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Me & My Money Series (Sunday Times)
Mar 6, 2011
me & my money
Making fitness her business
After just a year, entrepreneur's gym franchise business is already able to cover operational costs
By Lorna Tan, Senior Correspondent
After working for a decade as a human resource practitioner in various industries, Ms Annabel Tan decided it was time to start something on her own.
That was in 2009. She was already a member of women-only fitness centre Contours Express at Choa Chu Kang for two years, and got excited when she found out it was a franchise.
'I like the centre's business concept and have personally benefited from the programme. I saw how it grew... I was convinced to venture into this new challenge to be a franchisee of the centre,' said Ms Tan.
In October 2009, she set up a 1,000 sq ft Contours Express centre at Block 106, Clementi Street 12, with an initial investment of $110,000. Last December, she expanded the centre to 2,000 sq ft at a cost of $20,000 when the neighbouring unit became available.
So far, it has attracted 200 members who have signed up for two-year membership. She has two full-time and one part-time staff. Having completed a fitness instructor course last November, Ms Tan, 34, is also a trainer at the centre. After a year of operation, her business is able to cover operational expenses. It is targeting an annual profit margin of 28 per cent.
An electronics engineering diploma graduate from Singapore Polytechnic, Ms Tan also holds a bachelor's degree in management and marketing from Monash University. She studied for the degree part-time when she was working in recruitment firm Adecco Personnel, and finished her studies in 2001. Her husband Dennis Ng, 35, is a sales and marketing executive at her father's company, paint maker Brightex. They have a four-year-old daughter, Tara.
Q Are you a spender or saver?
I am balanced between the two. I used to spend a lot more on myself when I was working in office jobs, but now I no longer need power suits or high heels when I go to my gym. I am willing to spend on good education and enrichment programmes for my girl, as well as quality family holidays. I save 20 per cent of my monthly income, which includes forced savings via insurance plans and fixed deposits. Any surplus is used to pay off the mortgage on my current property.
Q How much do you charge to your credit cards every month?
I use two credit cards out of the four that I have and I pay up the bills in full every month. My total bill ranges from $300 to $1,000 monthly. I normally pay for my shopping in cash to avoid overspending. I withdraw $200 from the ATM every week.
Q What financial planning have you done for yourself?
My husband and I engaged a financial planner in 2005. Together, we review our portfolio on a quarterly basis. It comprises medium- to high-risk funds like Acorns of Asia, Greater China Equity and other regional equity funds. Our annual target returns for the portfolio range between 7 per cent and 10 per cent.
I bought my first insurance plan when I started working. I have a life cover of about $700,000. I own one term, two whole life and two endowment plans. I'm considering more health and medical policies for my family.
Q Moneywise, what were your growing-up years like?
I have three sisters and I am the youngest. My father runs his own paint manufacturing business, Brightex Paints, in Tuas. It grew from a 1,000 sq ft workshop to the present 30,000 sq ft factory. My father worked very hard in his early days, as the sole breadwinner of the family.
When I was growing up, we upgraded twice: from a three-room HDB flat to a four-room private apartment in the East Coast, and then to a two-storey house in Tanah Merah. My mum was a housewife. Both my parents were savers and they did not indulge in expensive gifts or holidays for themselves or for us. My allowance was just enough to cover my bus fare, and I often took sandwiches from home to eat during recess. I had to work and save up during the school holidays, at my father's office.
Q How did you get interested in investing?
My earlier investments were mainly fixed deposits and insurance policies which yielded modest long- term returns. I have recently further invested in my gym business, by taking over the next-door unit and doubling my centre capacity.
Q What property do you own?
In 2003, I bought a four-room HDB flat in Choa Chu Kang for $230,000. It was sold for $300,000 in 2009. In mid-2009, I bought a 915 sq ft condo at West Coast for $718,000. It is now valued at more than $900,000.
Q What's the most extravagant thing you have bought?
Nothing extravagant so far, except for one or two brand-name bags. One is a Chanel Coco Cocoon reversible medium tote bag which I asked my sister to buy for me when she visited Paris last year. It cost more than $3,000. I'm eyeing a Miu Miu bag which costs about $2,000.
Q What's your retirement plan?
I have not set a specific time to retire. I see Contours Express as part of my long-term investment leading to my retirement. My hubby and I will need $4,000 monthly when we do retire.
Q Home is now...
My condo at West Coast.
Q I drive...
Our family car - a white 1.6-litre Kia Cerato.
lorna@sph.com.sg
--------------------------------------------------------------------------------
WORST AND BEST BETS
Q My worst investment to date...
In 2002, I parked $30,000 of my Central Provident Fund Ordinary Account savings in two funds that invested in resources and global equities via an insurance policy. The value of the investment dropped 30 per cent when I surrendered the policy in mid-2009. At its worst, it was down 50 per cent early that year.
Q My best investment to date...
The West Coast condominium. I bought it for $718,000. It is valued at more than $900,000 now.
Money aside, my best investment is my time and effort spent on my daughter, Tara. In my last job at Neptune Marine Oil & Gas, where I worked from 2007 to 2009, I had to put in long hours and even had to work on weekends.
me & my money
Making fitness her business
After just a year, entrepreneur's gym franchise business is already able to cover operational costs
By Lorna Tan, Senior Correspondent
After working for a decade as a human resource practitioner in various industries, Ms Annabel Tan decided it was time to start something on her own.
That was in 2009. She was already a member of women-only fitness centre Contours Express at Choa Chu Kang for two years, and got excited when she found out it was a franchise.
'I like the centre's business concept and have personally benefited from the programme. I saw how it grew... I was convinced to venture into this new challenge to be a franchisee of the centre,' said Ms Tan.
In October 2009, she set up a 1,000 sq ft Contours Express centre at Block 106, Clementi Street 12, with an initial investment of $110,000. Last December, she expanded the centre to 2,000 sq ft at a cost of $20,000 when the neighbouring unit became available.
So far, it has attracted 200 members who have signed up for two-year membership. She has two full-time and one part-time staff. Having completed a fitness instructor course last November, Ms Tan, 34, is also a trainer at the centre. After a year of operation, her business is able to cover operational expenses. It is targeting an annual profit margin of 28 per cent.
An electronics engineering diploma graduate from Singapore Polytechnic, Ms Tan also holds a bachelor's degree in management and marketing from Monash University. She studied for the degree part-time when she was working in recruitment firm Adecco Personnel, and finished her studies in 2001. Her husband Dennis Ng, 35, is a sales and marketing executive at her father's company, paint maker Brightex. They have a four-year-old daughter, Tara.
Q Are you a spender or saver?
I am balanced between the two. I used to spend a lot more on myself when I was working in office jobs, but now I no longer need power suits or high heels when I go to my gym. I am willing to spend on good education and enrichment programmes for my girl, as well as quality family holidays. I save 20 per cent of my monthly income, which includes forced savings via insurance plans and fixed deposits. Any surplus is used to pay off the mortgage on my current property.
Q How much do you charge to your credit cards every month?
I use two credit cards out of the four that I have and I pay up the bills in full every month. My total bill ranges from $300 to $1,000 monthly. I normally pay for my shopping in cash to avoid overspending. I withdraw $200 from the ATM every week.
Q What financial planning have you done for yourself?
My husband and I engaged a financial planner in 2005. Together, we review our portfolio on a quarterly basis. It comprises medium- to high-risk funds like Acorns of Asia, Greater China Equity and other regional equity funds. Our annual target returns for the portfolio range between 7 per cent and 10 per cent.
I bought my first insurance plan when I started working. I have a life cover of about $700,000. I own one term, two whole life and two endowment plans. I'm considering more health and medical policies for my family.
Q Moneywise, what were your growing-up years like?
I have three sisters and I am the youngest. My father runs his own paint manufacturing business, Brightex Paints, in Tuas. It grew from a 1,000 sq ft workshop to the present 30,000 sq ft factory. My father worked very hard in his early days, as the sole breadwinner of the family.
When I was growing up, we upgraded twice: from a three-room HDB flat to a four-room private apartment in the East Coast, and then to a two-storey house in Tanah Merah. My mum was a housewife. Both my parents were savers and they did not indulge in expensive gifts or holidays for themselves or for us. My allowance was just enough to cover my bus fare, and I often took sandwiches from home to eat during recess. I had to work and save up during the school holidays, at my father's office.
Q How did you get interested in investing?
My earlier investments were mainly fixed deposits and insurance policies which yielded modest long- term returns. I have recently further invested in my gym business, by taking over the next-door unit and doubling my centre capacity.
Q What property do you own?
In 2003, I bought a four-room HDB flat in Choa Chu Kang for $230,000. It was sold for $300,000 in 2009. In mid-2009, I bought a 915 sq ft condo at West Coast for $718,000. It is now valued at more than $900,000.
Q What's the most extravagant thing you have bought?
Nothing extravagant so far, except for one or two brand-name bags. One is a Chanel Coco Cocoon reversible medium tote bag which I asked my sister to buy for me when she visited Paris last year. It cost more than $3,000. I'm eyeing a Miu Miu bag which costs about $2,000.
Q What's your retirement plan?
I have not set a specific time to retire. I see Contours Express as part of my long-term investment leading to my retirement. My hubby and I will need $4,000 monthly when we do retire.
Q Home is now...
My condo at West Coast.
Q I drive...
Our family car - a white 1.6-litre Kia Cerato.
lorna@sph.com.sg
--------------------------------------------------------------------------------
WORST AND BEST BETS
Q My worst investment to date...
In 2002, I parked $30,000 of my Central Provident Fund Ordinary Account savings in two funds that invested in resources and global equities via an insurance policy. The value of the investment dropped 30 per cent when I surrendered the policy in mid-2009. At its worst, it was down 50 per cent early that year.
Q My best investment to date...
The West Coast condominium. I bought it for $718,000. It is valued at more than $900,000 now.
Money aside, my best investment is my time and effort spent on my daughter, Tara. In my last job at Neptune Marine Oil & Gas, where I worked from 2007 to 2009, I had to put in long hours and even had to work on weekends.
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