Professional Documents
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My Story of Failure
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The mall offered me another stall, right beside it. Since I had money left, I bought another franchise for another
P250,000. This time, it was an ice cream scooping station. That required another monthly rental of P18,000.
I figured: What could go wrong? It was such a simple business.
But everything went wrong.
Looking back, I did no research. (Crazy!)
I never studied who the main shoppers were, and thus, whether they would like hotdogs or ice cream. (They
didnt.)
I also didnt know anything about the business.
I didnt even look for a mentor who could guide me.
It was all a leap in the dark.
I literally jumped into it blind.
What happened?
The moment I opened it, the business began to bleed. My monthly expenses were much more than my profits.
Instead of earning, I was losing P20,000 a month!
After five months, I closed the stores.
I lost P600,000 on that business.
Yes, I lost everything I had.
My Point?
Start Your Business without Much Cash
Later on, as you grow in your business skillsand you begin to taste small successesthats the time to
borrow money to expand your business.
For example: As I entered into new businesses and real estate ventures, I borrowed money. But when I did this,
I already had some business skills under my belt.
At one point, my total debt was P10M. Thankfully, all these were loans not to banks but small loans given to me
by Kamag-anak Incorporated: My mother, my sister, my mother-in-law, my uncle-in-law, etc. I paid them a monthly
interest on their moneyall postdated checks. These people knew I was trustworthy. (This is essential. Business is
about relationships.)
May your dreams come true,
Bo Sanchez
PS. Only 45 participants will be accepted in the workshop. So if you really want to join it, watch for my email on
Monday.
Just want to know if you are familiar with The Mutual Fund Yes, ATR Kim Eng is a good mutual fund company. Theyre one of the
Management Company of the Philippines, Inc. (MFMCP). I am mutual fund companies Id recommend. The others are Philam, Sunlife,
investing on their ATR Kim Eng Equity Opportunity Fund. Is it a Philequity, and First Metro
good mutual fund company?
Blessings,
Thanks, Bo
Jane
I am considering a sum of P100,000 to invest in stocks in a big You can invest P100,000 in the stock market or the mutual fund. For
company in Manila, if viable for me, if not then in Davao City. the stock market, you can invest via Citiseconline.com from anywhere
Where and how should I invest this money? in the world. For mutual funds, you can check out these companies:
Philam, Philequity, Sunlife, First Metro, etc...
Please help me with your advice.
I need additional income, together with my monthly state pension But if your goal is to earn extra monthly income, these paper assets
from UK. Im still paying a big amount for a piece of property in investments wont fulfill that goal. The stock market and mutual
Davao City. Its really my dream place, hoping andpraying that I funds are for your long-term investments for your future.
can build my modest dream house, and plant different variety of
flowers, fruittrees andvegetables. To earn a monthly income from your P100,000, you would need to
invest it in a business. Obviously, the risk is higher.
More power and blessings to you!
Carmen I strongly suggest you study the business youll get into, stick to
your core gift, and look for a business mentor in that particular
business.Join seminars and workshops.Even better, work first in an
existing business that you want to build.
Blessings,
Bo
A million thanks to you for sharing your talents and inspiring messages. Because of you, Istarted a baby investment in the stock market.
My question is about my present job.I started a photocopyingand school supply business with my wife. Our plan is to expand to two more copy centers
by end of 2011. But Im also a sales supervisor in a company that sells photocopier products. Is it a conflict of interest with my present job, because Im
sellingphotocopier products?
What would you advice formy current situation? Should Ileave my job to focus on my business or stay for a while making our business grow? Whatshall I do?
Sincerely,
Rogelio
About your business: I dont see a conflict between your job as a salesman and your business.So keep at it.You can resign from your job on two
conditions: (1) when your business profits are now twice your salary; and (2) when you see great expansionmore photocopying centers
which you can no longer do because of your job.
Blessings!
Bo
Dear Bo, Is your friend knowledgeable and skilled about the business youre
going into?If she isnt, problems will come up.She needs to get a
The Truly Rich Club has really changed my outlook in life. I love mentor that is already successful in that business.And even if she
listening to you, Bo. The club has taught me to always have a does this, expect failures.Are you willing to lose your capital? Will
positive mindset. Financially, it has motivated me more. you re-finance if the first project fails?
I am writing for an advice that I need. Recently, I proposed with my Personally, I dont invest with someone who doesnt have the
friend to start a business with me. I will be the one responsible for experience in the business theyre getting into.Example: I have a
the capital and finances and she will do the labor since I live abroad. business partner who was working as an employee doing corporate
But DTI registration for partnership isnt possible. And the business souvenirs.After nine years as an employee, she wanted to do the
account in the bank under our name isnt possible, too, since DTI exact same thingcorporate souvenirsas a business of her own.
doesnt register partnership business anymore. Six years later, her business is doing very, very well nowbecause
this was her core gift.I invested in her business and Im reaping the
One reason I proposed for a business with her is because I want a rewards.
passive income and for her to have an income as well. I know that
she has been struggling so much financially. But being away from If you still decide to push through with this business, set up tight
the Philippines where the business will be actively operating is controls on a daily basis. For example, monitor daily sales. All sales
hard. It will entail a lot of trust on my part. must be deposited in the bank which you can check online (thru
online banking).She cant use the cash that came from the sales for
I would like to know if what I did is right. I appreciate your response. expenses. That must be withdrawn.Everything must have vouchers
Thank you very much. and receipts.Look for a third person to be on the ground, checking.