Food & Grocery When To Start a New Business?

I am a 26 years old and a college graduate. My first food business experience was in 2017. I invested 100k+ to put up a food station. It was a complete failure because I was not emotionally strong at that time, and also had a full time job. So I can only look after the business after my duty hours. My cousin was my only employee at that time.

Now this 2018, I wanted to start a new business again. I found a good location but the new place needs repair because the roof is leaking and the wall needs repainting. But the owner of the place said that the repair cost will be deducted on my monthly rental.

My problem is my parents will not allow me to rent the place because it is expensive (5000 php) per month and needs repair.

What is a good location for me:
1) Along the road
2) Beside a gasoline station
3) 10 meters from the central market
4) The space that I wanted to acquire was used by the previous occupant for 10 years and I wanted to take over because I don't want to miss the opportunity to rent for a good place

What I have:
1) I still have the tools from my failed business

Possible Problems:
1) The space needs repair
2) The space is not so big
3) I have not found a possible employee to work for me
4) 3 Competitors
5) My parents have no entrepreneurial background
6) I only have 70K money for investment
7) I also have a full time job


I wanted to take a risk but my parents won't allow me to push through because of the possible problems that may arise.

What should I do? Should I continue even my parents will not allow me to do so? Is this worth the risk?

Thanks.
- Lloyd

 

Things that can lead to success include:
1). Going into business in an area you know. For example, you worked at a restaurant prior starting a restaurant.
2). Doing something you are passionate about. Most people have to invest a lot sweat equity along with money in getting a business started. You are more likely to be successful if you enjoy what you do. In other words, don't start a business you have no interest in, but you think you can make a lot of money.
3). Find a mentor/sponsor and try to model their success.
4). Employees don't usually share your passion, so counting on your employee to make you successful is not a good plan.

To get a loan in the US, you typically need a business plan to even get a bank to consider loaning you money. Do you have a business plan? All I see are the negatives, what are the positives? How are you going to overcome the negatives?

 

Few things I see as an issue and/or to think on.

1. You have a full-time job. Opening a business and getting it off the ground the first year is two full-time jobs in itself. You'll likely fail if you don't have the time to invest yourself in your new business.
2. What is the business and what is its local competition and chance of success? Is it an eatery right next to 10 other eateries selling the same thing? Is it a cell shop right next to 100 others? You'll shoot yourself in your foot right off opening something next to other competition if to much and you can't offer something more then the others. That must be something locals want and need as well and you need to be able to do it cheaper then the guy next door (its the Philippines after all).
3. A great location is not always a great location. Some locations are simply better for certain things. You could have a prime spot on the highway but not near much residential and an internet cafe would be horrible. You could have a great spot across for a major college but a motor repair shop would be a horrible idea. Location must fit the intended business and those who you hope to frequent.

Among that and other things suggested I'd write up a business plan, check on permits needed and so forth which can eat quite a bit into your investment capital. Maybe you'd need to be willing to take on a partner or investor. Partners can be great but very risky as well so shopping for the right partner is a must along with setting terms of what/who has what kind of control. Investor's can be good but also problematic and you'd need a way to buy them out eventually along with specific timeline on a return of their investment. After all you don't want your billion peso plan being controlled by a person who invested 50k and sat on the sidelines.

Its very risky and a properly written up business plan and assumed fair profit margin should be figured out. That alone can help you write off many business idea's.