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Best Posts in Thread: Advice on starting a business?

  1. ChMacQueen

    ChMacQueen DI Forum Patron Highly Rated Poster Showcase Reviewer Veteran Army

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    Only spend what you can afford to lose on a business. If your thinking its a way of making ends meet your odds are very low of success here. Whatever business is going to cost you for sometime before it *might* start turning a profit. If locals can copy it they will and do it cheaper especially as quality doesn't matter if its slightly cheaper for most. Don't start a business to cater to foreigners as your #1 customer because you'll be shooting yourself in your foot if not just chopping it off.

    After that do some market research while also access what kind of business you want to start. Want to do a restaurant you need a good location and to offer something wanted but not already plentiful in availability but you also need to make sure you can aquire a solid supply chain of what you need. Prices need to be locally competitive and achievable at the locals wallet but you also need a decent cushion in price of cost to make vs sell price yet locals as they often underpay workers and skim on quality bigtime will screw you over every chance they get in competition.

    Key though is YOU as a foreigner can't own a business and anyone who tells you otherwise you should ignore. You'll hear of exceptions and ways around things and most are bogus and that which isn't bogus could change at the drop of a hat. This means you need to have it in a Filipino's name (gf/wife) but can you really trust them not to screw you over especially if the relationship goes south? Further even IF you can manage foreign ownership you'll be under much heavier scrutiny which you won't really want on every detail.

    Lastly I'll get into is workers. Its easy to find workers but hard as heck to find GOOD workers. Even GOOD workers will require you to watch over and micromanage them here as well so don't get the idea you'll start a business and get the ball rolling and then sit back while loads of cash arrive at your door. Soon as you take a step back from tight managing things will start going downhill.
     
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  2. Rye83

    Rye83 with pastrami Admin Secured Account Highly Rated Poster SC Connoisseur Veteran Army

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    Are you asking what kind of business to start or for the legal steps needed for obtaining the proper licenses/permits/registrations to start one? Your question is far too vague but it seems the information you are seeking may already be available online.

    https://www.imoney.ph/articles/guide-how-to-start-small-business/

    Also, when you say you know "nothing at all" does that nothing also include everything involved with running a business? If that is the case I say you would be very wise to put your business ambitions to the side for 2-4 years and attend local college and obtain a business degree.

    If you know nothing about running a business you are almost certain to find yourself in financial/legal trouble and your business will almost certainly fail. Go get a proper education to set yourself up for success. An online forum/social media is just not going to prepare you for running a business.
     
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  3. osodelnorte

    osodelnorte DI Forum Adept Restricted Account Showcase Reviewer

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    My advice. Don't! Enjoy the scenery, women and life. Starting a business will screw all that up.
     
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  4. DiverTim

    DiverTim DI Member

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    Friend was well known Restauranter here in DMGTE he was always stating that the harder he worked / appeared to be more successful, the more his rent etc were increased. Plenty of locals well versed on sitting on a Foreigners shoulders and being carried up the mountain!
     
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  5. redhorse

    redhorse DI Forum Adept

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    Reminds me of an old joke:
    "How can I make a small fortune in the Philippines?"
    "First, come here with a LARGE fortune!" :smile:
     
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  6. Notmyrealname

    Notmyrealname DI Forum Luminary Highly Rated Poster Showcase Reviewer

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    The owner is a millionaire landowner - he would not care. The prime asset is the location - on a very beautiful estuary. I think he intentionally let someone develop the business for him to take it back eventually.

    I almost had this happen to me but I anticipated it and had two nearby sites where I operated my business from - I made it plain to the owners of those sites that if they decided to go it alone I would use the other site to put theirs out of business (the cost would have not mattered to me as long as they failed) and it worked.

    But with the pub (converted from an old farmhouse) in a beautiful location there is unlikely ever to be another one nearby.
     
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  7. Notmyrealname

    Notmyrealname DI Forum Luminary Highly Rated Poster Showcase Reviewer

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    This happens everywhere - I know someone in Ireland who took on a new pub, sited next to an estuary, and over the years built up the business to where it was highly successful. At the next rent review the owner of the property increased the rent so massively that he could not continue and ended the lease - the owner now runs it himself. It does not seem fair to take away a business that someone else built up but that's life.
     
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  8. DiverTim

    DiverTim DI Member

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    Start a business here...if you're a foreigner...my advice DON'T you'll be working all hours to keep others employed, fed and watered.
     
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  9. SkipJack

    SkipJack DI Senior Member

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    @Rye83 gave good advice about education. I would also add that you should work for a small business in the market you plan on doing business in. Preferably a start-up. This will get you hands on experience at someone else's expense.
     
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