"Choose your business partners wisely" with Miranda Yan, Vinpit

Photo Credit: Miranda Yan, Vinpit

Miranda Yan is the founder of VinPit, which is a SaaS-based business. It is an online platform for used vehicle buyers who want to run checks on their history. 

What inspired you to start your business? 

The idea of setting up VinPit came to my mind when I was trying to help my friend buy a second-hand car and realized that there was no effective model that the buyer could utilize to dig up details about the used car's components. An unaware owner can face severe challenges in the future if the vehicle was involved in illegal commotions and has a troubled history. Therefore, I decided to build a website that works as a "VIN check" booth for such buyers. 

Where is your business based?

Vinpit operates through the internet, so it’s wise to say that this business works on an internet-based model. It's a virtual platform that anyone could access. We are currently providing services targeted to the US. 

How did you start your business? What were the first steps you took?

I started the business by researching the idea and checking the marketability of the concept. I also looked for any competitors or similar companies. Recognizing the target and making arrangements for the fulfillment of their needs and expectations was the next step. I made appropriate hires with my partner and pushed forward the development of service steadily.

What has been the most effective way of raising awareness for your business? 

It was digital marketing for us. Since I had worked as a marketer for an internet giant for years and gained great experience, I understood the power of digital media marketing. I never left any opportunity to leverage it to increase awareness about our brand.  

What have been your biggest challenges, and how did you overcome them? 

Like any other growing entrepreneur, my first hustle was of growing capital. Managing a team virtually, building a robust, feature-packed platform, and opting for efficient marketing channels is exceptionally challenging. I tried cutting costs on unnecessary expenses and took one step not to burden the finances available. It's the visit management that has helped us come this long, too, in the coronavirus times when all the industries have been impacted massively. 

How do you stay focused? 

I have realized that the key to remaining focused is a proper work-life balance. I have established clear-cut boundaries for my personal and professional life and do not let any of them affect the other. This way, I'm also able to focus on one thing at a time, give it my best, and log off to switch to another role. I also practice yoga and take out time for self-care to prevent stress and burnout. 

How do you differentiate your business from the competition? 

I think the difference lies in our approach. We aren't planning to introduce a tech-savvy program that is fascinated with many bells and whistles. Instead, we have developed a straightforward platform that anyone could use. We believe in technology and want to use it to cater to our customer's needs, but it should not make the inexperienced user's interaction with our service baffling. Most of our competitors try to target car suppliers. We have built our platform for ordinary people who want to gather information about used cars without a costly and cumbersome process. 

What has been your most effective marketing strategy to grow your business?  

PR marketing strategy has worked the best for us. It has landed us a significant amount of media exposure and helped us in remaining visible. Since establishing the brand presence is one of the foremost challenges for any new entrepreneurial venture, PR marketing has alleviated our struggle remarkably. 

What's your best piece of advice for aspiring and new entrepreneurs? 

Choose your business partners wisely. See that they are professional and respect boundaries in all matters, especially authority and control over the business. A good leader can make or break the future of the venture. Make sure their ideas and goals related to the company align with yours, and you share similar thoughts on management and other areas. I would also like to add to that, keep reviewing yourself. I have done this regularly, and it has worked wonders for me. Through this, I identify which decisions I make are working for my business and which are not. It also tells me the area I need to improve on, which can help any entrepreneur grow gradually. I would suggest to the upcoming entrepreneurs that it’s not always about what’s coming. One should look into the future and not forget to look behind, and it lets us analyze the decisions we make and keep improving. 

What's your favorite app, blog, and book? Why?

I don't have one particular favorite app or blog. Since there are many apps that I use daily and numerous blogs, I tend to read every day to gain market insights, choosing one clear winner among them would require a thorough comparison. However, to name a few, I like simple planning apps like Evernote, Google docs, etc., that make my work life easy and sorted. I read blogs like Forbes: Entrepreneur, TechCrunch, HubSpot, Small business trends, etc., to learn about the latest development in the tech industry. My favorite book is Paulo Coelho's - Alchemist. It has excellent motivational quotes, and the faith and consistent efforts exhibited by the protagonist inspire me a lot. 

What's your favorite business tool or resource? Why? 

Proofhub is one of my favorite business tools that helps me ineffective management and conveniently track projects’ progress. It helps in easy collaboration, organization, and cooperation with team members and has a fantastic set of tools that facilitate smooth remote working. 

Who is your business role model? Why? 

Ingvar Kamprad, the founder of IKEA, is my business role model. He was an exceptional entrepreneur who had his rigid stance on cost savings and was criticized many times by people, often labeled " stingy," but that did not affect him, as pleasing people was never on his priority list. He was, in fact, proud of his reputation and carried a carefree attitude that inspires me the most. 

How do you balance work and life? 

My mantra is not to fuse them both. I prepare a routine every night before and try my best to stick to it. Furthermore, I also allocate time for self-care and prioritize my health over anything, which helps me stay away from frustrations and stress. 

What’s your favorite way to decompress? 

I read. Whenever I'm stressed, I like to take a break and re-energize myself with positive thoughts and some "me-time.” I read motivational books, quotes, success stories of entrepreneurs and remind myself why I chose this as a career and what I can do to better my strategies and policies. 

What do you have planned for the next six months? 

I have planned to indulge in a rigorous marketing campaign and reach out to as many people as possible through digital marketing platforms. PR marketing would be our front runner, but we would also like to try our hands at other marketing techniques.

How can our readers connect with you?

Anyone can connect with me through my Linkedin account. If you want to communicate with Vinpit, you can do that via the "contact us" column on our official website https://vinpit.com/.