Hong Kong CPA Oswald Chan puts his skills to good use in the health and beauty business
Q. What is your job title, and could you describe your day-to-day activities?
I am a partner in a Hong Kong beauty business, Glow Concept, and I also run a small business consulting firm called Central Consulting. I work two hours every day at the consulting firm, I have a morning briefing and then I go back to my beauty centre and manage things there.
We have 12 staff who offer all the services, which include traditional beauty therapy as well as sound and light therapy, and I work behind the scenes. We only set up a few months ago so we are still putting together a website. The most crucial element in the company is the accounting.
Q. What led you to open a heath spa? Was it an area you knew a lot about?
We are not from a health background at all. One of the partners is a lawyer and three of us are accountants. We wanted to use our skills to set up our own business and we found that education, beauty and health were industries that had more opportunities than others.
We looked for a way to combine the three into one business and purchased an existing medical beauty clinic. We ran it for a year so we could get to know the business and learn the tricks. Then we opened our own clinic in a prime location.
Q. The wellness industry seems to be booming. Why is this do you think?
Many women spend a high proportion of their income on beauty, sometimes more than 50 per cent of their income, and that's amazing. Professionals, such as those we are targeting, are also stressed and looking for somewhere they can enjoy good relaxation, not only for the outside of their bodies, but the inside too. They are also seeking 'inner beauty', that is, good health and good emotions.
Q. The wellness industry is one that seems to have a majority of female customers. How do you and your fellow male directors know what they want?
Sometimes it's quite difficult. I read many books about women's emotions and women's purchasing practices. Men and women are totally different. Men always focus on the big picture and woman are always concerned about the process of getting there.
We spend 80 per cent of our effort on the female customer and only spend 20 per cent effort and resources on the male customer. I am the youngest in my family and I have four sisters who give me advice. Also, fortunately, I employ very good staff and they help me a lot and know what my clients need.
Q. What do you like about your job?
The main motivation for me to become an entrepreneur is to give my parents, especially mum, a better life. She is a wonderful mother who raised six of us under difficult conditions. My goal is to give her a comfortable life and nice house.
Q. What do you dislike about it?
Running your own business can mean pain and trouble! However, making mistakes can be invaluable because there are lessons to be learnt.
Q. What are your plans?
Our plan is to expand the business by opening a new centre next year. Personally, I will keep running Glow Beauty and the consulting firm. It's much easier for me to run the consulting firm because I have already been in this industry for 10 years.