of research did you do before you started?
As ours is an online store, besides market research on competitors’ product offerings and pricing, I also utilized digital tools such as Google Trends to assess viability of potential products within the online sphere. In addition, I tried to find out the kind of social media platforms would have optimal reach for our demographic and psychographic audience. I also assessed several e-commerce platforms in terms of ease of use and payment security to ensure smooth launch and running of the online store.
What daily habits do you use to help you succeed?
Self-discipline did not come easy for me in the beginning, as I noticed quickly there were no immediate repercussions if a couple of tasks were delayed; no one was there to breathe down my neck when I procrastinated! Also, I was spending too much time on tasks that did not contribute directly to the bottom line. Hence, I made it my morning routine to write down a list of tasks I need to complete for the day. Then, I strike off tasks that do not contribute directly to sales and revenue. I would then ensure all tasks are done before calling it the day and rewarding myself with my favorite snack. It works a treat!
Knowing what you know now, is there anything you would have done differently?
In hindsight, I would moderate my investment in inventory for some new products. It would have been better to bring in less quantity (albeit at higher cost price per piece) to first test its viability before buying in bulk.
How did you persevere through the tough times?
By keeping a positive mindset, being resourceful and trying a dash of creativity! I started my business around end of 2018, and sales result was promising. Most of our customers purchased our products as gifts and favors for festivities, parties and private events. Unexpectedly, one year on, Covid-19 arrived on our shores. Group gatherings were prohibited, and our revenue was drastically impacted. Our supplies were also disrupted by logistical issue. During the tough times, I tried to keep my spirits high by reminding myself the promising sales prior to Covid, as it meant I had a viable business which I should not give up on easily. I also tried to be resourceful and kept my eyes peeled for available Covid-related support for businesses provided sporadically by the government. At the same time, I tried a little creativity and launched new “limited edition” products that were relevant during Covid period, such as customizable iron-on labels for masks. These “novel” products caught the eyes of several new customers. Some of them came back to us for our regular products when parties and private events were allowed again.
What do you want to achieve next?
As a next step, I wish to collaborate with like-minded business partners with product offerings that are complementary to ours. Hopefully, we could inject freshness into the business through such collaboration and expand our product reach collectively.
What may be one or two memorable experiences you’ve had while running your business?
The most memory experience is one that helped me learn a useful lesson the hard way. I remember meeting an established supplier during initial stage of my business. During the negotiation process, I did not take the condescending tone and remarks from the supplier well, and it showed. As a result, I was not able to get the deal I hoped for. It was a valuable lesson for me. I learned that as a new small business owner, it is important to put my ego aside at times, even though I am the client. It is also important not take business incidents personally. Another memorable experience was when a regular customer showed her appreciation by sending us a handcrafted gift. It was a memorable gesture that I would think back on to encourage myself during trying times.
What is a typical work day like for you?
For me, there actually isn’t a “typical workday”, as the tasks that I do depends on seasonality and the kinds of orders received. There is one constant in my daily work life though: Prioritizing tasks that contribute to the bottom line and completing them first. Hence, first half of the workday is dedicated to high-priority customer-centric tasks, such as replying to their messages, fulfilling their orders, creating social media posts, preparing new designs for products, etc. I would leave easy-to-do yet low priority tasks such as administrative work, replying to emails from suppliers, etc. till the end of the day.
What is your favorite aspect of being an entrepreneur?
My favorite aspect is the invaluable experience of self-discovery during the entrepreneurship journey. Being an entrepreneur reveals the strongest and weakest aspects of myself – some of which I was not even aware of before I started my own business. For instance, I thought I was a risk taker, but when rubber met the road and I needed to make tough business decisions, I realized I would rather err on the side of caution. Also, just when I thought I did not have the inner strength to overcome the business challenges that Covid brought along, I am now almost riding out the storm. This knowledge about myself built my confidence and gave my personal growth a healthy boost.
What advice would you give to someone who is wanting to be an entrepreneur?
For someone who is considering transiting from corporate world to being a business owner, be prepared to work doubly hard, be twice more self-disciplined, and be ready to shoulder tremendous stress. Nevertheless, the sense of fulfillment is extraordinary and worth the sweat, and at times tears.