Monday, October 16, 2006

Business advice

I read the entry ng Mahal na Reyna: Complete Internet Equipments For Sale. And her problems in running her business. So, why is this my entry? I want to share some advice to the would be enterpreneur OFW.

Have you read my Kanoy entry? If you have'nt, pakibasa naman. So what are my advices?

1. Find the right person. Is he trustworthy? Will he give 100% or more to the business? Does he know something about the business? If the business fails, will he go down with it? if the answer to all these questions are Yes. Then you can put your money on the line.

2. Let him run the business fully (from permits, to renovation etc., to day to day operation). Do not interfere unless very necessary. Give some advice. Set the rules. Ask for monthly profits. Records, and records are a must.

3. Put everything on paper. 100% ownership on your name is advised. Give power to your signature i.e. all outside transactions should require your signature, or at least your agreement. Set salaries based on performance, go for profit sharing.

4. Set back, relax and let your money grow. Kong kulang...push them...and push them. Guide their vision until it becomes big and bigger.

5. Give to charity. Give them bonuses, and Christmas parties.

6. Enjoy life, and smile a lot. Do not worry about money.