[VIDEO] We Spent A Day With Tuftme's Founder To See What It's Like To Run A Business
Thinking of starting your own business?
Published for Syarikat Jaminan Pembiayaan Perniagaan Berhad , 11 Oct 2023, 05:34 PM
If you're active on social media, you've probably come across tufting, where people use a tufting gun to make adorable customised rugs
This craft activity has become trendy and highly popular in recent years. Plus, it makes for a fun outing with friends or as a couple's date.
A modern take on traditional rug making, those with a passion for art and creativity will get to use a tufting gun to create designs of their choice.
SAYS got the wonderful opportunity to spend a day with Tuftme's founder, See Yee, to see how she turned her tufting hobby into a business and learn what it takes to run a business in Malaysia
See Yee picked up tufting as a hobby during the pandemic. During the lockdown, she was bored being stuck at home and decided to pick up tufting by purchasing some equipment online and occupying her time with this hobby.
But, soon after the pandemic was over, See Yee decided to turn her hobby into a business by opening up Tuftme, a place where people can explore tufting on their own.
Watch the full video below:
For See Yee, coming up with the idea for her business venture wasn't an issue, but finding funding to support it was a challenge
See Yee: "The problem is funding 'cause you need money to execute your amazing ideas. All these ideas, if you don't have money, it's hard to start, right?"
Brenda: "Right, yes."
See Yee: "I actually asked my friends. Very luckily, I got a few friends who are very passionate and they liked my idea as well. So, we just started it and a few of us came up with some capital."
When asked about some tips on how to sustain a business, the Tuftme founder shared some helpful insights
See Yee: "Keep innovating. Because, as time goes by, things change and consumer preferences also change. You need to adapt to all these changes as well."
See Yee also stresses that finance is one of the most important aspects of starting and running a business
See Yee: "For a business like this, for simple deco or renovation, you'll need at least RM300,000 and if you want to do more renovation, then save up to RM500,000."
However, as an established business owner, she finds that competitiveness in the market is one of her biggest challenges now
See Yee: "Now, it's getting more and more competitive than compared to back then. Back then, people had less access to the Internet. They didn't know where to get the resources. Now, everyone can start a business easily, like on Shopee. So, you must see how you differentiate yourself from other brands and what is your unique selling point."
From our conversation with the owner of Tuftme, it's apparent that money plays a huge factor in starting out a business and keeping it going.
If you've been dreaming of becoming a business owner but don't have the financial means for it, Syarikat Jaminan Pembiayaan Perniagaan Berhad (SJPP) is here to help you!
Established by the Ministry of Finance in 2009, SJPP aims to help business owners obtain financing through their Government Guarantee Schemes.
As it is tied to the government, it encourages banks to be more willing to provide loans and financing to Malaysian businesses. This reduces the financing risk for banks and it increases their trust in the enterprises.
SJPP also has a loan guarantee of up to 90%!
How it works is that business owners can apply for financing facilities from participating financial institutions. Then, those financial institutions will assess credit applications and see where businesses lack collateral. Next, they will submit guarantee scheme applications to SJPP. From there, SJPP will review the applications for approval on behalf of the Government and inform the financial institutions.
