One of my goals for 2015 was to launch a mystery project to be completed by this year. Back then, I was not sure if this was going to be successfully launched and implemented by this year as I was busy completing my MBA program. There were also simply too many unknown factors and draggy questions to consider which takes plenty of time and resources. Though, I am glad that we went ahead with the project and decided to launch it successfully yesterday.
Introducing 24Fabulous – Your one-stop online fashion destination catered to women’s apparels for fast fashion.
First off, a little bit of the background on why we decided to name it as 24Fabulous. We all know that all women love to dress up and make themselves look pretty, either for a casual or special occasion. The idea of 24Fabulous is to address the needs of women who wants to look fabulous 24/7 considering the price that one has to pay for that value she is looking for. Similar to a value investing concept, we focus on creating value rather than paying a premium price for a lower value.
The co-founder for the business was mainly administered by my wife and her sister who went ahead with the launching for both Singapore and Indonesia. Being here, my wife will handle the Singapore accounts while her sister will handle the Indonesia accounts. As providers for seed capital funding and a person numbers, her brother in law and I will be mainly handling the finances and working capital for the business.
I have come across and analysed hundreds of companies in my investing journey, but setting up one on your own from the scratch is a totally different story altogether. Many times what we see from the customers or investors point of view is the end product but what goes through the initialization, production and stabilization are the hardest to handle. Through this experience, we have learnt many new skills and knowledge that has never been exposed to us in our normal daily lives. I did come across many of the concepts during my time studying the MBA but doing it altogether is an entirely new and exciting experience, which will increase our awareness as we move forward. For example, working with designers and suppliers or contemplating the pricing and profit sharing agreement are all practical concepts that has to be dealt with in the preparation mode.
Some of you might know that my wife has resigned from her corporate role to become a stay home mummy. With the new business, I think she'll get her hands on both the business and taking care of our little one. I think it'll benefit everyone in the process so I am happy to see that being pushed through.
So that's it, thanks everyone for the support and don't forget to recommend it to your friend.
:) Much Appreciated :)
Whatsapp: +6593874016 (Singapore) / +6281294117902 (Indonesia)