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Four Ways to Befriend Your Former Company When Starting a Business

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Former Company When Starting a Business

It is a huge challenge for an individual to quit his job and launch his own business. However, the task can get less burdensome if the individual decides to start their venture in an industry where they already have knowledge, connection and credibility.

In such a situation, your former company can either become your key asset in the new venture or a potential competitor in the industry.

For instance, Ian McAfee in 2009 left his mis-level executive job position from a reputed forex brokerage company to start his own venture in the same industry. Ian with his two business partners started Shift Forex in less than $15,000, a company that provides consultancy services to other forex companies. In the first year itself, Shift Forex earned total revenue of $200,000.

When Ian was asked about the success of his company, he said that he owes the first-year success of his company to his former company and by maintaining a strong relationship with it.

We believe he is not the only one.

You too can gain success in your venture and maintain a healthy relationship with your former company. We are here to help you achieve the same. Here’s how you can turn your former company into an asset that will help your new venture in its success.

1: Show Respect

While you are still working for a company, it is your sole responsibility and a personal choice that while you are working for them,

  • You do your best to serve your purpose in the business
  • Practically, not having any real conversation with your company’s clients, vendors/ suppliers and fellow employees (except for your co-founders) about starting your new venture.

To show respect towards the company you are working for, you have to remember the above two points until you have officially left the job. If the management gets to know about your new venture from the clients or other employees, there are high chances of ending your relationship with your former company on bad terms.

It is important that while you still work for them, you are limiting your activities to researching, strategising, planning and securing funds. Ultimately, it is your lookout on how you avoid the temptation of speaking about your new venture (our suggestion: self-control).

2: Share Your Plan When You Quit

When your company hears that you are quitting your job to start your own venture in the same industry, they might worry that you are planning to steal their customer base or provide some identical services at a better rate.

While few things may be similar, but your former company will definitely have a different value proposition or a target audience. So, when you explain your plan to your former company while quitting would make them feel less threatened by your venture.

Although they would see your company as a potential competitor in future, but your actions will demonstrate a high degree of integrity. On the other hand, if they have a strong obligation against your plan and believe that they have some legal authority to prevent your new venture, it will provide you a window of opportunity to work out a friendly compromise.

Most companies are supportive when their former employees are starting a new venture. If you are lucky enough, maybe your former company would be supportive towards you too.

3: Offer to Help With the Transition

The job position that you are currently working on may have major responsibilities and leaving the job position would mean that your department is left helpless until it finds your alternative. What you can do is, while leaving you can offer to complete certain targets or handle few responsibilities for limited period (of course, as a paid candidate).

Even if your former company does not choose to take your offer, it sends across a message that you really care about the company and what to continue having a good relationship in future.

In case of Ian McAfee, his former company and he had discussed about projects Ian was responsible for finance press. There were certain projects near completion and that would bring in huge profits from the company. So, Ian agreed to finish projects he was responsible for as a consultant.

4: Let Them Know How They Can Help

One of the major benefits of leaving a company on good terms is that you can always ask them to help you in your new venture. Your company would have a good position and establishment in the market and could provide your company with references or even refer you few clients.

Your former company can also help you during financial crisis by referring you few alternative finance sources. They may also provide you legal aid, marketing and sales advices and help you build your way towards success.

In Ian’s situation, his company was comfortable and trusted him with relationships because of the way he handled his department. This was despite the fact that he started a new venture in the same industry and could be a potential competitor later in future.

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Business

Tmall Global unveils two new import-boosting initiatives for China

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Latest Project Management Trends

Tmall Global has unveiled two key initiatives, bringing Alibaba’s plans to bring $ 200 billion worth of international goods over the next five years and to help businesses of all sizes enter the Chinese market. Further afield, Alibaba made a pledge in China last November. International Import Expo.

These two measures are both import solutions, namely Centralized Import Procurement (CIP) and Tamil Overseas Fulfillment (TOF). The CIP program is an important part of Alibaba’s new retail business. Taking advantage of Alibaba’s six shopping centers around the world, program sources imported equipment for all online and offline outlets within the Alibaba ecosystem, including technology-driven grocery chain FreshPup (Also known as “Hema” in Chinese), Timal Supermarket, and the Time Department Store.

While Tuff is a logistics solution that allows brands to offer a small batch of products for sale at one of the Tumble Centers on the Tmall Global platform. This gives businesses around the world the opportunity to try and adapt their product rankings before entering China completely. Toffees are currently available in Japan, South Korea and the United States, with plans to expand in Europe later this year.

Addressing the Tmall Global 2019 Global Partners Summit, Elon Liu, general manager of Tmall Import Export, said, “With the support of the entire Alibaba ecosystem and its existing and future partners, it is important to know about Tmall Global. New initiatives need improvement as we strive to meet the increasing demand from Chinese consumers of high-quality international products.

To support these new initiatives, Alibaba’s Smart Logistics Network will continue to expand its bonded warehousing network in Kenya, China, with a total size of three million square meters in three years. To increase

“Over the past years, Tmall Global has added a complete suite of innovative and value-added services to help brands succeed overseas in the Chinese market, including integrating them into the entire Alibaba economy. ۔ Consumer insights from our ecosystem provide global partners with a holistic view of their customer engagement even if they do not work in China. These market entry and market expansion programs are our key differentiators and have created unique benefits for international brands, “said Liu.

Worldwide statistical data shows that China’s import goods requirements are finding tremendous growth across age groups, regions and types. The demographic population born after 2000 – aka “Generation Z” – is the fastest growing user group on the platform. The platform is attracting more buyers to less developed areas, and in 2018 Tmall Global has successfully predicted three types of growth: anti-hair products, beauty products like collagen drinks, and Modern shoes China’s Generation Z is also boosting demand for pet products and beauty equipment.

What is the difference between Timal and Taobao?

As stated, Tmall originated as Tmall’s premium branch. The real name for Timal was actually the goods needed.

And, both are owned by Alibaba Group, founded by Jack Ma.

Still, they are very different.

Taobao.com focuses mostly on local brands and sellers, while Tamal has a more premium brand.

As an American or European company that wants to sell on an Alibaba platform, Tmall is your only serious option.

How can you help me take the next step?

Need help with CIQ, CCC or setting up your first Tmall store? We work with leading consultants and service providers – who can help you with every part of the process.

  1. CIQ, CCC, labeling and laboratory testing.
  2. Shipping and customs

c Sales on Temple, JD World Wide and other platforms.

  1. Find retailers and distributors for your products.

Ressource:

– MarketingtoChina Mag 

– Tmall

– TP Tmall Partner

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Business

Everything You Need to Know About Beyoncé’s Collaboration with Adidas

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Last April, Beyoncé astonished the world with her latest undertaking: a partnership with Adidas. This powerful collaboration has much in store for shoe lovers and Beyoncé fans alike.

The Facts

 

Adidas announced the collaboration on April 4th this year. They revealed that Beyoncé was relaunching her athleisure line in collaboration with the company. She’s cutting ties from Ivy Park’s co-founder TopShop and its chairman Phillip Green. In 2018, Parkwood Entertainment acquired full ownership of the company, and now Beyoncé is working with Adidas to make Ivy Park a successful international line.

Adidas lovers are interested to see what Beyoncé will do. She’s spreading the Queen Bey love on a global scale, and with the help of Adidas, she has some great opportunities. Lately, she’s been showing off her Adidas sneakers, but new products will also be created for both performance and lifestyle looks in the future.

The Future

This grand announcement sparked a lot of excitement, and for good reason. With the voice of the global star and the scope of the successful athletic brand, Beyoncé calls this opportunity “a partnership of a lifetime”. Together, this new collaboration plans to support these values:

  • Creativity
  • Growth
  • Social responsibility

With two powerful influences, the company can explore and expand in new ways.

The Outcomes

As seen before with the Rihanna and Puma partnership, there can be a lot of success for Adidas. The Puma Fenty by Rihanna boosted sales for the company and was a great example of a successful celebrity collaboration. Beyoncé is known for her striking looks and fashionable sense of style. By showing off Adidas sportswear and promoting the benefits of their high-quality sneakers, Beyoncé has a chance at creating popular products.

Whether you are a Beyoncé fan or simply love shoes, look forward to what this new collaboration creates. Grab a new pair of sneakers while you wait for the exciting future.

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Business

How can 3pl Logistics Services improve a Customer Service?

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3pl Logistics Services

3PL- in simple words means third-party logistics. So basically it implies that one intermediate company or service provider that works in between the manufacturer and the consumer, performs the tasks of transportation and warehousing is known as a 3pl logistics company. It transports the goods and products from the manufacturer at a meager price, and hence reduces the cost of moving the final product to the ultimate consumer.

It is a better option to employ the ones who are already in this specific business. People who are in this specific business know all the necessary things involved in the process of moving the goods, and they know how to deal without incurring huge losses. If a company itself tries to arrange the transportation facilities, it can cost them a fortune in doing the same by using their own resources.

The benefits of hiring the services of a third company are many, and you should know the advantages which can help you become a better company by using the minimal resources and spending the least amount of money. It also ensures greater customer satisfaction, in different aspects.

Focus on what’s important

Firstly, the significant thing is it allows the company to focus on its prime objective of manufacturing and forget about the transportation. You and your staff members won’t have worry about transporting the material if you have opted for 3pl.You can use the same time in producing quality products.

Warehousing

These service providers also have warehousing facilities, which makes it quite efficient in terms of inventory management. They supply it to the store as and when needed and till then stores the excess of products with them, without causing any degradation in the quality. It eliminates your headache of renting a warehouse and charges you as per the space you use which is comparatively lesser than the rent of the entire warehouse.

Extra services 

You have the option of providing the services which your customers wish for. If any of your customers have opted for one-day delivery, you can just instruct the logistics company to do it for you. The cost of it may vary on the distance which has to be covered in one day. You can explore the various options which the company is willing to provide.

Tracking and information 

A professional logistics company also gives the advantage of tracking your shipment. The consumer can know where his product has reached by checking the real-time location and progress in the movement. The real-time information of the product satisfies the customer as they will know when it may arrive and hence will be able to receive. It is very convenient than the local transportation services which don’t have any such additional features.

Handling and care 

The handling of the product is the top priority for 3pl logistics service, as they have professional workers doing the work. As compared to any transporting company who just want to get over with the job, these companies provide the best of services by taking care of it as their own product. Hence they are preferred more by the manufacturers so that they don’t have to incur any losses due to negligence.

It is due to these reasons that the companies preferably choose 3pl logistics company. It enhances the quality of services to customers, hence building up a better relationship between the two parties. If you are in a manufacturing business then rather than selecting just any transporting company which just picks up the goods and deliver it, you should consider these third parties logistic companies. The added advantages with lesser cost make it much more popular among the manufacturers.

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