Is this the right time to put up a business??

[theveed]

In a bad economy, stay away from expensive capital businesses if you can't risk that much... But it is ALWAYS a good time to start a business, the worse the economy, the more opportunity there is to fill in the "value" market.

[midinite]

tama si boss cardo a.k.a. jordan hehe jk lng po sir..
like what they have said, depends din sa lugar, and u have to think din kung cno ang target market mo..

While location is key...do we put too much importance to it? There was another thread with the herd mentality thing. Diba meron din build it and they will come? So long as hindi naman talagang out of the way?

It keeps coming back but the key is to set-up something you already know very well and better if you really like it para may passion for it.

But most importantly to not be afraid of failure. I have heard a successful man even say "embrace failure." Kaya nga may saying try, try again.

[bilog]

The success of any business always depends on the careful planning and executoin of programs. If you enter into something you hardly know of more often than not it is bound to fail. Food business is also not a guarantee that it would click. Kung gaano kadami ang nagtatayo ganon din kadami ang nagsasara. But the bottomline is Business is a risk, a risk that can be calculated. In any case, i hope you have a successful one.

[van_wilder]

usually masmaganda mag-start during maganda ang economy para madali ang start-up pero chances are kapag may momentum ka na sa stagnant or down economy na ang stage... so marealize mo masmaganda kapag down ang economy... kasi equalizer yun... wala masyadong market segmentation...

there is no right time... this is the only time... irregardless ang economy in putting up a business... expanding yes, pero starting-up no... goodluck sa pagtayo mo ng business

[kevinp]

Somebody said "The greater the risks you take, the bigger the rewards". Tingin ko tama 'to lalo na in the context of your question.

Putting up a biz in times of economic trouble is a big risk (well, at least bigger than if the economy was doing very well), but, as mentioned above, the rewards could be great if you're already there at the start of a good economic boom. You'll be riding the crest of the wave and be ahead of the also-rans who'll all be tripping over themselves trying to set up their businesses.

The biggest question, then, would be "when will the next economic boom start?".

Question rin pala: Has anyone overseas tried putting up a business in the Phils tapos ipinagkatiwala nyo yung business nyo sa isang trusted friend or relative?

[KG21]

kevinp: yung dati kong work,laging wla yung chinese boss,naka base kasi sa china. yung manager ng company nya anak ng family friend nya, ang hirap nung ganon..dahil yung manager lng ang pinaniniwalaan nya,abusado pa yung manager

sorry guys kung OT...

[cardo]

Well the greater the amount invested the greater the return, if properly managed hehehe. Generating financial resources is really hard esp. if you are starting up but there are a number of ways you can generate money like thru the bank or thru partnerships/investors(or thru rich friends and family members haha ). 'Thing is, the banks just want their money back, plus interest. Investors/partners want their money back plus a piece of the pie. As much as possible try to keep 51% of the "pie"/business otherwise you'll end up like an ordinary employee with reporting to another boss hehehe.

Reading thru the news sometimes ang napapansin ko with some companies, they try to acquire business by buying other companies or establishing partnerships with other companies because maybe in the long-term it would cost more to develop rather than to buy. so dito pa lang, makikita mo na yun importance ng financial planning like forecasting and cost management hehe. would it cost more(in the long term ) to hire and have an in-house software development team or would it cost less to just sub-contract a team of developers? ;) it maybe more expensive now to sub contract, but a long-term subcontract it would save more dollars because(maybe) you dont have to worry about inflation, salaries and benefits of people. you just pay a contract. but this in only an example, i'ma just thinking out loud and inventing stuff hehehe.

Sometimes you hear in the news about mergers and acquisitions like Oracle corp buying up Portal s/w shares bec portal is an expert in revenue management software that oracle needs. So maybe you can try to model this with your planned business too hehehe. If you have the resources to create your own food restau, then its ok(like the hyundai shipping co. - they build everything from mfg. of the steel to the build of their engines for the ships they create). But then again, Hyundai shipping may want to have better control of their product by building everything in-house. or have greater flexibility in development. or it maybe that in the long term they would earn more profit. it may cost more to setup everything in-house now but long-term it will yield higher profit... who knows? hehehe

kaya depende lang talaga sa business plan - which would address your concern if you need to acquire a food business or franchise, or setup on your own restau... or partner with someone who has experience/expertise with the business... but then again, not everything or everyone might need a business plan hehehe try also to ask as many people for advice coupled with research and planning. good luck ;)

[GlennSter]

dagdag lang...chaka sa business..hindi kailangan ang TIIS.kailangan ...TIYAGA. (as what my dad is doing for less than 20 years na...)

[cardo]

Medyo OT pero I think related pa rin sa business hehehe. Very insightful reading on experiences of people... I read a book that says, if you loose 1 customer you loose 250. you gain 1, you gain 250. The author later explained, that while he attended alot of gatherings like funerals and parties the party organizers(which is usually a vendor) gives out business cards to all the guests and he always had enough business cards to hand out. He asked how did he knew how many business cards to take with him? It seems that as you read on the guest listings of each customer you tend to get an average of 250. So if 1 person dies, his funeral would have an ave of 250 guests. If a person gets married, he/she would have an ave. of 250 guests. so if you had a bad day and shouted at a customer, you lost 250 potential clients hehehe. that customer would say how rude you were, and this gets to another person and so on...

The author was also particular of business relationships. He says its not the product alone that you need to sell, but also yourself. I think he meant customer relationships and how important it is in business.

A friend also mentioned that you can get into any kind of business you want. You can read and get courses on it but you may not know completely everything technical about it. You just need to know "just enough" about it and then hire people who are experts on things you lack knowledge on. He's not good in math(me too, I flunked in college haha) to do all those money management stuff but he had some "streetsmart" knowledge about the business. later on, he hired a CPA to do all the math(debit credit stuff, money management etc) for him hehehe. well, as some say its better to be a smart worker than a hard worker

I agree, failing is really difficult and I think it scares me the most too. Imagine everything you worked for going down the drain when the business fails? you'd have to work again to earn something. but I think this is where a business plan comes into the picture - to manage the risks of failure. kaya kung uutang ka sa bangko, management would always require a presentation material haha! titignan nila yun business plan mo. kase pati sila(mga bangko), takot din na baka wala kang pambayad sa utang mo hehehe.