🧠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.

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