• Alex Teo, 36, left his corporate job to take over his family's joss paper business.
• The journey has not been easy in modern Singapore, where religious affiliations are declining.
• Teo's career goal is to reinvent the traditional business for the younger generation.

The latest smartphone, a three-story villa, and a private jet. Alex Teo has sold it all — for the dead.

Teo, 36, is the third-generation owner of Ban Kah Hiang Trading, one of Singapore's oldest joss paper businesses. They sell incense sticks, joss papers, and paper effigies — or paper replicas of real-life objects — which are designed to be burned as part of Chinese ancestral worship outside homes and in temples.

His grandfather opened the shop in the 1950s before his father took over in the early 1990s.

But it's an increasingly tough business to run in Singapore, where religious affiliations are waning. Many joss paper business owners of his father's generation have closed down because their kids did not want to take over, he said.

So, at 28, he stepped up. "I thought it would be a pity if I were not to continue it," he told Business Insider.

Now, he's on a mission to reinvent the traditional business for the new generation.

He had no interest at first

During traditional Chinese festivals, believers in Chinese folk religion burn joss paper — also known as "hell money" — as an offering to deities or ancestors.

Some also burn paper effigies of the latest products, such as cars and cameras, for their ancestors.

"The belief is that by burning these items, they will become 'real' in the afterlife and can also be used by their loved ones there," Terence Heng, a sociologist from the University of Liverpool, told BI.

Although Teo grew up helping at the shop, he was never very religious and had no interest in taking over. After graduating from college with a degree in business management, he worked for the public service and then an insurance company, assessing medical claims.

But things changed in 2016 when his dad got sick. His parents, then in their late 50s, asked him whether he could take over.

"I thought, 'Should I give up my corporate job? But I would have to give up some social life,'" he recalled, explaining that most people in the industry are significantly older, unlike the colleagues he had formed friendships with in his previous jobs.

Teo, who now has four kids, said his wife supported the career switch. "She thought that if I were to do my own business, I would have more time for her," he said.

He was also enticed by the thought of being his own boss.

"If I work hard in the corporate world, I can only wait for my bonus. But here, I'm the boss. If I work hard, I earn more money," he said.

The business of religion in modern society

Still, his journey has not been easy. Since taking over the business, Teo says he has seen retail sales fall as the younger generation drifts away from religious beliefs.

In Singapore, between 2010 and 2020, there was an increased proportion of residents with no religious affiliations across all age groups, data from the Singapore Department of Statistics showed. The same data showed that the percentage of Taoists and Buddhists — religious groups that use joss paper products — fell by 2.1% and 2.2%, respectively.

The decline in religious beliefs is part of a wider trend across the world. In the US, around 28% of adults described themselves as atheists, agnostics, or "nothing in particular" when asked about their religion — up from 16% in 2007, a 2024 Pew Research Center survey found.

Meanwhile, complaints about the environmental impact of burning joss paper have been simmering in Singapore.

In February, the Singapore government ran a second campaign to improve burning etiquette by encouraging people to pray in temples instead of outside their homes and to clean up after prayers, per a press release from the Alliance for Action.

Teo said that in the past, business at his family's retail shop would pick up during festive periods like Lunar New Year and the Hungry Ghost Festival but lull during other times of the year.

Running the retail shop also affected his parents, who worked over 10 hours daily and wanted to retire.

So, in May last year, Teo sold the retail shop to focus on wholesale distribution to companies and temples from their warehouse.

Teo saw it as an opportunity to invest more time in innovating their products to meet the needs of a changing consumer base.

"We had to think about how we can prolong tradition and culture to fit into the current modern mindset," he said. "If we were to continue to sell the traditional way like my dad did, I don't think we can be sustainable."

Keeping up with the times

In 2023, Teo partnered with his close friend, Chris Huang, who works in FinTech, to establish Base Genesis, a modern joss paper startup.

The pair invested a mid-five-figure amount to set up the business. While Teo focuses on operations, Huang oversees finances. They've since hired seven employees who work on branding, marketing, and livestream sales.

Their new business aims to innovate traditional joss paper products to appeal to younger generations — from packaging to sustainability.

Early this year, they were approached by MullenLowe, an advertising agency, to develop an eco-friendly hell note. The "Eco Hell Note" has a denomination with 48 zeroes — the largest possible denomination of money in the Chinese language. Instead of burning a stack of notes, burning one piece would suffice. Teo added that their note is ashless and smokeless, unlike traditional notes that create smog when burned.

"Burning joss paper is deep-rooted in our Chinese culture," he said, adding that a ban on the practice is unlikely to happen despite frequent complaints. "So we have to come out with a compromise to control the pollution and not become obsolete," he said.

Teo, who sources the paper from China, said the team had to experiment with different types of paper to determine which material is the most eco-friendly.

Developing such products doesn't come cheap. Although they have not decided on a price for their Eco Hell Note, their eco-friendly products are slightly more expensive. A pack of 500 "Eco-friendly Gentle Smoke Joss Sticks" costs 11.50 Singapore dollars, or $8.50. In comparison, a pack of 500 traditional sandalwood joss sticks costs SG$10.

"Everything takes time and money. You need to do a lot of research and development," said Huang. Each phase will come with additional costs, and it will take time for the company to grow, he added.

Their Eco Hell Note is not yet available for purchase, but the pair hopes that it will take off among younger Singaporeans once they launch it in time for Tomb Sweeping Day, a tradition for honoring ancestors in April next year.

Heng, who researches Chinese religions, said their eco-friendly products would be better received by the younger generation, who are more eco-conscious. While they are not as religious, they may keep up the practice out of filial piety.

"It does still align with the demands of ritualistic burning, where a physical object is transformed into a spiritual one. It's a really good first step in finding solutions to burning joss paper," he said.

Beyond innovation, Teo hopes to expand the business to the Western market, specifically to those who engage in these religious practices.

"We will maybe tweak the design to cater to their taste. For example, come out with a hell note in US dollars," he said.

These are more experimental ideas, Teo said. "But we are still keeping in mind the tradition and culture. That's what we are trying to preserve."

• Natalie Fischer quit her corporate job to become a solopreneur creating financial content.
• She's generated over $150,000 from her business in 2024.
• Fischer shares 4 tips for transforming a side hustle into a career.

Being an investing influencer started as a hobby for Natalie Fischer during the pandemic. Now, it's her full-time job.

Like many people, Fischer started seriously getting into the stock market in 2020. The pandemic was a prime entry point: markets were volatile, rates were low, and she had built up a healthy level of savings.

She began sharing her investing journey on social media through Instagram stories and received an outpouring of feedback and questions from family and friends. Fischer couldn't keep up with the barrage of DMs and started a TikTok account, @investwithnat, to create videos answering common investing questions.

In 2023, Fischer took a leap of faith and quit her corporate job to focus full time on finance content creation as a solopreneur, or a one-person business. Now, Fischer creates videos about financial independence on social media platforms and partners with different brands to create user-generated content.

She's been quite successful: so far in 2024, Fischer's brought in over $150,000 in revenue, contracts viewed by Business Insider show. And that's in an increasingly cutthroat creator economy — according to Goldman Sachs, only around 4% of content creators globally generate over $100,000 a year.

If you want to transform your content creation side hustle into an actual career, Fischer has the following advice.

Take the transition slowly

Fischer's success didn't emerge overnight. She started creating TikToks in 2020 but didn't actually start money until a year and a half later, primarily through producing user-generated content for companies. From there, Fischer began getting more sponsorships. She did this while working her full-time job as a data analyst.

"The best way to transition is to actually just start that project on the side while you're working a full-time job and basically wait to see how it goes," Fischer told Business Insider in an interview.

It's helpful to collect data on how your content is performing and monitor progress. Fischer waited until she had a year and a half of revenue data from her side hustle before deciding to take the leap.

"If I just quit my job not knowing how much money I was going to make, that would just be so stressful," Fischer said.

Once Fischer realized the paychecks from her side hustle were at the same level as the paychecks from her corporate job, she felt confident enough to go all in.

Prepare your emergency fund(s)

It's standard budgeting practice to have an emergency fund that can cover three to six months of living expenses. As a solopreneur, Fischer made sure she had not one, but two, emergency funds: one for personal use and one for her business, with enough money to cover six months of expenses for each.

Having a backup plan gave Fischer more bandwidth to focus on growing her business. A business emergency fund also ensured that Fischer would be able to sustain her business even if it encountered financial challenges as she transitioned to becoming a full-time content creator.

If being a solopreneur didn't work out, Fischer's backup plan was to go back to the corporate world, and the emergency fund would help Fischer weather the financial transition.

"That gave me a lot of comfort knowing that if worse comes to worse, I can always get another job," Fischer said.

Monthly income fluctuates, so diversify your income streams

Part of the reason why Fischer wanted to prepare emergency funds was because, unlike receiving a steady biweekly check in the corporate world, her monthly income as a solopreneur fluctuates.

The unpredictability of her income can make financial planning more challenging. Fischer makes sure she has a variety of income streams so she's not overly reliant on a single source of revenue.

Fischer built her baseline income around user-generated content by signing contracts to create content for companies' social media pages, websites, or advertisements. These contracts are month-to-month and easy to project. On the other hand, the frequency of sponsorships are more variable and therefore harder to forecast.

Fischer is also looking to upskill and expand into interactive events. She recently completed her certification in financial education and hosted a money workshop at a conference. Thinking ahead about new business lines, Fischer has her eyes on being a speaker at universities and schools.

You can do both

Being a solopreneur and working a corporate role aren't diametrically opposed.

A year after quitting her 9-to-5, Fischer is now considering getting a part-time corporate role in addition to running her own business.

"I'd be interested in a part-time project management or marketing role to diversify and expand my potential," Fischer said.

Not only does a part-time role provide more predictable income streams, it also provides exposure to new work environments and skills. Fischer has found that as a full-time content creator, she has a lot more flexibility with her time than she did at a traditional office job. Fischer has seen fellow solopreneurs balance a content creation business, a corporate role, and even write a book at the same time.

Fischer's takeaway from the last year of running her own business is to not limit your options as a solopreneur — there are countless ways to build your brand and business.

"I found that I have a lot more time on my hands, and so I'm able to explore different avenues," Fischer said. "I can do it all."

Are you a successful solopreneur looking to share your story? Reach out to Christine Ji at [email protected]