Entrepreneur 20: RICHMOND LIM

RICHMOND LIM

Business: Time Depot

Category: The Young Millionaires

"I always love watches. In fact, since I was in the 5th grade I'd ask for a watch as a gift whenever I did well in school, or if there was a special occasion like my birthday or Christmas. It was why I went into the business of watch retailing, and opened Time Depot in 2001 at the Rockwell Power Plant mall."

The store was known first as The G-Factory with 3,000 watched in initial inventory. The watches ranged from the eight hundred peso Casio to Alfex from Switzerland that cost P55,000.

In the past, it was enough to have only one watch, and it was replaced only when worn out. Today, watches are like shoes, to be mix and match with the clothes. And they come in  all shapes, colors, sizes and appeal to people from all walks of life. 

"I don't mind having competitors. In fact, we're actually helping each other by giving more options to the customers. At least I know that when a customers buy my watch, they do so because they prefer it to the others. It all boils down to the service that goes with the product."

Nowadays, customer service is a critical differentiator,  that's why it is important to train salespeople. Because customers usually are so busy to read the manual, they train the salespeople of the watch features. They also increase the number of their repair stations as their added service to the customers.

"We want to professionalize the industry by promoting an employee based on his or her experience and performance. Before, a person could become a manager only because he was either a relative or a friend of the owner. Now, promotion is based purely on merit. We want to teach our employees how to become effective managers and to have a clear understanding of their career path. I would also like my employees to grab the opportunity to franchise the business, which is my way of sharing with them our success."

GOLDEN RULE:

"As you grow older, you become more cautious and hesitant to take risks. But you have to be a risk taker to succeed. And you are more likely to succeed when you are young, creative, and more open to new ideas."