Mr. Richard Sng started off as a young and motivated entrepreneur who had eventually created his own success. This youthful entrepreneur is upbeat and he enjoys life to the fullest.

Company: FABULOUS GROUP PTE LTD Address: 9 Tan Quee Lan Street, #01-04 Tql Suites, #05-03, Cathay Cineleisure Orchard, #01-k21, Pearl Centre, Lot T-029, 3rd Floor Mid Valley Megamall, Kuala Lumpur Website: http://www.fabulousgroup.com.sg Interview with Mr Richard Sng by Lam Vui Sin on 29-May-2009. Student can be reached at lamvuisin@yahoo.com.sg   Business Profile: Priding itself as Singapore's funkiest indoor tanning studio set amidst a lovely, sunset-themed backdrop, Fabulous Tan first opened its doors to avid tanners in September 2006. Fabulous Tan currently stands as Singapore's largest indoor tanning chain, with a combined total of 15 solariums - each meticulously designed to cater to the varying needs of individuals. It has also expanded into teeth whitening, hair extension, oxygen and fish spa therapy, collagen rejuvenation and Brazilian waxing. They have expanded into KL, opening their 1st franchise store and also diversified into the health industry, namely 'Fabulous Health' in Singapore.   Interviewer's Comments: For a man of his status, Mr Richard Sng is exceptionally humble, friendly and down to earth. His way of thinking and of doing business somehow opens my mind.   1. What is the nature of your business? Fabulous Tan is about instant beauty. Nowadays, people's lifestyles are more hectic but everybody still wants to look healthy & beautiful. Fabulous Tan provides the solution to help people be beautiful instantly. Our aim is when customers come into Fabulous Tan, they should be looking and feeling good the moment they step out of our store. It is just so simple.   2. When and why did you decide to become an entrepreneur / take over your family business? NOTE: If it is not a family business, ask: Do your parents have their own businesses too? Have they inspired you in one way or another? (Select appropriate question according to the entrepreneur being interviewed.) I wanted to try new things after working in my family business for 7 years. At that point in time, I believed that it would be a really fun process running my own business and in turn also be helping people look beautiful. That is killing two birds with one stone. My family business is in the telecommunication industry. I realized that there are similarities between Telecommunication and Fabulous Tan as both businesses rely on technology to provide standardized services. We do not rely too much on human resource but more on equipments therefore we are able to produce the same consistent results every time a customer uses our services. With this strong belief to rely on machines rather than human resource, we are able to focus more on the business model and minimize the management of emotions from the service staffs.   3. What are your reasons for choosing to do business in this particular industry? I wanted to try something new and the idea of setting up Fabulous Tan seems fun to me. At the same time, I like to tan. I saw a niche in this business and believed I could provide better service and value. Being in a niche market as such of the tanning industry allows my business to create more value rather than fight on price like other competitive industries. This has allowed me to grow the company faster and gain better mileage and better brand visibility.   4. How did you put together all the resources needed to start your business? For example: getting the start-up capital, hiring staff, doing sales and marketing, advertising, etc. I put together a business proposal and sold the idea to my Dad. He loaned me the start up capital for the business. At the same time, I applied what I have learnt in sales & marketing and put the knowledge into good use. I also looked for capable people to join our team. I belief strongly in outsourcing as this allows us to move quickly in the volatile market with lesser baggage and fixed overheads. During the start up period, I outsourced most of the task to capable individuals or companies to complete. That leaves me with the responsibility to steer the business towards the intended direction instead of getting too much hands-on on the little tasks which can be delegated.   5. What are some interesting stories you have about your first few customers/first few years in business? I realized Telecommunication and beauty are actually two totally different things. I didn't know what to expect at all as the telecommunication industry skill set and beauty line skills are not the same. It was somehow a leap of faith. The closer I get to the opening day, the stronger the doubts I have on what did I get myself into. Everything has turned out well since as I look into the eyes of the destiny and keep going step by step towards my goal. I would keep going and take up any opportunities as they come. And not to forget, friends have also played a big part in our success. They have always been there to give me support and helped the business grow into a stronger one, especially during the start up period. Many friends are also made on the way too and I am thankful that they have also become advocate to my business and beliefs. This has ensured our success till today.   6. What are some of the challenges you faced when you first went into business? It was like walking into the unknown, walking into the dark. I just have to be resilient and be courageous to take the next step. It is similar to playing tennis. I will hit the ball whenever it comes towards me. I will take problems and doubts head on and not sweep them under the carpet before they come back and haunt you. That is actually quite a feat and challenge, just for me to be brave enough to make important decisions.   7. How did you overcome these challenges? Please share some specific examples of the action you took to overcome the challenges. I would not be so bother about the challenges, or should I say the problem. When I get worried, the problem would often seem to be bigger and scarier. I never let this fear come into me or else I would be making emotional decisions. Emotional decisions often come with a backlash of being silly solutions. By forming a team of capable people, every body will contribute to the solution and be wary in taking care of each other's blind spot. United we stand, the stronger we are.   8. Can you remember your worst day in business or a time when you felt like giving up? What happened that made you feel that way and how did you triumph over it? I have never thought of giving up. I think the whole entrepreneurial experience has been very fun so far and very addictive. By being wrong at times means that I have moved into the unknown, which also means that we are growing. Failing is just a process of getting to my next success. The business has also ventured into new areas like waxing, detoxification, hair extension, health services, franchise program, etc through the same belief of daring to fail and be different. We accept failures and are quick to rectify them. We learn the lesson behind every failure and move towards a bigger success and a better business.   9. Can you share some of the lessons you learnt from overcoming your own business challenges that you think will help other businesses? Making money is not the top priority although it is still important. The business must have a greater purpose which can add value to people's lives. If this is achieved, then people will want to vote you with their money and recommend their friends and family too. Moreover, it is essential to have integrity and a capable business team and the opportunities are boundless.   10. When was the moment you realised the business would work and support you? It is more of a gradual realization. One must enjoy the process and the journey has been really enjoyable. Money is just the by product of this success. We really do create great value to the market place with the results that we are currently enjoying.   11. What are some of your proudest business achievements to date? And why are they so important and meaningful to you? The proudest achievement will be the successful branding of Fabulous Tan. People start to know what is Fabulous Tan and who am I. We do not need to sell as hard as before because the market knows what to expect from us. Through our good name and a whole load of our brand's advocates, our brand is touching more people every single day. There are now boundless opportunities knocking on my door every day, from small deals to big deals, from press write ups to celebrities party. This is a great feeling I really like. We are now attracting opportunities rather than looking for them. This is probably the most important and meaningful business achievement.   12. How do you differentiate your business from your competitors? Please provide specific examples. We brand Fabulous Tan as the funky place that people come to. Customers see our brand as having friendly service, no frills and convenient. We treat customers just like friends. We do not want to become the next Carrefour but rather the next 7-Eleven. We also opt not to become SIA but to become Tiger Airways. That's our direction. It is to make the experience fun, affordable to the masses and conveniently located.   13. What are some business ideas you have implemented that created great results in your business? When it comes to ideas, I am not the smartest person around. However we have a great team and we believe about the integrating of technology into our business for much better leverage. We have systemized our business operation and created our own POS & CRM system. We have also linked our online presence to our POS and CRM systems and this has given us a lot of leverage as the business can be efficiently monitored and run on real time with accurate statistics. We also rely on the newest lead generation technology to proactively get customers in rather than the traditional 'wait and pray' mentality. With all these real time data and system integration, we are able to bring in third party sales gurus to mentor and coach the staffs based on this statistics and this results creates a clearer map of the staff's strengths and weaknesses and help them project their future growth in the company. Through this integration, we are having better productivity, control and lesser problems.   14. Where or who do you get your business ideas from? I get my ideas from attending countless seminars and courses. I learnt from the best like T. Harv Eker, Robert Kiyosaki, etc. From them, I am able to learn the latest way of doing effective business and I will apply their winning formula that resonates to me and apply them to my business. During these courses, I will also be able to meet and know like minded individuals. Through the sharing of ideas, we are able to synergize and provide better solutions by spotting each other's blind spot in different industries.   15. How much have your business grown since you have started? In terms of $ revenue, customers base, number of employees and number of branches? (rate of growth in percentage or numbers) What do you see for your business in the next 2 to 5 years amid the current market condition in 2009, and does it include any plans for expansion? We rely mostly on an 18 months short-term plan which is more compact. We currently have a total 4 branches. We have just moved into the health and wellness industry and set up our 1st health store 'Fabulous Health' in Chinatown. We also have a franchise program to bring the business overseas. Our KL franchise will open its door in June 2009. Moreover, we are going to bring our business online where customers will be able to book appointments, get promotions, buy packages and merchandise all at the comfort of their home (Tiger Airways business model). We want to create a team that is customer centric. Furthermore, we hope that we can use the POS and CRM systems that we had created to help other business owners spend lesser time in the business and create more value to the market and them by managing accurate real time data and statistics.   16. What does entrepreneurship mean to you? Entrepreneurship means courage, leadership and integrity.   17. What are some entrepreneurship qualities that you have which has helped you come this far? Be sure of what you want and go for it. In order to learn, one must not be afraid to get out of its comfort zone. You will not commit any mistake if you were to stay in your comfort zone, which also means that the business and you are stagnant. Leadership quality is also very important quality that I have trained for. I am not a born leader but by training. In our team, it is a realization that I must bring in people who are smarter and better than me. If they are of such good calibre, the only reason that they will stay on to fight this 'war' shoulder to shoulder would definitely boil back down on me being a better leader. Being a better leader makes a stronger team and business, and this definitely ensure that we have better years to come.   18. In your opinion, what other qualities does a person need in order to be successful in business? And why? (eg. Educational qualification, work experience, family influence, attitude, etc) Education is important but schools do not teach you how to be courageous or how to take risk. It teaches you how to ask permission, follow the rules and become a better worker. Hard skill sets are important to make a living but to be successful in business, you must also have strong soft skill set. People skill is important. Entrepreneurs are leaders and they need good communication skill as well. Communication with staffs is important as they manage important areas like sales, account, systems and also to show the team the brightness of the future. Entrepreneurs must also be able to communicate well to the customers to know what value they can add so as to lead the marketplace and creating a more vibrant and better future for our customers.   19. In your opinion, what does it mean to have the 'spirit of enterprise'? It is the commitment and courage to implement ideas regardless of the huge amount of doubts that will appear much bigger than life from time to time. One must take numerous actions continuously towards the goal.   20. Who or what motivates and inspires you? My dad motivates me. He started off with nothing and has now become a successful business man and a market leader in his industry. He is definitely my main source of motivation as he pushes me from time to time with his words and actions. Richard Branson inspires me too. Richard Branson owns more than 100 companies. If I aim for the moon and miss it, I will still be very high up. If others can do it, I can do better.   21. What are some of your business values and what would you like to pass down to others, particularly the younger generation? Important business values that I believe strongly in will be having strong integrity in whatever you do, practising the win-win philosophy in all deals and having a greater purpose in contributing better value back to society.   22. Can you share some of the more significant events / incidents that affected or shaped your business philosophy and the way you conduct your business? i.e. SARS, new competition or shifts in market behaviour and trends, etc. During this financial crisis, we have 'tightened' up the team. The team used to be less focused during the good times but through training and coaching their productivity has increased tremendously. Now, all staffs must follow the code of honour and this minimize office politics and increase productivity and staff understanding of what is acceptable and what is not. Like for example, all staff has the power to question their superior or subordinate when they are in doubt or if there is any misunderstandings, the other party has the obligation to clear the doubt at the shortest possible time. We also have regular meetings and opportunities for interaction between staffs to understand each other better. This time round, the team has become stronger, united and productive. As a result, our revenue remains the same as the previous year healthy numbers in this economic downturn.   23. With the changes in the market today, do you think it has become harder or easier to succeed in business? Why do you say so? The market is always there. It is in your mind. The market votes with their money and the market is never broke. You must know what the market needs from you and create more value with lesser resource. If you know the answer, it is never a question of easier or harder. It is about asking the right question.   24. What advice would you give young people who want to start their own business? Don't be afraid of failures. Be focused and believe in your vision. Every time there are failures, remember to take the lessons learnt as they are priceless. You don't learn how to make mistakes in schools. Schools never allow you to fail. If you were to fail, you are out of school. In real life, when you fail, you can still try again. What doesn't kill you will just make you stronger. It is a totally different set of rules in comparison from the real world and school. In the real world, if you know the rules, the odds are in your favor. You can decide which game to play, how many people you want on your team or even choose your rules. You will be the referee, the player and time keeper. Isn't that exciting? One more thing is, it is better to choose something which you like to do and think of a way how to add value and make a business out of it. That way working will never be a chore and you would be excited to get to work every single day.   25. How would you describe Richard Sng? Who is this man? How do you want yourself to be remembered? A rebel of boundless ideas and a great sense of integrity. He loves life and lives for a greater purpose of adding values to society and mankind.