January 20, 2009 at 10:07 am
· Filed under Outdoor
Can you believe how nice the weather is here in Southern California in this time of the year? I just love the sunny outdoors and can’t imagine living in the east coast because of the freezing weather. So I am staring outside at work and wishing how I could get in the car, go to the beach and ride a bike next to the pacific ocean.
I finally made the decision to physically train hard this year to participate in the 10th Anniversary Los Angeles Triathlon taking place in Venice Beach down to Los Angeles Downtown Nokia Theatre LA Live. I have high anticipation for this event as it is my first triathlon competition and the last time I participated in a high endurance sports was the 20th Los Angeles Marathon.
The Los Angeles Triathlon offers various categories (self-explanatory) for its competitions:
Individual-Olympic Distance
Individual-Sprint Distance
Relays (sprint and olympic)
Professional
Elite Amateur-Olympic Distance
Collegiate
High School Student
Bike Event Only
I am signing up for the Individual-Sprint Distance. The difference between Olympic and the Sprint Distance is the distances. Sprint triathlon consists of 0.47 mile swim, 12.4 miles bicycling, and 3.1 miles running. The Olympic is twice the distance of the Sprint triathlon (0.93 mile, 24.8 miles bicycling, 6.2 miles running).
Since this will be my first attempt to complete this high endurance physical sports, I been perusing the internet for every useful information: beginner’s training, nutrition, training schedule, and the right equipments. Speaking of equipments, this is not a cheap sports to partake as I will lay down the estimated costs to completing the Sprint triathlon.
Registration fee = $150
Wetsuit = $100-200
Bicycle = $300-500
Bicycle Helmet = $50
Running Shoes = $100
Sun Glasses/Cap = $100
GPS/Heart Monitor/Watch = $200
Training Book = $20
Food and Supplement Nutrients = N/A
I don’t know if I want to invest in all the above items because I may not continue this sports after 2009 but who knows, they say you get hooked on it after your first triathlon. This is a rough estimate and who knows how much the food alone would costs. Triathletes must have proper nutrition and we eat a lot throughout the training days. A wetsuit is optional but the majority do use one to trim down their time. The temperature in the month of October may be a bit too chilly though to swim shirtless so there is a slight chance that I need to pick one up and if I do, I can happily use it for surfing and other ocean activities in the future.
Being a neophyte, the swimming aspect is most frightening because I have not experienced ocean swimming for half a mile straight. Better start on those calf and hamstring stretches because I sure don’t want leg cramps in the middle of the ocean swimming.
I returned from the Overseas Korean Traders Association’s (OKTA) two-nights three-days trade workshop and the program was well planned and executed despite it being only in its fifth year. Former OKTAJR’s graduates, staffs, and the directors worked long hours six months ahead of the program for the trade shows’ preparation. The guest speakers, import/export trade workshops, business plan case studies, and activities were well incorporated into the program layout. I greatly appreciate the founders, directors, staffs, sponsors, and all the contributors that have made this program a success for the Korean-American entrepreneurs.
The trade workshop took place in the Wilshire Plaza Hotel (Koreatown’s central business district) as mentioned in the previous OKTASC entry. Each year, OKTAJR accepts a maximum of 50 participants to the program. OKTA could invite more participants but then there would be issues with overcrowding and lessening the effectiveness of networking and the workshops. Perhaps OKTA’s annual budget could not accommodate additional participants.
Speaking of budget, OKTA fortunately attracts successful businesses for the program’s sponsorship. Without their sponsorships and support, OKTA would face many challenges coming up with the funds necessary for the program’s expenses; hotel accommodations, meals, program materials, great speakers, field trips, and lot more. To show my appreciation for the numerous sponsors, here is the list of OKTAJR’s sponsors:
GOLD Sponsors
Royal Imex Inc., Everest (Bags), Wilshire State Bank, Dura Coat Products Inc., Group Win (Golf)
SILVER Sponsors
Center Bank, KNA Memorial Hall, ENS Tradings Inc., Hite Jinro, Wilshire Plaza Hotel Los Angeles, Lotte Hotel LA Office
BRONZE Sponsors
Hanmi Bank, Nara Bank, Flexfit LLC, Asiana Airline, KCC Transport Systems Inc., J 2 Group Inc., Commonwealth Bank, eWaste Center Inc., Sunrise Distribution USA Inc., Mantis Technologies, Contempo Inc., Ameriko Inc., Da Se In America Inc., UPS, Woo Ri Sool, Khan Soju, Boo Chang Do Tofu House, Best Western Palm Resort, DreamLife, SinJin America, Kyungmin Trading Corp., Damo Clothing Inc., DNH Management Co., Aries Trading, S&S Inc., Has Been Limited, Summit Wholesale, Leeway Global, WooJin Trading Inc., Elite Golf, Hannam Market, Nanowell, Uniti Bank, TaeYang Airline
OKTA 2007 Trade Workshop DVD Part 1/2
OKTA 2007 Trade Workshop DVD Part 2/2
Networking
OKTAJR emphasized heavily on networking, and after all this was a business workshop where communications between a buyer and a seller (importer/exporter, company/end-user, etc.) is the principle of trading. Since this was run by the Overseas Korean Traders Association of ‘Southern California’ (OKTASC), the majority of the participants worked and lived in the Los Angeles County and a very few were from a different county and state. Like all other networking events I attended, I was very impressed at the different backgrounds of the participants. Within my own team were outstanding people with interesting backgrounds from different walks of life. Through this trade workshop, I had the privilege to work with them for three days.
The age range was wider than I expected. The youngest member was 18 years old (sophomore in college) and the oldest member may have been in her/his late 30s. Overseas Korean Traders Association Junior (OKTAJR) of course do not discriminate against age; accepting applicants both young and mature, the age differences only encouraged a diverse networking opportunity combining fresh ideas from all participants.
The diversity was present not only in the age range but also in cultural views. The English language was not as prominent as I thought it would be. For instance, my group used Korean most of the times and though I am fluent in Korean conversations, my Korean vocabularies were limited compared to my team mates. One of the member lived and worked in South Korea most of his life but immigrated to the United States for his Masters of Business Administration studies at UCLA. He is in consulting and by listening in to his conversations, you knew he was an expert in his field. A young man learning about the Korean-American lifestyles and cultural point of views had many inputs and opinions on the cultural differences. I was fortunate enough to pick his brain and learn more about the Korean business culture. Did I mention that I really want to improve on my Korean?
Field Trips
Our class got a chance to see a full-scale apparel manufacturing company in Los Angeles (South Gate). Koos Manufacturing, Inc. is a successful jean manufacturer that employs around 700 employees as of year 2007. Koos not only manufactures high-end denim jeans, the company also has the entire business operation working under one roof: fashion designing, payroll, marketing and sales, and distributions. Excellent operation management if you ask me because not many apparel manufacturers have the entire operations working under one location. After the assembly line tour, we asked lot of questions on its success. For your information, competition is very fierce in Los Angeles and the profit margin is very thin in the textile industry but Koos Manufacturing, Inc. continues to thrive and do very well annually.
Koos Manufacturing, Inc.
2741 Seminole Ave.,South Gate, CA 90280
323-564-2100 www.koos.com
The next tour site was the Korean National Association Memorial Hall located near the University of Southern California (USC) campus. I encourage all Korean-Americans to visit the KNA Memorial Hall and spend a good hour or two reading the articles and exhibits beautifully displayed, and also check out their website to learn about the non-profit organization in details. Admission is free. Operating hours are Monday through Saturday 10AM to 4PM and Sunday is closed.
Korean National Association Memorial Hall
1368 W. Jefferson Blvd., Los Angeles, CA 90007
323-733-7350 www.knahall.org
I highly recommend this trade workshop. Visit OKTAJr’s website for more information.
For those that are residing in Southern California and desires to gain valuable experience learning international trading in the commerce industry, don’t miss out the 2008 Overseas Korean Traders Association (OKTA) Trade Workshop. It is a three day trade workshop that is being held in Koreatown Los Angeles and the fee is only $80 which includes hotel accommodation, meals, and many programs scheduled for the event.
There are certain criteria to be admitted to the workshop and I believe you must be a Korean-American with a permanent residence or a US citizen (no F1 student visa), proficient in English (maybe Korean too?), last but not least have a true desire to succeed and work diligently as a Korean trader.
The World Federation of Overseas Korean Traders Association was established on April 1981. OKTA’s initial goal was to promote mutual prosperity between Korean traders in the U.S. and Japan with Korea and its trading partners as well as to enhance Korea’s economic profile.
Since its establishment, OKTA has expanded exchanges from Korean traders within the US and Japan to Korean traders globally. In addition, OKTA has expanded its concentration on trade of commodities to the trade of information and services. OKTA has been working across the globe, obtaining trade orders and holding consultations among its participants. Through international commerce, OKTA has and continues to contribute to the economic development and prosperity of Korea, Japan, and the U.S., as well as countless other global economies. http ://www.oktajr.com/socal/home/
Date: 2008, July 24 (Thu) – July 26 (Sat)
Place: Wilshire Plaza Hotel (3515 Wilshire Blvd, Los Angeles, CA 90010)
Fees: $80/person
Tel: 323.939.6582
Fax: 323.939.6583
Application Deadline: July 4, 2008
More Information: www.OKTAjr.com & info@OKTAjr.com
ATTENTION: On October 16, 2007, the firm took in $27.5 million in capital funding from Maveron, the venture fund founded by Starbucks founder Howard Schultz, to expand the firm’s concept nationwide. http://en.wikipedia.org/wiki/Pinkberry#History What does it all mean? Pinkberry has not been sold to a new owner, but Pinkberry, Inc. received new investment fund so that the company can open new stores at a faster rate nationwide. If you’re really interested in the Pinkberry franchise, I would recommend that you have sufficient capital and personal assets to start up the business, and business experience (or a partner who does) to convince the franchiser that you are a good candidate. If all fails, there are dozens of frozen yogurt franchises that require a much lower investment capital. Good luck in your business endeavor!
Interested in a Pinkberry Frozen Yogurt franchise? Well, you may need to wait a few more months to even obtain a franchisee prospectus from Pinkberry, Inc. Here is the quick rundown of What’s New in the thriving business:
The word is that Pinkberry, Inc. has been acquired by one of the Walt Disney’s Company as of December 2006. Update: The acquisition has not been finalized as the owners of Pinkberry did not accept the offer.
The two founders, Hye-kyung “Shelly” Hwang and Young Lee are now (or could be) successful multi-millionaires. Congratulations.
Prior to the acquisition, Pinkberry, Inc. did not offer prospects with an Uniform Franchise Offering Circular (UFOC) because the company did not apply with the California Franchise Tax Board.
So you’ve heard of the frozen yogurt from a friend and you ended up trying the product out yourself. Undoubtedly, the frozen yogurt tasted surprisingly good despite the premium price. And for those with the entrepreneurial sense you suddenly wanted to open up your very own Pinkberry store. Eureka, I can become a franchisee! It will not be easy as you think it is and by reading the blog in its entirety, I hope this info could save you the time and energy.
I assume you know what Pinkberry is since you came this far but for those that are still in the unknown zone, these two articles should get you started: LA Times article and Colleen Cuisine’s blog.
Was it a mere coincidence that I picked up that day’s copy of the LA Times? Apparently not because I am here blogging about the business and not operating my own Pinkberry in Victoria Gardens shopping center or somewhere down in Irvine. If I had contacted Shelly the day I read the Times, it might have been a different story. It was late October when I sent off an e-mail to inquire on becoming a franchisee. I didn’t get a response from them but I did get both an e-mail and a phone call from the Fiore Natural Italian Yogurt company which I had contacted at the same time as Pinkberry. But I wasn’t interested in Fiore or investing in a franchise by December.
Based on outside sources, it took only a few days for Pinkberry to attract a line of investors willing to pay an upfront fee (six digit sum) to “reserve” their own store. I doubt the deposits accrued any interest so I am willing to bet that some of the investors were not too happy. An average time to open a single Pinkberry takes longer than three months because of many hoops to go through. Getting a lease agreement finalized from start could take a few weeks in itself. But in mid-November, Pinkberry, Inc. hired a professional real estate firm that specializes in retail leasing (Robert K. Futterman & Associates, LLC) to expedite the whole process.
I did an extensive research on the industry, a break-even analysis, market analysis, and financial planning. I basically wrote a complete business plan on Pinkberry. Thanks goes out to Julie Chun for providing more than a sufficient amount of resources. Thank you very much, really helped out on the business plan. If anyone would like to see the business plan, please give me a call but I am only willing to show the plan face to face due to a few confidential information. Edit: Two of the investors requested that I do not show the business plan to an outside party.
What was interesting during the investigation was the the local competitors of Pinkberry. An infamous company that copied the decor and the product line with the exception of the business name but it isn’t difficult to figure out how the business name was thought out. Kiwiberry (sometimes spelled as Kiwiberri) business was founded by John Bae. You can also find more information about Kiwiberry online (Colleen’s blog) and read mixed reviews from Pinkberry’s loyal fans. Hwang was well aware of Kiwiberry and Bae’s intention to steal their customer base ,and eventually Pinkberry, Inc. had filed a lawsuit against Kiwiberry on November 2006 in the City of Los Angeles.
Before I go any further about the business, let me share with you a brief history how the founders got their idea and why this business can be a smart investment for entrepreneurs and investors alike. Shelly had early experience in the food industry and had ran a few restaurant franchises on her own. Two of the businesses had failed. Yet she persevered and thought of an idea to open another food service store but at a much smaller scale. She imported the frozen yogurt concept from South Korea and created the Pinkberry brand on her own. In urban cities in South Korea, frozen yogurts were a popular dessert amongst the social hangouts. The Red Mango (website requires the Flash plugin) company is one of the most widely known franchise that makes a wide variety of drinks, yogurts, ice cream, and desserts. Red Mango is one of many other yogurt businesses that have been operating in South Korea. Hwang acknowledged that the very idea of the Pinkberry concept was not her very invention but a product of someone else. Without a doubt, Hwang (the “Entrepreneur”) took the risk of introducing a fairly new concept to the Southern California market by investing her own capital and time and building a new demand in the market. Strengths
Strong Brand (in the local market and quickly expanding); Disney’s acquisition will surely create a stronger brand awareness
Excellent Locations; Pinkberry leases only upscale retail locations
Attractive Profit Margin; above 50% profit for each sales (variable)
Weaknesses
Premium Upfront Fee; franchise fee is in the six digit
Easy entrants of competitors; yogurts (Golden Spoons), smoothies (Jamba Juice), ice-cream (Cold Stones), and etc.
Fad; people can live without frozen yogurt and there are many alternatives
Important Reminder: Pinkberry, Inc. has not been officially registered with the California Franchise Tax Board. I might be getting some incorrect information but the following information i found on CareerBuilder.com contradicts the franchise aspect of Pinkberry. 4sunkids, Inc. name have been popping in many websites mostly from on job searches. Some pages address the company as the “Nation’s largest franchise of Pinkberry” and it may or may not be true. From what I can tell based on those websites, 4sunkids, Inc. may just be one of the early investors of Pinkberry and the investor(s) created the business entity and posting availability of part-time jobs in their Pinkberry stores.
4sunkids, inc. is the Nation’s largest franchise of Pinkberry, the innovative company that has brought style and panache to the world of frozen desserts with its upscale, modern décor and unique concept. We serve non-fat frozen yogurt with a natural tang that’s not too sweet – top it off with a variety of fresh fruit like mango or blueberry, add some mochi or Cap’n Crunch and you’ll know what all the fuss is about.
4sunkids is opening ten new locations throughout the Greater Los Angeles area over the next three months and we’re looking for qualified Multi-Unit Managers, Store Managers and Assistant Managers with experience in the quick-service industry to help us realize our goals. Come work for a company where your efforts and experience are appreciated and rewarded. We offer a competitive salary, bonus structure and benefits as well as immediate potential for career-minded individuals.
Source: careerbuilder.com; URL is extremely long.
A continuation of the Pinkberry Yogurt Business is being added to help you on your venture. The investor mentioned in the business plan requested that I do not disclose nor share the business plan with anyone.
