Apple Hong shares key to success in running a business

 

		Wednesday, Jan 11, 2012 The New Paper (Singapore)
Apple Hong shares key to success in running a business
By Gerald Goh THE most important aspect of running a business is not how much money is invested. According to Apple Hong, being a good manager is the key to success. The Malaysian actress recently invested a five-figure sum in an outlet of Xiao Bar Wang (XBW) in her native country. The eatery, which features Taiwanese street snacks such as braised pork rice and crispy chicken, is her first venture with artistes Jeff Wang and Ong Ai Leng. Both Wang and Ong also chipped in a five-figure sum. The other four XBW outlets are in Singapore. Opened on Nov 1 last year, the new XBW is located in 1 Utama Shopping Centre in the north of Petaling Jaya, near Kuala Lumpur. Hong, who is at the outlet often, likened managing the staff at the XBW outlet in Malaysia to flying a kite. She explained that a good manager must know when to "pull" and when to "release". In other words, striking a good balance between being strict and being lenient is essential. Celebrity entrepreneurs Click on thumbnail to view People management She said: "Good, reliable Malaysian service staff are also hard to come by, so it's very important to retain such staff. "Time management is also essential, especially in the food and beverage business. "If you do not allocate your time wisely, money becomes somewhat of a moot point." The 34-year-old, who appeared in the Channel 8 dramas Be Happy and The In-Laws, is now working with MediaCorp on a freelance basis. This arrangement provides flexibility in her schedule. She's also in talks to appear in future shows, although nothing has been confirmed yet. Her income from entertainment varies wildly, which is part of the reason why she is devoting more time and effort to setting up and running businesses. XBW is her first business venture and she has plans for further expansion, subject to the availability of locations. She said: "The rental is quite costly, more than a five-digit sum (in Malaysian ringgit) each month. "It's quite worth it, though, because the outlet gets a lot of customers. We've been seeing some regular customers after about two months of business." She added: "I have plans to invest in other potential XBW outlets, possibly in Johor Baru or Penang. "The location is very important. Even if it costs a bomb, it'll be worth paying for, because your costs will easily be recouped by the good flow of customers." Hong said that although the new outlet has yet to turn a profit, the money spent is counted as part of the cost of building up XBW's presence in Malaysia. She said: "The money will come." Volatile income The actress supplements her income with a four-figure sum monthly for being a spokesman for ChartNexus, a technical analysis company. On average, she sets aside about 20 per cent of her income, which she describes as very "volatile", either saving it or investing it in insurance. Anything else is fair game for spending. She said: "I'm a die-hard shopper. "In the past, I would not think much of blowing a few thousand dollars on a shopping spree." Hong also went on a holiday through Europe in September last year, a jaunt that set her back by more than $10,000. She said: "I love to travel and it's one of the ways I like to pamper myself. It really depends on my savings, but if I can afford to travel, I will. "Now that I'm older, I've learnt from others how to be wiser with money. "I now try to save my money for my business because that's where it can be best put to use." Hong also revealed that she has been dating a businessman for the past two years. She said half-jokingly: "He's a totally different kind of business-person from me." She said they both love good food and he makes it a point to take her to nice restaurants when they are able to make time in their busy schedules to meet. "We don't have any firm plans for marriage or children yet. I try to let a lot of things in my life just fall into place naturally. "I don't try too hard to fight fate."

How to make a fortune after 50

		Monday, Jan 09, 2012 Reuters
How to make a fortune after 50
By Lou Carlozo At an age when others might ready for pre-retirement, some folks pass age 50 determined to start a new life in the business world - and succeed beyond their rosiest business plan projections. Reuters spoke with four entrepreneurs who have created successful businesses after 50. And take note: Three of the four leaders featured here are women, having shattered the twin glass ceilings of gender and age. Though some of these folks did well in their former lives, others had to think creatively to start their businesses. Jill Boehler, for example, used seed money from her son's college fund, while Carol Gardner offered pieces of her business in exchange for essential start-up services. Read on for their interesting, real-life stories.   Carol Gardner, 66 HER STORY: While nursing a broken femur and a broken heart (she'd just divorced her husband of 27 years), Gardner got an English Bulldog named Zelda, who became the mascot of a humorous greeting card land gift line, Zelda Wisdom. A former advertising creative director, Gardner started the business at age 52 around 1997, and almost by accident: Cash-strapped, she entered a Christmas card contest held by a pet store to win free dog food for a year, and won. TODAY: Gardner started her company with 24 greeting cards in the middle of her living room. Within six months, she sold more than one million cards. Today she produces more than 200 licensed Zelda products, from calendars to children's books. Sales are conservatively estimated at US$50 million (S$64.4 million) annually. TOP TIPS: Listen to your customers. "The young ones said,'Why can't we buy greeting cards online?'" Gardner recalls. That led to a lucrative deal with http: Cardstore.com, which was bought out by card giant American Greetings. Gardner also advises building a close-knit circle of trust. She's worked with publicist Sandi Serling and photographer Shane Young since the start. "I couldn't offer them money, so I gave them a part of the company. We're the best of friends and we take care of each other." PRICELESS: The original Zelda died two years ago, but not before saving Garner's life. Gardner fell out of bed and broke her neck roughly four years ago. When she came to, "Zelda was butting me in the head. For the next two hours she stayed with me until I clawed my way to the phone and called 911."   Franny Martin, 65 HER STORY: A former marketing professional who worked with Domino's Pizza, Martin left the corporate world just shy of turning 56 to pursue her passion - baking cookies. TODAY: Martin's Cookies on Call, based in Douglas, Michigan, ships 40 cookie varieties all over the world and should surpass $700,000 in sales for 2011. She provides work for more than a dozen part-time and full-time employees. She started the company in 2002. TOP TIPS: Get a great business team and ask for sage advice. "Make sure that you have the best accountant, the best lawyer and the best web designer," Martin says. She also enlisted held from Michigan's Department of Agriculture. Inspector Larry Goldin suggested Martin rent an elementary school kitchen, which saved her "hundreds of thousands of dollars. It was already licensed and all I had to do was come in, bake my cookies and clean up afterward." ROLLING IN DOUGH: Martin's recipes can't be copied because they go back two generations to her maternal Italian grandmother, Maria Ginotti, who wrote everything by hand. But you can fool your guests by buying her newest product in development, "scoop and bake" - it's raw dough in ready-to-cook form. Jill Boehler, 59 HER STORY: A self-described "do gooder," Boehler spent her career as a speech pathologist until she got the inspiration to make "portable shawls" (wrinkle-free wraps that come with a tiny carrying bag) after she shivered through a meal at a restaurant because the air conditioning was too high. Soon she was making cold calls at fashion stores; she was 54 when she started in 2006. TODAY: The founder of Chilly Jilly sold more than US$500,000 (S$650,000) in products in 2010 and is constantly unrolling new products, from gloves to the Duelette bracelet and hair tie. Boehler works with 20 private contractors across the country. TOP TIPS: Toughen up. "You will have people who will come up to you and say mean things - all the reasons you should not do something - and I've had friends tell me, 'Why not go back to speech? You were really good at it.'" STARTING AFTER AGE 50: "It's the perfect time to do it. My kids were gone and I could start working at 3 o'clock and work until 1 in the morning. My husband was into it, and I don't have to wait for kids at the bus stop, change diapers, or take them to activities." FROM PATHOLOGIST TO TASK-OLOGIST: The day of her interview, Boehler was dashing around her warehouse to check inventory, and prepping for an all-nighter so she could appear on QVC at 4:30 a.m. "Sometimes my computer screen looks like 'The Brady Bunch' credits, because I Skype with so many people at the same time." Wally Blume, 73 HIS STORY: The one-time dairy marketer struck out on his own in 1996 to form Denali Flavors, a company that specializes in making ice cream ingredients and flavors for independent dairies. He was 57. TODAY: With Denali sales at between US$80 and US$100 million, Blume credits much of his success to Moose Tracks - the flavor he helped develop and popularise as his company took root. "You have a flavor that is almost as strong as vanilla, and the national brands will never be able to get it. As soon as we developed it, it just took off." TOP TIPS: Know your industry. "You have to figure out if there's a niche you can take advantage of," Blume says. "All our partners knew the industry and had been in it all our working lives." He also stresses training and hiring people you can trust to mind the store. "I have such good people working for me that I'm hardly involved with ice cream. They just run it and they do a better job than I can." ANOTHER FLAVOUR?: Eight years past retirement age, Blume is an avid philanthropist, giving to various organisations around the world, from orphanages in Latvia to helping homeless kids in Moscow. He has also started a brand new company, Brandi Renee Designs: "I'm jumping into women's fashions on the Internet. How's that for diversity?"

How to turn your $1,000 into $1 million

		Thursday, Jan 05, 2012 Men's Health
How to turn your $1,000 into $1 million
Sounds too far-fetched? We'll show you how, if you have a grand to spare. It won't be easy - but it's not impossible. With some stocks growing more than a few hundred times since their IPO prices (think: Apple), it's quite possible! The key is in spotting the cash cows early. Here are the signs to look out for 1. SUSTAINABLE COMPETITIVE EDGE Look for a company with an economic "moat" of some sort, says Paul Larson, an equity strategist. The company should continuously outdo competitors and maintain profits. A company's "brand power" could give it a steady edge. People trust Coca-Cola, so they're willing to pay more money for it, even though a generic cola is essentially the same. 2. OWNERSHIP OF A DEMOGRAPHIC Look for a company that's targeting a particular market. If it's well positioned to dominate, the odds of success are good, says Andy Obermueller, a portfolio strategist. If a company has potential access to an underserved market, it also has access to untapped wealth. Take Urban Outfitters. It created a blueprint of expensive sweatshirts and denim that tapped a valuable market of affluent youth. 3. SCALE The business has to have the potential to grow, grow and then grow some more, says Obermueller. When you find a company with a market that seems endless and a product that is innovative, you likely have found a winner. Consider Green Mountain Coffee. It jumped on the Keurig cup idea early and captured much of the market. 4. DISRUPTIVE TECHNOLOGY Look for patents - a company's ownership of intellectual property gives it pricing power. The archetype for disruptive technology is a drug company with no revenue - and no product but a strong drug in development. When that drug is granted US Food and Drug Administration approval, the company can become a billion-dollar business, says Obermueller. This happened with Genentech in the early 1980s.