Jane Lu, founder and CEO of successful online fashion retailer Showpo, shares her top tips for business success. She says if you’re looking to start up, don’t compare yourself to others, and you only invest what you’re willing to lose.
It was then that she met a like-minded girl who wanted to start an online business – Lu launched online store Showpo in 2010.
Showpo is now a global, multimillion dollar company, and in 2016, Jane Lu was listed in the prestigious Forbes Asia’s ’30 under 30’ list. And all this success didn’t happen by accident. Lu has worked hard, and with passion, dedication and a few smarts, the entrepreneur has learnt a thing or two about the equation for business success. Here are some of her top tips below:
Make sure your business model works
I failed with my first business because the business model didn’t make sense, so it wouldn’t have mattered how much money, PR and passion we would have pumped into the venture – it still would have failed.
Good marketing will help you scale a business.
Social media has been the most important marketing tool for us, and it’s even made Showpo a global brand. If you want to grow the business, take time to learn the different platforms. I was a Facebook fanatic which helped us in the start, but two years ago, we plateaued on Instagram, so I opened my own private account, which helped me figure out how the algorithm had changed and how we could use it to grow.
Hire great people to make the business scale even further
A good leader knows how to hire great people and let them do their thing. It’s difficult when as a CEO in a start-up, you’re used to knowing everything. But as your business grows, you need to delegate so you can focus on the bigger picture, so make sure to hire good people.
Don’t compare yourself
We used to look at what other businesses in our industry were doing, but then I decided to focus on what we wanted to do and our vision. That’s when we really grew.
Never invest more than you’re willing to lose
When many people start a business, they think they know what their customers want and spend so much money on inventory. But when they realise what they customers actually want, that inventory is sitting there dead, and they don’t have more money to invest in what their customers want.