92: Building Recurring Income Streams With Dr. Yong Hsin Ning and Partner of Soul Rich Woman James Wee

<p> <strong>FWEP00092 Building Recurring Income Streams with Dr. Yong Hsin Ning and Partner of Soul Rich Woman James Wee<br></strong><br></p><p>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. </p><p><strong>Opportunities to generate recurring revenue <br></strong><br></p><p>Mr. James gave examples from his packaging world experience. Here’s what he said:</p><p>(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.</p><p>(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.</p><p>(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.</p><p><strong>Proble