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.....

Food Business

This year my wife and i planned to put up a business to support our family and have an extra income besides our salaries. We actually tried to put up a donut shop near my previous workplace in Intramuros, Manila but unfortunately we got denied by the company. We haven't had time to look for alternative sites since then because either we were too busy working or we just want to spend our extra time with our son and relax after working for 5-6 days in a week.

A few weeks ago, my sister, who has a food business of her own, asked us if we were interested to rent her space near Mendiola street in Manila. She told me she can not maintain her outlet there since it is too far from her place (she lives in quezon city) and that place is the lowest in generating income. We were hesitant at first upon learning the rent expense but after a few days of weighing the pros and cons, we decided to go for it.

We decided to get a loan from a bank to bring in capital and to get a partner who can help us manage and add more capital. Fortunately we got a partner who is also interested to put up a business and after visiting the place, he immediately confirmed his interest. It was a good sign for us so hopefully things will turn out good in the next few days.