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My Business Idea and Why I Can’t Start a Business in My Place

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Written by   469
9 months ago

They said having a business is better than having a job. But starting one is difficult and not as easy as ABC. You have a high-income job, why start a business? Well, for me having a business is better if we will look for a long-term perspective—if it will be successful.

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I have been writing on several platforms where I earn a very good amount of cryptocurrency but we can't deny that they are not permanent and soon, they will be shut down. Hence, I am starting to save and treat my earnings from these platforms as my investment and use it for future purposes like building a business. 

But of course, before starting a business we must assess and analyze it first. The target audience and consumer, setting, and the concept of your business. After thinking of these things, I realized that starting a business in my place isn't ideal and difficult. Here's why;

People love debts

Having debt is a burden. You will never be rich and not win your finance game if you have debt. But at some point, people love having debt. My mother had a lot of simple businesses in our place like selling clothes, selling foods, halo-halo, etc. But she said, her past businesses are not successful because until now, there are still people who owe a debt to my mother, they are not paid after long years. Take note that a 1 cup of halo-halo before was only ₱5.00 each, yet, they will ask for debt and promise that they will pay it but they were not. 

You know that they have debts, so why not ask them for payment? Here's the thing, the debtors are wilder and bolder when creditors are collecting the payment. They were always like “we still have no money, can't you understand it?” and after the confrontation, they will not talk to you (forever) and forget about the debt. 

Believe it or not, I had an e-loading business but people are still asking for a debt. They are paying, but for a very long time. I remember that someone didn't pay me after more than or less than one month. Asking for a debt is not a problem if you can pay it immediately, please calm down when the due date comes like how you calm down while you are asking for a debt. 

There are few consumers

We are living in a very small community where people barely spend their money. Life is hard since the main job is fishing and the source of income is usually from the lake which is not an ideal job during this season. You cannot build a supermarket in this place because you will just waste your money, people do not have enough money to spend in “kinda” luxury places.

There are rich people but I don't think building a huge business isn't ideal in this place. People will buy, but just for the first month. In the next month of your business, it will start to die slowly. There are even “places-to-go-with-a-very-good-view” in other barangays where they are asking for entrance fees but as time passes by, visitors start to fade despite having an affordable fee (₱5.00-₱10.00). 

It is like selling something with a lot of competitors and it is almost impossible to have sales. 

My Business Idea

I don't know if we can consider this a business but I want to buy a vehicle, specifically a tricycle. It is like a “tricycle for rent” where the person that will use it will give me a portion of his daily earnings. It is a great way to have passive income and I think it is a good investment because transportation is what we always need. The tricycle has become the cultural vehicle of Filipinos and I think it will take decades to replace it despite the growing technology. 

It is a good idea, why not start and go for it? I shared the idea with my mother and she told me that they also had this idea before. She said she will tell my uncle—who knows well about the terms in this industry—and sadly, it is complicated.

It is not like buying a tricycle now, looking for a driver tomorrow, and starting on the next day. Because in reality, you need to register the vehicle and transfer under my name as the owner with LTO, there is a renewal thingy and a more complex process. 

He also reminded me that there are careless drivers who will not think about the vehicle because they didn't own it. They know that it is a vehicle rental that pushes them to be careless. I also need to think about the maintenance, and other fees when a tricycle has a problem. 

I realized that this is not the right time to start it. Since my money isn't enough yet for the estimated price and I don't think I can handle these consequences for now because this idea will be initiated in another place which is far from where I live because as I said, I don't have a plan to start a business in my area (for now) maybe soon there will be more opportunities here. 

So, I decided to buy a laptop that I can use for my studies and possibly more income opportunities. It is hard to manage them all on a phone. Besides, I have more plans with my online presence where I could earn but I decided to do them one step at a time. For now, I am saving more to be able to buy a laptop. Probably by June or July, I can buy one and start to zero again. But, that's fine. I just hope that I am on the right path. 

Published: April 26, 2022

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Written by   469
9 months ago
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Comments

Every job has its own risks. Calculating these in advance and timing them can reduce the risk, but you should not overestimate them. I started my current food supply business with zero budget, only with a loan from the bank. Moreover, the loan was given in return for my salary and as soon as I got the loan, I left the job as the first job.

$ 0.00
9 months ago

We have the same goals @Laurenceuuu gusto ko din makaipon ng marami dahil gusto ko din magkaron ng business one day. I hope these platforms will lasts so that we can have our own fund in building our business one day.

I am also planning to buy a 256 gb phone this June or July. The more storage, the more opportunities I can grab.

$ 0.00
9 months ago

Why not investing on laptop or pc than mobile phone? Well, it depends on you!

$ 0.00
9 months ago

Concrete business plan muna talaga bago sumabak. Majirap pag di pumatok sayang pera at araw.

$ 0.00
9 months ago

True kaya laptop muna, kung diko man magamit for business magagamit ko naman sa school.

$ 0.00
9 months ago

And another problem about your business is yung mag tratrabaho as a driver. If ever yung nahire mo is gagawa pala nung kung ano ano sa mga customers mo, it's your responsibility at makakasira din sa business mo. Complicated ang business na ganyarn e lalo na sa panahon ngayon. But, you should give it a try. Why not coconut? I guess you are good at handling business.

$ 0.00
9 months ago

Yep baka careless 'yung driver mahirap na haha

$ 0.00
9 months ago

Kaloka talaga yang mga nangungutang. Huhu. Feeling ko if ever magbi-business ka, you need to have a strong personality somehow or else madali talagang mautangan or whatnots. Good luck on your business idea!

$ 0.00
9 months ago

Thank you

$ 0.00
9 months ago

Wow! I know you will have a laptop very soon. Iba iba din talaga goal natin. I just hope we can all have it. Ajah! kaya natin to.

$ 0.00
9 months ago

Good luck to us🤞

$ 0.00
9 months ago

Your idea is good too. But registering the tricycle is very complicated daming gagawin And lalo na kapag yung driver is super careless sa tricycle it can cost you huge money for maintainance and repair. Hoping you can stablish your bussines soon 😄

$ 0.00
9 months ago

Yeah maybe this is not the right time. Thank you!

$ 0.00
9 months ago

Magandang idea yon pero mahirap nga imaintain lalo kung careless yung matsambang magrerent. Gaya mo din akong nag ee loading tapos utang pa yung iba. Haha. Kaya parang di umiikot yung kita ko. Madami na ako natry ng business pero I am lack at consistency.

$ 0.00
9 months ago

Maybe this is not the right time. Next time muna siguro ako

$ 0.00
9 months ago

Videoke machine for rent haha

$ 0.00
9 months ago

Madami ng may ganan sa amin kaya madaming competitors. Besides, wala na kaming space lalagyan ng videoke hahaha

$ 0.00
9 months ago

Haha ayun lang. Mas mainam nga yang for tricycle mejo sa una matatagalan muna ang kita hehe

$ 0.00
9 months ago

Actually, that was quite a good idea too. We own two tricycles and one motorcycle (yung walang sidecar) from my Papa's earnings. Effort niya lang sa pamamasada talaga, and malaki kitaan lalo kapag may mga suki ka na, like may contact na direcly. Though yung iyo hindi naman ikaw directly na magdrive hehe. Goodluck :) Pero sana mabili mo na rin agad yung laptop mo.

$ 0.00
9 months ago

Yep haha 'di naman ako marunong mag-drive non, focus ako sa passive income haha. Uunahin ko na muna laptop for my online presence. Sana tama desisyon ko haha

$ 0.00
9 months ago

Yes it was great idea. But your uncle is also right. Documentation is necessary. And carelessness of driver is also right thoughts. Start your business when you are able to bear risk and overcome on it.

$ 0.00
9 months ago

Not gonna take the risk for now as I am struggling with budgeting. But I am planning to buy a laptop hoping to get more opportunities online.

$ 0.00
9 months ago

Try freelancing that is also good apportunity.

$ 0.00
9 months ago

That's one of my plans once I bought a laptop

$ 0.00
9 months ago