Business advice for the clueless salaryman

[badkuk]

Yeah, conventional business sana....but i welcome any inputs ^_^

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[jut703]

As a salaryman myself, I won't claim to have sage advice on entrepreneurship.

I'd like to share though a piece of advice given to me - when venturing into business, think of which of your gifts you can share to the world. Do not go into business just because you have money to spare - there's so much money going around already.

Rather, examine what you're good at. What skills, connections, products/services can you offer that noone else can?

The most common business venture I see people get into is food - small restaurants, food trucks, mall kiosks, etc. They go into it because it's so visible. But they don't bother to check the feasibility of the business - a simple P&L buildup will give you an idea of how much you expect to earn in the business. They also don't consider the fact that they have zero experience in the food business - it's not their gift/expertise, yet they charge headstrong into it, hoping for the best.

Which is why 90% of them fail.

Leverage on your experience - in your years working in the corporate world, what connections have you built, what fields have you delved in, which industries do you have an inkling of how the business model works?

That way, you don't just become another guy with extra money that squandered it on an unfortunate business venture.

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[badsekktor]

As a salaryman myself, I won't claim to have sage advice on entrepreneurship.

I'd like to share though a piece of advice given to me - when venturing into business, think of which of your gifts you can share to the world. Do not go into business just because you have money to spare - there's so much money going around already.

Rather, examine what you're good at. What skills, connections, products/services can you offer that noone else can?

The most common business venture I see people get into is food - small restaurants, food trucks, mall kiosks, etc. They go into it because it's so visible. But they don't bother to check the feasibility of the business - a simple P&L buildup will give you an idea of how much you expect to earn in the business. They also don't consider the fact that they have zero experience in the food business - it's not their gift/expertise, yet they charge headstrong into it, hoping for the best.

Which is why 90% of them fail.

Leverage on your experience - in your years working in the corporate world, what connections have you built, what fields have you delved in, which industries do you have an inkling of how the business model works?

That way, you don't just become another guy with extra money that squandered it on an unfortunate business venture.

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+1

kaya ngayon kapag may nagtatanong sa akin na kakilala ko na gusto magshift sa negosyo, lagi ko sinasabi na i-assess ang sarili at yun available resources niya. Hindi pwede tatapunan mo lang lagi ng pera ang negosyo.

Lagi ko rin sinasabi na i-assess ang sarili kung kaya mo ibigay yun effort sa negosyo. Nung namamasukan ako, naiinis ako kapag bumabagyo kasi may pasok parin kahit half day. Nung nagnegosyo ako, andun ako sa gitna ng bagyo at naliligo sa ulan para mabantayan at makita kung ano ang maapektuhan sa mga properties ko at kung may magagawang paraan para maisalba mga to. Walang bakasyon ang full time na negosyante. Nasa isip mo kung naisara ng maayos yun tindahan. Kung may sunog na malapit sa area ng negosyo. Mga magnanakaw, mga nag-sosolicit, pati mga pulitiko. Mga permits. Yun kalidad ng produkto. Yun proseso ng paggawa kung pasado ba sa govt standards, yun mga reklamo sa produkto. Mga tamad na empleyado etc...

Sa bandang huli, hindi mo na napapansin na lumalaki na negosyo mo at lumalago na rin impluwensya mo. Basta ang nasa isip mo lang eh paano mo mas mapapabuti ang negosyo mo at kung paano mo iimplement mga plano mo.

[1D4LV]

If there are any former salarymen/employees out there who have put up their own businesses, any piece of advice you can spare for an old IT guy?

Most like involving food ang iniisip ko...definitely not full service resto, more like canteen/food delivery. My greatest concern here is that the competition is very tight, and the barriers of entry are pretty much nonexistent.

If not that, probably a sari sari store that sells packaging products, detergents, etc. Whatever's being sold wholesale sa Divisoria, yung ang ibebenta ko.

i had a former officemate who made money when he bought and sold fish from the dampa to market vendors. There's something very appealing about getting up early ahead of the rest of the city, then be done with the day before lunchtime ^_^

Importing goods seem to have the most potential for profit, although the scale and networking needed are quite daunting to me.

Other than that, i'm clueless as to what other line of business to get into. Ang advise ng lola ko sa nanay ko, you need a business where people come to you, hindi ikaw yung lalapit sa tao(we're not people persons kasi, virtually no soft skills)


...my greatest fear in all this is that, after all the investment, hard work, etc., what if i earn less than what i'm making now, or worse, kung malugi? Hindi po kasi kami super rich, really can't afford to fail that many times. Lagi ko ngan sinasabi, if you have 10 million, gambling 1 million in business is nothing; if you only have 1 million, you will think twice, thrice before rolling the dice. But i realize, that's the biggest difference between having a job and having a business -- there is no guaranteed paycheck every two weeks.

Just thinking out loud. i may just be a bit paranoid about getting laid off -- the company really, really needs all the help it can get, especially at this very crucial stage, but i don't think i am being deployed properly(why? Nangagamoy pulitiko, to be honest) so i'm perceived to be "unproductive". And to be honest, i usually find myself at odds with their plans, which usually work, but are bara-bara and very short sighted(sorry i can't expound any more than that)

No bonus, pay raise for the past two years, and i don't think any more is coming my way. i take it as a subtle hint from the boss: "umalis ka na". In fact a lot of old timers have been complaining about that. i guess mas mura magpasweldo ng fresh out of college kesa beterano...even though it's the beteranos that are saving the company from making complete blunders

coming from an IT salary man who ventured into his own business, try to start small first. avoid franchising. as much as possible, do something which you love doing that you don't mind being paid in doing it. consultancy, training and teaching would be the best fit. this way, you won't worry about business permits first. or if you have the knack for it, try to become a financial planner. laway lang ang puhunan.

i've tried the food business three times. all of them failed. dun ko na realize na hindi ako yung tao na aasahan mo to do the inventory everyday. and not to mention that you would have to take care of your employee pa, take care of rent and utilities, and refurbush on supplies. afterwards, i've tried the consulting business (my line is in InfoSecurity and IT Infra). dun nakabawi ako. with around 20k initial capital, i managed to earn around 80k/month nett. however, the hardest part there is introducing your services to companies dahil wala kang track record. mahirap din pag may accreditation dahil samut sari ang mga financial statements na kailangan.

starting a business is difficult. much more, kung virtually unknown ka sa industry. for food, medyo malaki ang risks. pag ang sinerve mo ay sira, pwede kang idemanda. not to mention that it needs specific permits from BFAD aside from the usual permits. dun pa lang ubos na ang start up capital mo. another business idea that i want to share is buy and sell ng oto. start with one unit, get it low and sell it high. i know a person who frequents casinos na sinasanla ang oto ng 25% of the market price. pag nakakuha ka dun, gasino na ang costs of transfer of papers, tapos benta mo, maski 80% ng market price, kita ka kaagad. two weeks ago, he approached me, if i want to buy a 2015 facelifted altis for 300k. nakuha daw sa casino..... na transfer na yung name ng owner sa kanya, complete papers..... imagine, if you can sell that altis for at least 500k? laki na kaagad tubo mo.... tapos, bili ulit, tapos ganun ulit process, hanggang lumaki ka.


on risks, everyone fails..... but failure should teach you a lesson. what is worse than failing is you have not tried.

[badsekktor]

coming from an IT salary man who ventured into his own business, try to start small first. avoid franchising. as much as possible, do something which you love doing that you don't mind being paid in doing it. consultancy, training and teaching would be the best fit. this way, you won't worry about business permits first. or if you have the knack for it, try to become a financial planner. laway lang ang puhunan.

i've tried the food business three times. all of them failed. dun ko na realize na hindi ako yung tao na aasahan mo to do the inventory everyday. and not to mention that you would have to take care of your employee pa, take care of rent and utilities, and refurbush on supplies. afterwards, i've tried the consulting business (my line is in InfoSecurity and IT Infra). dun nakabawi ako. with around 20k initial capital, i managed to earn around 80k/month nett. however, the hardest part there is introducing your services to companies dahil wala kang track record. mahirap din pag may accreditation dahil samut sari ang mga financial statements na kailangan.

starting a business is difficult. much more, kung virtually unknown ka sa industry. for food, medyo malaki ang risks. pag ang sinerve mo ay sira, pwede kang idemanda. not to mention that it needs specific permits from BFAD aside from the usual permits. dun pa lang ubos na ang start up capital mo. another business idea that i want to share is buy and sell ng oto. start with one unit, get it low and sell it high. i know a person who frequents casinos na sinasanla ang oto ng 25% of the market price. pag nakakuha ka dun, gasino na ang costs of transfer of papers, tapos benta mo, maski 80% ng market price, kita ka kaagad. two weeks ago, he approached me, if i want to buy a 2015 facelifted altis for 300k. nakuha daw sa casino..... na transfer na yung name ng owner sa kanya, complete papers..... imagine, if you can sell that altis for at least 500k? laki na kaagad tubo mo.... tapos, bili ulit, tapos ganun ulit process, hanggang lumaki ka.


on risks, everyone fails..... but failure should teach you a lesson. what is worse than failing is you have not tried.

+1

Start small muna talaga. Ang pinakamahirap talaga eh yun pag-uumpisa. Unlike sa first job, may credentials ka kasi galing school. Sa negosyo, ikaw ang magbuild-up ng reputation ng business mo. Advertising really helps. Nung nagstart kami, gumastos kami kahit papano sa mga tarps at kinalat namin plus nagbibigay ako ng libre or discount sa mga prospective clients na may potential magpasok ng maraming kliyente.

Btw, small is relative ha! Kung gas station, im not sure kung may bulilit station pa petron pero it means na malaki pa rin kapital nyan. Farming eh malaki pa rin kapital, equipments, pumps, bangka, tractor, yun farm itself. Would cost you several millions for 3 to 4 hectares.

kung 1 hectare lang wag mo na balakin. Masyado maliit yan.

It just means na depende sa industry na papasukin mo yun initial capital na ilalabas mo. I started sa 7 hectares na part lang ng lupa na amin. Ngayon eh nasa 20 hectares na. Pero compared to our mentor, tingin ko nasa 100 plus yun sa kanya... kaya naman cruise lagi every other month. Langya kung magshopping sa abroad, akala mo truck ang dala pag namimili.

Yun importation eh mukhang ok din pero wala ako idea kung paano kalakaran dyan. Hoping meron makapag-share dito.

[King E]

Hello mga Sir! Very enlightening discussion. From passion, knowledge, skills, heart, probably attitude, risks.

Sa situation mo sir, i see a risk-averse person, confused where to invest, with small capital.

Sa ganitong situation, i think the best way to test the water and feel the business world is to be a middleman. Use your connection. Not to much investment, effort, and time. You can earn through commission or referral. Once you are in there, you will find what trade gives mo the most satisfaction- monetary and emotionally.
Example:
1. If you know a trustworthy/reliable talyer, refer it. And earn.
2. If you know a good carenderia, subcontract them and serve their food to your customers.
3. If you know where to find motor/machine parts, refer.
4. Cars/ properties, equipment for sale, refer.
Earn.
5. Anything you can try. From there you will find your passion.

Remember, money is not the ultimate goal. Learning and happiness is. Hope this helps a little.

[badsekktor]

Hmm... may isang idea ako na pwede mo pag-isipan. Mabenta sa bansa natin lahat ng malamig since tropical country tayo.

Isa sa gusto kong pasukin yun pagbebenta ng yelo. Yun friend ng uncle ko is a chinese businessman from baguio at sabi niya malakas daw demand ng yelo dun. Sa line ng business ko malakas din ang ice block. Kapag nagpapaharvest. Kelangan din ng ice block. Mga resto eh either ice block or ice tubes. Sa palengke eh malakas din kumuha ng yelo. Sa mga fish consignee malakas din ang yelo.

medyo malaking puhunan ang ice block kasi equipment pa lang eh around 5 m yata for a 2nd hand one tapos yun facility pa for the formation nung blocks.pero yun ice tube machines eh alam ko below 100 k lang may makukuha ka na. Kelangan mo lang lugar kung saan ooperate yun plus styro coolers and a delivery vehicle. Kontratahin mo na lahat ng malapit na carinderya at resto sa place mo.

malay mo masungkit mo ang 7-11 at ministop saka local grocery stores sa inyo since usually local lang talaga ang sources nyan. Hindi tumatagal ang yelo sa byahe kaya may chance ka pasukin yan.

[badkuk]

You know the saying, risk nothing, risk everything? That is ringing so true for me right now.


Ewan ko lang ano patakaran ng 7-11, but me alam akong nagfranchise ng mini stop, kumikita naman. Problem is, a few months later tinayuan pa ng 2 other mini stops very near theirs, kaya humina benta. Dunno what happened to their mini stop na.

[glenn manikis]

If you have 400k, you can start a massage business.. If maganda location mo... ROI in less than 1year.. Others 6months Lang ROI na...

[unmarked]

If you have 400k, you can start a massage business.. If maganda location mo... ROI in less than 1year.. Others 6months Lang ROI na...

may tropa ako ganto ang pinasok, dalawa sila naka 250-300k ata sya initial investment. steady na 35-40k ang income. IT din un pero di nag resign, kaso full time ung pakner nya.

[badsekktor]

Yep! Marketing and sales are very important lalo na kapag nag-uumpisa pa lang. Ngayon kasi, ang mga nagnenegosyo, iniisip nila na pangmalalaking biz lang yan pero sa experience namin, malaking boost sa sales kapag may ads ka at promos. You also have to instruct yun salesforce mo kung paano makipag-usap sa tao whether kliyente or hindi. Lahat yan eh prospect clients so wag maging bastos kahit medyo minamaliit ka

mahirap yun aasa ka lang sa word of mouth.

[glenn manikis]

If you are really interested.. I can. Point you to one of the best sources of goods-- kahit Magkano pa capital mo pwede ka dun for sure... All kinds of items and products...

[badkuk]

thanks sir, i may take you up on that offer ^_^

Thanks for all your inputs. Over the years i've tried several sidelines: selling dishwashing liquid/detergent powder, making dirty ice cream, food processing. Needless to say none of them were successful. At least i've identified my biggest problem -- marketing.

[1D4LV]

thanks sir, i may take you up on that offer ^_^

Thanks for all your inputs. Over the years i've tried several sidelines: selling dishwashing liquid/detergent powder, making dirty ice cream, food processing. Needless to say none of them were successful. At least i've identified my biggest problem -- marketing.

product is just too common
in marketing and sales, you need to ask what is your value over your competitors? what will make them buy from you instead of your competitors?

[badsekktor]

product is just too common
in marketing and sales, you need to ask what is your value over your competitors? what will make them buy from you instead of your competitors?

Ok lang sir if common yun product. It just means na mataas ang demand sa produkto na yun. Downside lang nyan is very competitive at mahirap pasukin ang ganyan negosyo since madaming competitor. Positive note would be malamang steady ang demand nung product. Papasok dito kung ano ang pwede mo promo or whatever extra na pwede mo offer.

So isipin mabuti kung kaya makipag-compete.

[1D4LV]

Ok lang sir if common yun product. It just means na mataas ang demand sa produkto na yun. Downside lang nyan is very competitive at mahirap pasukin ang ganyan negosyo since madaming competitor. Positive note would be malamang steady ang demand nung product. Papasok dito kung ano ang pwede mo promo or whatever extra na pwede mo offer.

So isipin mabuti kung kaya makipag-compete.

imho..... its the same. if it is a common product, the value proposition is on your promos, freebies and discounts.

its the buyer's psychological attitude.... what's in for me, saan ako makakamura, san ako mananalo?

a. if we buy a car, we look for the best discounts, the best freebies... considering lots of dealers provide the same cars.
b. if we buy clothes, saan ba ang quality?
c. if we buy shoes, saan ba ang pinaka comfortable?
d. if we buy yosi, saan ba ang may libre kendi?

[dishcom]

Carefull sa pag ads. Baka hindi mabawi ang cost sa income.. lalo na kung may kalaban ka na ok naman ang service then nauna sayo....
.
Ang senario kasi sa pinas. Pag may nag boom na product e naraming bibili at mag bibinta.. after few months or year mag sasawa ang tao. Pag nag sawa ang tao e kukunti ang bibili at yung maraming nag bibinta ay mag aagawan sa kunting ma mimili.. ang ending malulugi ang negosyo. Matira ang matibay.. ang may pinaka mababang operation cost at naka stablish na ang matitira..
.
Sa kainan naman or karenderya. Important yung mabait ka sa kumakian, masarap ang food at hindi nag sasara ang kainan.. sa bawat pag sasara ng isang kainan nawawalan siya ng old client kasi kakain yun sa iba at pag nasarapan doon e doon na siya..

[dishcom]

^ sa case ko , umalis ako job ko nung stable na income ng business ko.. i take the risk. Yung sideline at job experience ko ang naging puhunan ko na malaki..

[badsekktor]

^ sa case ko , umalis ako job ko nung stable na income ng business ko.. i take the risk. Yung sideline at job experience ko ang naging puhunan ko na malaki..

Good for you bro. Yun nakabili nung isang lupa ko parang ganyan ang livelihood. Former call center agent. Nagshift sa freelance online. Pero ngayon may mga contact siya IT individuals din. Lahat online transactions nila. Ayaw niya magtayo ng physical office to avoid yun mga taxes and permits pati benefits ng tao niya. May porsyento din siya sa mga projects na binibigay niya sa mga tao niya. Nabayaran naman yun lupa within 9 months lang at plano nya bilhin yun adjacent lot na sa kin din. Lakas din siguro kumita. Hindi rin kasi cheap yun subdivision na yun.

[glenn manikis]

Alam mo mag ahente ka nalang samin ng Generator.... Regular agents namin-- earns 50-500k per month-- Wala ka pang puhunan pera-- puhunan mo Lang dito is time-- then patagal ng patagal padami ng padami contacts mo... Kusa nang dadating benta mo.... From there pag nakaipon ka na-- pwede ka na magtayo ng sarile Mong bus.