92: Building Recurring Income Streams With Dr. Yong Hsin Ning and Partner of Soul Rich Woman James Wee
Manage episode 289160280 series 2551537
FWEP00092 Building Recurring Income Streams with Dr. Yong Hsin Ning and Partner of Soul Rich Woman James Wee
Today I want to introduce a very special guest who has done this repeatedly in his numerous businesses and is very successful. He’s Mr. James Wee. He’s a serial entrepreneur who has owned numerous businesses including a packaging company, software development, coffee chain, digital marketing business, and his latest venture is Soul Rich Woman which is Southeast Asia's number one female entrepreneur network. Connecting 200,000 female women across the region. Since 2002, he has co-founded ten businesses with many crossing one million in sales in the 1st year. So you’ll hear 3 things from him. The first is how he determines whether a business is suited to generate recurring income. Secondly, what barriers that he faced and how he overcame them. Thirdly is the opportunities that this pandemic has given to SMEs to repivot their business model. So you’ll hear all this from the man himself, Mr. James Wee.
Opportunities to generate recurring revenue
Mr. James gave examples from his packaging world experience. Here’s what he said:
(7:55-8:08) so eventually, we realized that there’s a machine that can crumple. In a way that they achieved, they made it puffy. Then they can actually use it. And one big roll of, let’s say, I think 100 meters, they can crumple into, let’s say, half a container space.
(8:18-8:33) so the only way is if we can give them a machine that belongs to us. Whether use it lease or is it, give it to them for free. Depend on the volume they use. But we know that with this agreement signed they must continue to buy the raw material, paper raw material, from us.
(8:55-9:08) by doing so, we actually, so-called, can protect ourselves by not letting the competitor to come in so easily because unless they are asked willing to invest in a machine to continue to get the recurring income.
Problems encountered and how to overcome them
(11:51-12:01) Most importantly, our most difficult situation internally is investment of the machine. Externally is convincing the customer. This is something that we worked very hard.
(12:13-12:47) so these are the few things that we definitely going to face in any business. You want to do is outlay. Then the customer, convincing the customer to switch and is definitely something that a lot business owner need to look into if they were to look at change of business model in terms of time. But during my time we are just walking on trying to grow the business and want to have more stable business. That is why we are looking at all different situations and we spend for pre, half a year, 1 year, 2 years to figure it out and find out what is the possible consistent income that we can have. Then we come up with this. We call it the reoccurring income model.
Types of businesses that generate recurring revenue
Mr. James Wee said that all types of business can generate recurring income as long as you have a positive mindset.
(30:38) but I think every business wants to aspire to become one. It is not, again, I cannot really think of anything that is not possible unless, again, is your mindset. If you think it is not possible then, forever it is not possible. But if you think it is possible then you can actually do your own research, figure out more.
(31:13) I think something like that is very important that the business owner must mindset. They are willing to look into the business to find some reoccurring way of getting the business to be prepared year after year rather than just say not possible.
Strengthen business resilience in this post-pandemic world
Business owners took their businesses to the online world because of the pandemic.
(41:47-42:21) Let's say every other business, everything being equal. Those people who already have been embarking on their whole entire business into the online world meaning that getting leads online and getting things more visible online. And eventually, they’re having some software or a platform for them to be seen or being able to order their product or even introduce their thing in a video format. Everything online is important because moving forward, the retail outlets, of course, because of pandemic now has a big change. Actually, it’s just accelerating the change.
(43:20) During the pandemic, everything that is not possible now is happening.
(49:32-49:47) From my own experience, even in your services, but when you share a lot of things online, you are visible online you will be surprised that people want to do a partnership. And other countries will look for you to become your franchisee. But you must be visible online.
(50:36-) Online is already proven to be the future.
- We must keep our eyes on the customer's nterest at all times.
- A recurring income stream not only ensures a steady cash flow but also reduces costs.
- There is no such thing as a "single move" to the end goal.
- Think about all of the properties you have in your business as resources that can be monetized.
- Since every business is different, you should be open-minded and always do your own research.
Subscribe to Genecia’s Youtube channel: https://www.youtube.com/c/SoulRichWoman
Visit SRW’s website: https://www.soulrichwoman.com
Follow Genecia on Instagram : (@Geneciaalluora)
Follow Genecia on Facebook: https://www.facebook.com/geneciaalluora/
Check Genecia’s LinkedIn: https://www.linkedin.com/in/genecia/
Free Resource: "Soul Why: Soul Rich Woman Blueprint" and "How to Delegate 80% of your to-do list" ---> https://be.soulrichwoman.com
Secrets of Manifesting Money Quickly Online Course ---> https://shor.by/moneymindset