Thursday, November 20, 2008

Starting up our business

This blog is a continuation of my previous one about food business. It has been 3 weeks and up to now we still don't have a substantial income from it, why? Here are the reasons:

1. Capital - Why put up a business without a capital? Well, as i have mentioned before, we got a partner to add capital and a loan from a bank. What happened? We paid a franchise business as soon as we got the money because they actually told us that the site was approved and only the money is incomplete why they cannot deliver the booth and goods. To cut a long story short, upon getting our payment, they found 101 reasons why suddenly our location was not approved. Sounds familiar? Up to this time, they are still holding the money and we cannot get the refund. I could not believe that we were a victim of these unprofessional business people. Why were we involved? We were referred by a close relative whom we really trust to help us out start our small business. Hmmm, so to my readers out there, please try to stay away from getting a business from a donuts company (not the top 3) but a common name located near schools, markets, bus terminals, etc.

2. Product- Since we were deceived by the donut company to pay, we actually are looking for an alternative. A lot has been suggested but i guess i have to try the most famous snacks. Dimsum, burger, sandwiches, pizza, hotdog, squid balls, fishballs and the likes. Hopefully we can make up for the lost 3 weeks (actually we are on a loss, since we started paying rent since day 1).

3. Marketing and Promotions - Nothing whatsoever. I guess we were dependent on the donut company for marketing stuff and promotions. Now we have to make our brand (hopefully this will be a blessing in disguise).

4. Location - Our location is good but without the product, good location with no product equals no income.

5. Added capital - Another thing, i got declined from 2 banks i applied for a loan. Double whammy?

So that's it.... I guess we have to make the best of what we have for the meantime.....

2 comments:

Marcuss said...

too bad you had to experience this kind of trickery. better to have everything in writing if you're dealing with money.

anyway, good luck on your venture.

aerospews.weebly.com
blognginamo.blogspot.com

Pinoy IN Germany said...

Hi Lemuel,

Thanks for visiting my site. And... What the ****? Looks like you also have to talk with your "trusted" relative. IMO it would be best to purchase an established franchise but the problem would be most of the established franchises are "expensive".

Anyway, good luck on your business. Everything happens for a reason. Its not the end of the world. ^_^