Continue my business or just give up.... ?
By fhems2010
@fhems2010 (70)
Philippines
October 14, 2010 3:46am CST
I have been into business for almost a year now and I have already put up three businesses. The two businesses I put up is doing well since it is in the company premises. But on the first week of April there was an incident happen I lost one of the business that connected in the company and that's why I realize that what if I lost again the other one. I can't do anything so we decided to put up another third business and that was the third one which now making me headache. We put up business outside the company and for almost five months this business is losing. Can anybody help me I'm going to continue this business ?
4 responses
@purplebette (42)
• Philippines
14 Oct 10
hi fhems .. My mom used to be a business woman. She started with a very small capital but was able to make her business a very good source of income for our family. When my husband decided to quit his job and open a motorcycle business 2 years ago, my mother gave him some advice ... it helped my husband and i hope it can help you ...
1.open a business that you know and you love
In my husband's case, he was really into motorcycles. Even if he got his own mechanic, he knows how to repair. He knows a lot of things about motorcycles based on his experience. Customers trust his opinions because they know that he knows what he is talking about.
2. don't expect a big profit during the first year
The first year is usually the adjustment period, tendency is ... you won't really earn anything during the first few months, that's okay ... since you are just starting, no one knows you yet, starting capital is really big ...
3. separate your personal money from the business money
Don't invest your personal money in the business. Allot a specific amount of money for the business. At the same time, don't get money from the business for your personal expenses. You can give yourself a salary and consider that as an expense of the company. If you have enough personal money, my advice is, not to get any salary from the business during the first months up to a year and let your capital grow until your business is stable.
4. This is cliche but "the customer is always right"
According to my mom, a business owner should always please the customer. Sometimes it's the service that really counts .. even if your product is good or cheap if you don't treat your customers well, they won't really patronize you.
I'm not sure what business you are in to ... I hope it's something you really enjoy .. just be patient, after a year or so ... your hard work will be really paid of.
I hope this helps ...
@fhems2010 (70)
• Philippines
15 Oct 10
Oh.. thank you very much... At least you enlighten me with your very encouraging advise. Actually I am into Restaurant Bar and Grill and it is open on night time only. Maybe you can give me any advise or help how to make it profitable. And you are also right I will check and review it again from the very beginning on how it works so I can use your advise. Thank you and hope you can advise me more on my restaurant bar and grill.
@purplebette (42)
• Philippines
15 Oct 10
As a customer, the first thing I consider in a restaurant is the food. Then the service and the place's ambiance. The actual location doesn't really matter for most customers. If you have something unique to offer, customers will go out of their way to visit the your business no matter where it's located.
Good Luck!!
@Graceekwenx (3160)
• Philippines
14 Oct 10
May i ask what nature of business you are into? Sometimes it really depends.
@fhems2010 (70)
• Philippines
15 Oct 10
I am into restaurant bar and grill and open only on night time. Maybe you can help me and give me some advise how will I make it more profitable.
@isisyme (103)
• United States
15 Oct 10
They say that the first year of business is always the hardest. All I can recommend would be to keep at it, brainstorm some new ideas for more publicity, maybe coupons, or things to bring in more clients. Good luck and hope your business gets better from now on.