Torn between 2 Biz Ideas

Philippines
May 8, 2012 5:27am CST
I will be receiving my last pay from my previous company very soon. And, it'd be enough to start a small business that will keep me busy. I'm also thinking of using it to give my mother capital for her own home business that will give her enough for her monthly financial needs. However, I'm a little hesitant about giving her total control of the money because it may get out of hand, just like last time when I helped her put up a small retail store. Apparently, my 2 siblings were still with her and they find it so easy to ask money from her when they need it. So, it eventually got bankrupt and instead of rescuing the financial status of her store, I decided to just give her monthly allowance and at the same time, she could just stay at home and rest, because she's not getting any younger. So, my options are: 1) reinstate my online clothing store and invest on a sewing machine unit and hire a good dressmaker and start my wholesale clothing business, too; 2) buy a couple units of pedicab (public transportation which is a bicycle with an extended passenger seat at the side, good for 2 people) for my mother that she can rent out to drivers for a daily rental. This is very popular at her place because not too many people have their own car and the houses are a long walking distance from the main road I'd really want my mother to have her own source of living, and be independent from me. I know that she'd like the idea, but I just don't have confidence in her ability to sustain it for a long time. Should I give her another chance? Also, my retail clothing business would generate extra income for me, but it's really more of just something to keep me occupied while I'm just at home. I would really appreciate your thoughts on this and perhaps, you'd help me reach a good decision.
3 responses
@rajaiv0810 (1012)
• Philippines
9 May 12
I had quite the same situation with you regarding your mom. My mother also got problem with money management, so i have decided not to entrust her any longer with any kind of business. I don't want our relationship would be ruined because of money. What I do is I just give her a monthly budget to avoid complications. With regard to the business i think clothing business is more sustainable. I know some pedicab owners here who have stopped that business because they had been having problem with the drivers. At the same time, if the business will be in your home it would be easier for you to monitor it and to be more hands on. Godbless on your decision.
• Philippines
9 May 12
That's true. For me I don't have much of a choice either because my mom is not married so which means I do not have a dad to help her out. Nor I do have any siblings to help out too. so even if i got a family I am still and feel obligated towards her. She has been retired for some time and with her poor money management all her retirement were gone. so sad. Sometimes I just want to turn my back but I know I can't too. I'm just glad my husband has accepted the situation with my mom.
• Philippines
9 May 12
We are just lucky to have very understanding husbands. It really would have been harder if my husband would limit me in helping my mother. He is even more generous than myself. I'm just happy Im getting good support from him, but of course, I wouldn't want to abuse that.
• Philippines
9 May 12
That really does sound familiar, Rajaiv. I don't want to get in to any petty misunderstanding about money and I just hope she'd see my plans positively. I'm actually, also concerned that she might think I'm trying to get her off my back, financially. I hope she'll understand. I mean, how many daughters nowadays, would be this concerned about their mother's economic status, when they're already married and having their own lives.
@tiffnkeat (1673)
• Singapore
8 May 12
If you are worried about your mother's ability to sustain in the long run, maybe it may be better for you to generate the income and pass some of the earnings to her? If you are in control, you can also control how much you want to hand over to her. It is more important she has income than she be self-sustaining, unless there is really important reasons for her to be independent financially from you. Hope this short answer can help you make a quick easy decision.
• Philippines
9 May 12
I wanted her to be independent, because I'm no longer working. My husband is mainly providing for my own family, and I wouldn't want him to have to extend financial assistance for my mother. I have been giving her allowance and other financial support since I started working, but I have decided to be a stay at home mother to take care of my husband and kids. So, I wanted to give her something she can get her income from, although of course, I'd still be here if she needs any help in case of emergencies, or the like.
@Graceekwenx (3160)
• Philippines
8 May 12
Wow! I love topics like these! 1. Online clothing business. Did you take a course in dressmaking or would you leave it all up to your dressmaker? 2. Pedicab is good! Do they have boundaries as well?
• Philippines
9 May 12
I am planning to take up dressmaking lessons very soon, and perhaps I could find my dressmaker from my classmates.. My initial plan would be to resell RTWs. Then, once I get a better grip on the clothing business, I want to invest on wholesale and being the supplier, and not just a reseller. For the pedicab, yes, there should be a fix rental to be paid by the drivers using the unit. But, maintenance and necessary fixings will be shouldered by us.