⌛ i need an advise please

gud day dumaguete,i just want to have an advise here,i am krian and im 29 years old,i have 100k and i want to start a small a buisness but i dont know what as im scared that if i start a small restaurant wich i will find a place to rent,im afraid thhat my 100k madali lang mawala and its hard to retrieve it na and isa pa wala akung experence sa negosyo at all,i dont even know where to start and what to do,.at least maybe anyone can advise me kung may chance ba akung mag negosyo kahit maliit lang basta kumikita naman ayoko kasing mag start lang ng isang negosyo na hindi ko alam,.anyone have an idea or advise kung anung makaya kung gawin na buisness sa 100k?
tnx and god bless

 

First....Be careful.... there be sharks on the inter net
Second..... Without prior experience and a lot of planning it is not as easy as just "opening a restaurant".... there are business opportunities but not "easy" business opportunities
Third....Dumaguete has a plethora of restaurants.... some good.....most bad.....it is not an easy road

You need to identify a market..... who are you going to sell to..... in Dumaguete that would generally be the affluent Filipinos.....or the "relatively" affluent foreigners
Once you decide who you will sell to..... who you can relate to best.....then you must identify a "need"....something that market needs that they are not getting
Why Not is a perfect example.... Why Not provides a connection for European foreigners to their European roots.....products they miss but can not generally get on the Philippine market.... they provide a "touch of home"

5 million pesos is enough to start a business...... but you need more than pesos to keep a business

 

If I were to look at a business I would look into a Yellow Cab Pizza franchise.

But good luck to you what ever you do

 

Krian25,

Do you have restaurant experience? If not please keep your money as you will lose it.

Don't look for a business to get into, rather get into something that you like doing. Let's say you like working with wood. Building houses or furniture might be a good thing, but get experience in the business first. The more experience you have the greater success rate.

When looking at a business, such as a restaurant, you need to ask yourself if you want to work seven days a week? Are you willing to do all the cooking? Are you a good cook? Cooking at home and a restaurant are entirely different.

Don't be in a hurry to go into business but rather be very deliberate. Learn as much as possible about that particular business.

Fear is good when considering going into business but do not let it stop you. Your first time out you will probably fail, but you will learn more by failing than by succeeding.

Best of luck to you, Dean

 

Top 8 Best Philippine Franchises | Franchise Philippines

 

Keep your money in savings and stop looking for ways to spend it and risk it for investment;Unless the source you got it from is still paying you and it didnt take too long to earn it..Risk is the way to learn but you dont seem ready at all, Save all that money and live just below your means if possible and work or involve your self in what you want to learn about...You need experience,not a business right now..If you dont want to work for experience then know that work for your own business is harder than working ordinary job because of the money and planning you put in and the struggle to make it work or at least survive......dont do anything yet and save all your savings Unless you know how to make that savings again in a few years. I've lost a business before with 20,000 US dollars invested,,I gained experience and confidence and gave it up knowing I had other investments and income to help me recover...

 

i have a feeling Krian is talking 100K....as in pesos. Is that correct Krian?

 

If that is true..... you have the FIRST reason a small business fails....under funding..... 100K pesos is a VERY small business..... and in my opinion not enough for a restaurant with any potential for success....

 

You would do better to invest your money in blue chip stocks than to risk it in any kind of business here.
Most blue chips make between 10-18% per annum, the low of 10% was in 2008-2010, when the economies of most other countries were struggling the most.

 

If you have only 100K in pesos, then why dont you buy a food cart franchise? one to two man operators and they will provide you with a decent income, nothing great, but at least you will be financially independent and can expand later little by little.

This will give you experience in a micro business with experience after awhile and then you can decide if this is what you want to do on a bigger scale should you want to own your own restaurant.

Most of all, govern your SWOT analysis...Strengths, Weakness, Opportunities and threats......for goal setting and achievements for your business.

I owned my own IT Company supporting Hewlett Packard and Fujitsu contracts. Whether it is IT or in the Hospitality Industry, there will always be pitfalls...especially cashflow issues, so watch that....otherwise invest in stocks/shares...there are alot of opportunites there...just believe in yourself!

I wish you luck on your future success.