Is this the right time to put up a business??

[mfo]

Guys is this the right time to put up a business despite of the ups and downs of our economy?

Business in mind:

1. FOOD
2. Franchise of Food

[batang_raon14]

I think if it's a restaurant or anything connected to food, regardless of the ups and downs in the economy, it's always a right time. People could disregard cellphones, cars, etc., but they can't disregard food.

[cardo]

I can't remember if it was a friend telling me this or if I read it somewhere There's no such thing as a sure fire business. There is always work needed to be done to ensure the success of a business such as a market research and study, and proper long-term strategic feasibilty.

[Horsepower]

Business is a risk. But risks are manageable through studies, careful planning, precise execution etc.

Start with something you really know how to do.

[smooth]

my opinion: is it the right time to open a business? yes and no.

no, its never a right time. the economy is bad. our politicians inexplicably only make things worse. ("the problem with philippine politics is that there are too many politicians and not enough statesmen" -- can't remember who said that.) peace and order is a problem. gas prices are going up.

yes, its the best time. you won't know unless you try. while the socio-political and economic environment is unfavorable, will it ever change? that's always the case anyway isn't it? so, why wait? things are not likely going to improve, so why wait? plus, if the economy does improve, aren't you glad you've already got something going?

so, in the end, its up to you. are you pessimistic or are you one of those people who find opportunity where others see only risk? like what everyone else posted, there is no sure-fire formula for business. what it is, is "risk" and "opportunity." they say that 9 out of 10 businesses will result in failure. that's a 10% success rate if you're optimistic. so to quote another somebody (whose name i can't remember at the moment): the best way to increase your chances of success is to increase your failure rate.

good luck! entrepreneurship might be the key to this country's success

[m2's kumander]

Try to make a feasibility study first on what biz you really have in mind.

It would be better if the biz that you'll put up is something that you really know and you really like.

[j_avonni]

Food business is good business. Saan ka magpunta puro kainan, Glorietta, Greenbelt, Jupiter St., Powerplant, Libis, Tomas Morato, Quezon Ave, Ongpin, to name a few. But marami rin akong nakikita na nalulugi. You need a good feasibility study, right investment, good planning, management, quality, etc. to survive in this business.

[niky]

Location Location Location.

Oh, and good food. The rest is up to God and your customer's stomachs.

[cardo]

Researching does help if you think about it. it helps you identify, evaluate and plan the risks of your business. It helps you with the implementation. It determines the number of foot traffic(or potential market) for the location of the business. It will help you determine how much you need to sell inorder gain a profit or to maintain the business, how much financial buffer you need(as backup plan if risks happen), it also will help to monitor your business if you should pull-out or accept the risks and continue with the business, it gives you a baseline and indicator to track performance of the business for future strategic decisions.... bottomline, the numbers will drive the business ;) so take time to analyse and evaluate the risks in terms of numbers but do it in a timely matter so that the opportunity does not get away.

you can include in your plan the financial impact to your business if gas prices go up or if politicians plan a coup hehehe. if there is a coup attempt, foot traffic will decreace by 40% bec of people will not go the mall therefore a decrease of 40% in foot traffic will yield a 15% drop in sales. but 15% drop is manageable for only 1 month of operations as dictated by the financial buffer. beyond 1 month, the business will start to loose money by 5% per week. I'm just kidding here and making things up

franchise is an ideal opportunity because you are availing of a tried and true process and business model. you have already won part of the battle, for example the communication part. a good brand name will attract customers because of the established product. also, the process is already in place and there is no need to define a new one. you get trained on what to do, you have the equipment etc. but do some research on the overall historical data of the franchise you have in mind. like performace of the brand in the past. check out the company with the SEC. how will they support you as a franchise customer? whats the scope of support? check with legal if there are any loopholes, etc. things like these will definitely help... good luck!

[CLAVEL3699]

ako kakatayo ko lang nang fud stall sa libis.

Hindi na ako kumuha nang franchise sarili ko na lang concept.

malalaman ko wid in 2months kung ok sya.