Importance of Market Researches and Planning – Sharing by Monique Loh

Monique Loh, a 20-year-old student who owns her fashion directory website. She shares on how she get started her online business and her experiences of market researches and planning.

A Little Bio of Me
Let listen to what my brother thinks about me:
Ugly fat childish

In the process of slimming
Plenty room for mental development

Food lover

Loves eggs
Able to take minimum three eggs at one go

I said: Whatever he talks about me, at least I am happy and satisfied with what I am doing now. 20-year-old girl, who owns a fashion directory website, still attending class in Institute. I am on the way to my ideal life. :)

My Website: Lady Collection.Net – Online Shopping Directory

Online business experience

  • November 2008 get the first batch of physical products
  • December 2008 set up a blog
  • January 2009 dropped the plan of selling physical products
  • February 2009 start creating website by using XSitePro
  • April 2009 published own created website

What was I doing before I start the online business?
I have been dreamed of having a physical fashion shop when I was a secondary student. The first thing I must think of before operating a shop is money. How can I own or rent a shop without funds? Asking helps from my family? No way! This kind of desire is out of our budget. So I need to work on myself. At that time, a part time job may help me. I have 3 part time job experiences: waitress, charwoman worker of a trophy shop and wood company. What my experiences told me is that that was indeed the only position and salary I can get because of my new working experience and being a non-outstanding student in school. I quit those jobs finally as I was told I was not capable in handling those position. Oh, I am a science field student.

How I start my online business?
One day in 2008, my uncle brought a bag of hairpins to me. He bought the hairpins from Thailand when he was traveling there. As I know, there are many teenagers sell their physical products in their blogs. I followed their footsteps.

The excitement drove me to

  • sign up for a blog account under free hosting
  • taking picture of all the goods
  • learn Adobe Photoshop (this software may help me to change the background in the photo)
  • searching for information related to customer service(postage charge, price of goods, merchandise policy)
  • browsing similar website and take them as reference

I dropped the plan of selling physical products
As I have posted the first batch physical products (sponsored by uncle) on my selling platform, I met with some obstacles:

  • source of good. The only source of goods that I can think of is oversea wholesaler. That means I have to buy the products online. At that moment reliability and quality of the goods have became my worry.
  • economical problems. In order to cut down cost I have to buy in large quantity.
  • commercial awareness. I was new to this field and did not have any idea about niche market.

One day, I came out with the idea providing service instead of promoting physical products. This kind of business does not have me to worry about source of goods and economical problems. After I did some market research, I slowly able to recognize my niche market and keep on with the target.

How do I get my new idea

  • Browsing website, make them as my reference. Research work is a must do section before I make any decision
  • Note down the important service that I think I should include in my website
  • Keep on learning when I come to something that I am not familiar with (e.g. ‘affiliate’ used to be a new term to me)
  • Digest all the ideas and I come out with the plan that fit me the most. Comparisons based mainly on the demands of market make me clearer about my pathway before operating my website.

I have gone through those steps and nowadays I’m able to create my ideal website instead of using blogging under free hosting. Actually, I am lucky that I was introduced an easy access website builder software (XSitePro) to create website by Moon Loh.

My Advice

  • Follow the steps I have used (research jobs may help you to think of  certain idea that fit you the most)
  • Do not hesitate to ask for help from experienced and reliable mentor in your field.

Filed under Getting Started #

Leave a Comment

Fields marked by an asterisk (*) are required.

Subscribe without commenting