Success for entrepreneurs as new business all washed up on first day
When former banker Rex Chan Chong-choi set up his business last year, he washed more than 2,000 plates on the first day.
When former banker Rex Chan Chong-choi set up his business last year, he washed more than 2,000 plates on the first day.
"After six years as a banker, I was just bored and wanted to be the boss. So I set up a dishwashing company with my friends. I never imagined I would have to wash plates myself," Chan said at his factory in Kwai Chung.
Chan and his co-founder, Marcus Yeung Yun, are among the new wave of entrepreneurs. They set up Chongtin Dishwash in early 2014 when they spotted an opportunity, since many restaurants are willing to pay up to HK$10,000 a month and still can't find people to do the dishes.
"Dishwashing offers no career path and is hard to attract young people to. We thought, there are untapped opportunities in this business," Yeung said.
Funding was their major hurdle. The two took out a loan of HK$300,000 from the Hong Kong Mortgage Corp microfinance programme. Putting it together with their savings and an investment by a friend helped them to set up Chongtin Dishwash.
The banks won't lend just because you have a good business idea. They want collateral. They want turnover record.
The company found customers even before they got to install a dishwashing machine. As a result, they had to wash by hand more than 2,000 dishes a day in their first days in the trade.