It is with a heavy heart, but with mixed emotions, good and bad, that I can officially say that Flower Gift Korea has been sold! We actually sold it awhile ago, but we were helping the new owners get used to everything. Brandy and I are very thankful for all of the teams / people who showed interest in buying our business. Honestly, I knew that Flower Gift Korea was a good business, but I wasn’t sure if others believed it as well. But we ended up having 5 different teams show interest, with 3 of the teams making an offer. And we ended up going with the team that we thought was the best fit in terms of what they were offering and what they planned to do with Flower Gift Korea had they become owners. Flower Gift Korea was the second successful small business my wife and I started and built in South Korea. Our first successful business was our English Gyosoopso (small English Hagwon). You can read more about starting an English Gyosoopso by visiting hagwonstart.com
Though it was the second business my wife and I started in South Korea, it was the first business we both wanted to start. You see, I pretty much talked my wife into helping me start my English gyosoopso. She gave up a decent paying job to start an English Gyosoopso business she didn’t even want to start in the first place. So yeah, she’s the real MVP. But the beautiful thing about Flower Gift Korea is that we came up with the idea together while we were walking around Nambu Terminal in 2015. At the time, we were running IGL English, our English Gyosoopso and we were at Nambu market looking for a gift to send my father in Canada. He asked us to find dried scallops, yeah, they are salty but taste good, so we went on a hunt to find some. As we were walking around the market, I was asking my wife what kind of business she thought would be good to start. You see, I like talking about business ideas with my wife, or I like to talk about them around my wife and she listens when I don’t talk about them too often. But the awesome thing about Flower Gift Korea is that I think she suggested for us to start some kind of Flower business. And honestly, I always tell her that it was my idea because I want the credit, but I’m pretty sure she suggested it. Anyhow, once she suggested it, I instantly thought it was a great idea. And we started planning for it. I mean, there were some English flower delivery websites, but none of them had a face, meaning, it was hard to trust them. Also, I did a search on Facebook and Instagram, and I just saw a few that weren’t using proper English or actually weren’t real flower shops. So it was a great opportunity because NO ONE WAS DOING IT!
*The above photo is of the exact same room I am currently sitting in writing this blog post. And this was Flower Gift Korea when we didn’t have a shop, since we started it from home! You can see our laundry in the background since our work room used to be our second room / laundry room / my office!
So we planned and took action! It was awesome and I was so happy because we were now building a business that we both wanted to be a part of! Though I love to teach, I also love to start and build businesses. So it was a no brainer for us to close our English Gyosoopso once we realized that Flower Gift Korea was going to do well. Sure we could have kept both, but by the time we were about to close IGL, the neighbourhood was going through gentrification (old apartments being torn down for new ones), and I wasn’t truly happy teaching at the English gyoosopso I started. So we went all in on Flower Gift Korea and grew it and grew it! My wife and I were and are so proud of Flower Gift Korea. It truly was our baby and we were totally sad to let it go. But thankfully we found great new owners who I believe will make Flower Gift Korea even better, and we made a good profit from the sale of the business.
In the end, I believe the new owners got a great deal as they will see some very high returns on their investment. Of course they will have to do some work, but they will definitely get back all of the money they invested and more within a year or two. And I have made it my goal to help the new owners and Flower Gift Korea continue to succeed. I honestly don’t think there is a single person in all of the world that would make a business that would bring Flower Gift Korea competition. The people or companies that have the money to just dump into a business that may give Flower Gift Korea a little scare probably wouldn’t be interested because the return wouldn’t be high enough, and those that have the desire but will most likely lack the funds, will not have the knowledge and connections I have in the flower industry in Korea.
Flower Gift Korea will always be dear to my and my wife’s heart. We were able to utilize Flower Gift Korea to support the lifestyle we wanted. We had flexibility with our schedule most of the time, it kept us busy at times, and we made good money. Obviously we could have made some improvements with the business to further improve our lifestyle, and we were headed towards that direction until we realized that I would not be able to live in Korea long term. I technically cannot get a visa any time soon, my wife is pregnant, and we actually did not set up systems to have Flower Gift Korea run without our involvement. We actually were in the process of hiring a full time worker to take over once my wife got to 7 or 8 months pregnant, but we found out about my weird visa situation when my wife was about 4 or 5 months pregnant, and it just made sense for us to sell the business and focus on creating something brand new in Canada.
*The above photo was taken in December 2016, which is when we signed the lease to open up our brick and mortar shop for Flower Gift Korea. By this time, we saw that Flower Gift Korea was going to be something great and we went all in on the business. Since it was an online business up until then, we did not have much overhead. And in the end, we still managed to keep our operating costs pretty low!
So a new chapter has begun. Flower Gift Korea has new owners with some fresh ideas and a lot of energy. So I’m excited to see how much Flower Gift Korea grows. And my wife and I are excited as we are going to take a trip around South Korea for as long as we like, since we won’t be heading back to Canada till next year. For the next while I will be creating content about being an entrepreneur in South Korea. I will also be creating youtube videos on topics people are interested in and will continue to blog here about life as an entrepreneur in South Korea. So if you are interested in anything about entrepreneurship and business in South Korea, leave a comment or email me and let me know. Then I will create a blog or a video that will educate you and hopefully help you take action on that business idea that you’ve been thinking about for the last 3 months.