Jess & Kalvin, Bakery Owners

Can you really start your own business?

Learn more about their financial planning strategy.


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Jess & Kalvin, Bakery Owners

Can you really start your own business?

Learn more about their financial planning strategy.

Case Studies

The stories of the business owner reveal ordinary people’s not-so-ordinary financial planning insights.

Online shop owner

Online shops: easy to start but difficult to keep?


Monica, online shop owner, 28 years old
Monica is a full-time office manager who recently started her online Korean fashion store, and needs to cope with a shortage of manpower and logistics costs.

  • Read the story

    Opportunities Arising from the Ecommerce Trend

    The increasing popularity of online shopping and relatively low startup costs have attracted many young people to open their own online stores. Hoping to jump on the bandwagon, Monica decided to join other young entrepreneurs and sell Korean fashion products. However, apart from the fierce competition, as a new boss, she has struggled with the lack of manpower and experience in handling orders and delivery.


    Recently, Monica chose to partner with other like-minded online-shop owners so they can cross- sell each other’s products. Operating like a chain shop, they can offer more styles and product categories, which will then lower the operating costs and ensure easier control.

    How to Start a Business?

    Monica understands that she needs to be patient in the early stages, and the sales will grow naturally when her store becomes more popular. Since there are no definite business hours, she can work as an office manager at the same time, and support her business with a stable income.


    It is important to consider risk management carefully when starting a business, which includes determining the investment amount and setting an observation period that will help prevent a long-term loss. The enormous pressure of managing her job and the online store makes Monica realise the importance of a comprehensive health protection. Should she suffer any health problems, her career will be compromised, and she will need sufficient medical coverage.


    While we cannot guarantee the success of a start-up, we should always prepare for a rainy day. If the business volume is not up to Monica’s expectation after five years, or she wants to quit and try something new, she will needs additional capital. If business is good and she wants to expand it further, she will also need to step up her investment. Now, Monica may allocate part of her income to a regular savings plan that will allow her to withdraw the account value after several years. As there is no urgent need to draw out this fund over the next few years, and given that she has previous investment experience, her risk tolerance level is medium to high based on her asset value, investment experience and age. Therefore, she may consider some relatively aggressive financial vehicles, and minimise the risk of one-off buying through dollar cost averaging.


    Special thanks to the case study provider: Alvin Lam, Certified Money Coach (CMC)®
















    The information above is for general reference only. It shall not constitute nor shall it be taken as a substitute for the professional advice from an insurance advisor on the purchase of insurance policies. No aspect of this website shall be solely relied upon for the decision of insurance purchase. You should seek relevant professional advice before taking action on any matters to which information provided on this website may be relevant. For more details, please contact your Manulife insurance advisor or call our customer service hotline on (852) 2510 3383 (if you are in Hong Kong) or (853) 8398 0383 (if you are in Macau).


Small shop owner

Is it hard to be a small shop owner?


Matt, 30 years old
Planning to open a bubble tea house with friends

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    Opportunities presented by the bubble tea frenzy

    When he studied in Taiwan years ago, Matt anticipated high potential of bubble tea market in Hong Kong and wanted to open a shop . After graduating from university, he worked hard to save money. Now, with the financial support from his family, he has HK$1 million in hand and is ready to start his own business. The estimated total investment amount will be HK$1.5 million, and with a total of three shareholders, Matt will need to put in HK$500,000.


    With numerous Taiwan-style takeaway tea houses in Hong Kong, Matt knows his new venture has to be really special in order to stand out. He, therefore, considers partnering with friends to expand the offerings. Apart from drinks and snacks, he plans to allocate some space for different activities, such as internet-surfing, playing board games and VR video games. While promotional offers and a membership programme will help attract customers and bring sustainable growth, he also wants to expand the source of income by cross-selling products of other suppliers.

    Challenges of operating a physical store

    As rent and labour cost are the two main expenditures of running a physical store, Matt has to get the costs right and develop a project timeline, say two years. If his start-up is a success within this period, he may keep growing it; if not, he will have to change his plan or even get a job.


    Given the low success rate of startups in Hong Kong, he needs to have a backup plan. If his business fails, he may have to find a full-time job. Therefore, based on his personal financial conditions, he will need an emergency fund that can sustain his normal living expenses for six months. Besides, as his parents are going to retire in five years, and it is expected that Matt will need to allocate HK$5,000 per month to support his parents, he may consider taking out a life insurance plan to protect his family.


    Devoting himself to the bubble tea house, Matt has not started his retirement planning yet, and has chosen a life insurance plan with a savings feature. If his business can generate stable income in the future, he may cover his parents’ living expenses with such income, and partially fund his retirement life with the accumulated dividends (if any) of the plan. The young entrepreneur should also consider buying a health insurance plan to protect his family and himself, so that he can stay focused on his business ambition.


    Special thanks to the case study provider: Alvin Lam, Certified Money Coach (CMC)®
















    The information above is for general reference only. It shall not constitute nor shall it be taken as a substitute for the professional advice from an insurance advisor on the purchase of insurance policies. No aspect of this website shall be solely relied upon for the decision of insurance purchase. You should seek relevant professional advice before taking action on any matters to which information provided on this website may be relevant. For more details, please contact your Manulife insurance advisor or call our customer service hotline on (852) 2510 3383 (if you are in Hong Kong) or (853) 8398 0383 (if you are in Macau).


KOL

It only takes a few videos to become a KOL?


Moses, YouTuber, 34 years old
Married. His wife is a yoga tutor with a monthly income of over HK20,000.

  • Read the story

    Turning a hobby into a career

    A trained electrical engineer, Moses had worked as a full-time employee for eight years before he decided to be a YouTuber about 1.5 years ago. Today, he runs a vlogging (video + blog) channel about travel, photography, new gadgets and music, and has around 150,000 subscribers. In light of the relatively small Cantonese-speaking community, he plans to explore the Mainland and Taiwan markets, and has two employees responsible for business development. Moses spends more than 10 hours on creating YouTube content every day, but he enjoys every minute as it is what he loves to do.


    It is quite impressive to attract 150,000 subscribers in just 18 months. Yet many successful social media KOLs have millions of subscribers, and an insider revealed that YouTubers can only make HK$7,000 to HK$10,000 for a million views. Without passion, it will be difficult for them to carry on. Though Moses’s wife also has a job, their family income may not be adequate for all future plans. Luckily, Moses’s parents bought him a flat so the couple do not have to worry about housing. Still, they have to consider their basic expenses and future planning.

    Planning the career path as a YouTuber

    Moses understands that it takes time and discipline to achieve success. The new YouTuber spends over 10 hours on his channel every day, and may overlook other important life goals. He realises there is a gap between reality and dream, and he needs to explore new sources of income. Being knowledgeable about travel, photography, music and the latest trends, he wants to organise online hands-on workshops to earn more and share his passion.


    With a long way to go, Moses knows that he should plan well ahead for the future. As he is not in dire need of capital now, and doesn’t plan to have children yet, he is starting with a long-term savings plan. He set his first savings goal at the age of 50 and hopes to accumulate enough money for retirement by then. Besides, his demanding work makes him become health-conscious, and he wants to have medical, critical illness and life protection and savings,insurance plans to maintain their financial security. An emergency cash fund is also essential. The couple can set aside a fund equivalent to six months of the household expenses according to their needs and financial conditions. While they have to stay optimistic, entrepreneurs also need to manage risks well so that they can stride towards their goals with peace of mind.


    Special thanks to the case study provider: Alvin Lam, Certified Money Coach (CMC)®
















    The information above is for general reference only. It shall not constitute nor shall it be taken as a substitute for the professional advice from an insurance advisor on the purchase of insurance policies. No aspect of this website shall be solely relied upon for the decision of insurance purchase. You should seek relevant professional advice before taking action on any matters to which information provided on this website may be relevant. For more details, please contact your Manulife insurance advisor or call our customer service hotline on (852) 2510 3383 (if you are in Hong Kong) or (853) 8398 0383 (if you are in Macau).


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