Starting a Business
Build an All Star Team
Your team will be the foundation of your business.
Airport Test before hiring them. Imagine you and your teammates are stuck at the airport, what’s the conversation like?
Location > Budget
Unlike online business, traditional businesses require good location.
When I visited Bantayan Island, there's this place called MJ Square. It is a hub for all restaurants. I bet the rent there is high coz of the foot traffic. That's the important thing though: "foot traffic". Restaurants outside of MJ Square don't have much customers.
"Balance budget and market"
Perfect the Product First
There are businesses who focus on aesthetics first before making the product perfect and doing market research.
Scaling
Scale only when you are profitable.
Scale when people are already looking for you in another area.
If you have sufficient budget for marketing.
Fill one cup at a time
How to Price?
If it's a product people use daily, maybe 10% to 20%.
If the product is limited edition, sky is the limit. Like Jordan shoes, it can retail for as low as P5,000 but you can sell at P15,000 easily.
For services, it should be 200% to 300%.
Debt is Not Bad
High net-worth individuals want their money to grow, they are willing to invest it on talented people who can multiply their investments.
Say the interest per year is 6% but it will yield you 100x the initial investment, that's still a huge win.
Always compute for the returns so you'll have purpose.
Know the break-even points such as 100 cups of coffee or milktea per day, 1000 loads per day for laundry shops.
Sources:
Reymond Delos Reyes (Paano yumaman ang baliw?) https://www.youtube.com/watch?v=F5dr094YUk8
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