Need help building my own foodcart company

[Bad_Jojo]

Hi guys! I need help sana. Share ko lang din story ko and I really hope you can help me.

I want to start my OWN FOOD CART COMPANY. Meron na ako actually existing na foodcart. Not "franchised" and not yet operational. I tried operating in front of our house okay naman but gusto ko na siya gawing small business. I want to start really small muna (1 cart muna) Here are my concerns:

1. Do I need to register the FOOD CART to DTI to have my own business name sa foodcart? 1 cart pa lang yung balak ko itayo pero gusto ko sana may sariling trade name sya, unique logo etc.

2. What papers do I need to fix?

3. Taxable? Do I need to pay other taxes? I'm currently employed.

I don't want to franchise because I have my own supplier of the food I want to sell.

Location wise, well marami students sa area namin. Malapit lang kasi yung isang university sa place namin (marami rin dorm including our place) so I'll put the cart kahit sa tapat lang ng bahay.

A little bit of my background. I graduated from a business school and currently working in a real estate company. The pay is good around P20k a month. But I only believe in BUSINESS and I didn't study business for nothing. We have a family business but gusto ko magtayo ng sakin lang, yung ako naghirap at nagpalago.

I'm not going to leave my job and just do business. I'll combine both worlds. I just need some advice on what to do kasi sayang naman at may mga equipment na ako.

[Naruto Kun]

1) yes.
2) mayor's permit, TIN
3) Of course. you work, you do business, you always pay tax. well, ganon dapat.

[jazzy]

Hi Bad.

First, before you start any business, you need to be specific kung anong klaseng buhay ang gusto mong makuha sa business mo.

Kung gusto mo lang na maliit na dagdag kita, I suggest pag butihin mo na lang ang work mo.

Kung gusto mo naman na negosyo na mag bibigay sayo ng kalayaan na mabili mo ang gusto mo at mag trabaho kung kelan mo gusto, kelang i-design mo business mo according to your plans.

Marami kasing nag tatayo ng business at baligtad sila mag isip. Nagiisip muna sila kung anong business, patatakbuhin ito at ma realize lang nila na pagod at hirap lang ang kinuha nila sa buhay.

Maaring hindi ang mga ito ang sagot sa tanong mo, pero kung pagiisipan mong mabuti ang sinasabi ko at gagawin mo, magkakaroon ka ng kalayaan na syang tunay na hinahanap ng mga tao.

Ang totoo nyan, ayaw naman ng karamihan talaga mag negosyo e, ang gusto talaga nila e *** perang kikitain nila sa pag nenegosyo. *** kalayaan na ibibigay sa kanila ng negosyo.

Kalayaang makabili ng mga pangrap nila, kalayaang mag trabaho sa oras na gusto nila, kalayaang gawin ang mga bagay na gusto nila.

[Bad_Jojo]

Thanks sa mga reply. Actually, I want to make it really big and if things go well, yung pwede na siya mapa franchise within 2 years. I understand din dun sa importance nung planning and training dun sa mga tao. Dilemma ko lang talaga is I don't want to start big kaagad so start ako sa 1 small cart sa tapat ng bahay namin.

With the suppliers nung food items ko, okay naman. Always available and ready.

Equipments available already.

Capital okay din. (I got it from my work, rakets etc.)

So register sa DTI, get a TIN, mayor's permit and etc. for 1 small foodcart? Regarding the tax, how do you compute po ba? depende dun sa sale?

[jazzy]

If you can start without all the things you mentioned above...do it.

The biggest question in your mind right now is..."will it sell?"

...may bibili ba ng tinda mo. Will it be enough to initially break even? In this case, wala ka pa talaga sa business operation. Nasa market research ka pa lang so I'm hoping na hindi naman illegal ito.

Ginawa ko na kasi ito though hindi food related. Binenta ko muna at tinignan ko muna kung may bibili or maganda ang potential.

After I ran it for months and saw the potential, dun lang ako nag pa register ng business and all the necessary permits.

It's unconventional approach that's why it succeeded.

If you do what most businesses do, you'll fail.

That's why 80% of businesses failed in their first 12 months.

[Bad_Jojo]

Noted mr jazzy. I think for 6 months I will study the business flow, operations, pag handle ng tao, procurement etc. BEFORE I register to DTI. Kaso, need pa ba barangay clearance? hindi naman na siguro no?

[jazzy]

Do whatever the minimum requirements to test your idea.

The key point here is you minimize your expense while you're still in market research.

You may also test your pricing, offer, etc. during this time.

[PinoySaKSA]

If you do what most businesses do, you'll fail.

Hi Jazzy... I am impressed with your advises on putting up business ventures and the correct attitude towards putting up businesses.

With the experience that you have, can you please itemize the things that makes starting entrepreneurs fail and how he should deal with it... this will be very helpful to aspiring entreps. thanks!

[jazzy]

Hi PinoySaKSA.

Here are some common mistakes of start ups or those thinking to start a new biz.

1. They focused on getting or perfecting the product.
- You obviously need a product to test or begin with, pero hindi ito ang priority. Once you've selected your product, once it's reached "good enough" quality and then start selling it.

Unfortunately, most if not all "business oriented" shows dito sa Pinas is about product creation like "how to create longanisa", "how to do basket weaving", etc.

Selling it will give you an accurate idea of the potential of your product or business. At this point you'll also learn what are the things you need to improve. How much people will pay for it. What other products that you can resell with it.

Also, don't be "in love" with your products. *** iba kasi, once they've come up with a product or business idea, nabubulag na. Be inlove with your customers instead. With that, you give them what they want or need and not what you want to sell to them.

2. Thinking too small.
Here's a sad reality, most people don't think. They're too busy on day to day things to even consider where their life, work, or business is leading them into.

And if they do think, they think too small.

I know, I was once of those who start micro businesses but yet I want to be a millionaire. If you want to make BIG MONEY that will give you freedom to live a better life you need to think bigger.

I recommend that you start small but not micro. Micro is too small.

Start small but think BIG.

3. No marketing and selling plans.
Again, most new business owners or wannabes are focused on product creation, developing a website, fixing the office, hiring people, etc.

They set the least amount in marketing and selling where in fact that should be your priority specially when you're starting.

What's the point of having a perfect product if no one is buying. What's the point of beautiful website if no one is visiting.

SELL! SELL! SELL! That should be your first and foremost activity you should be doing or your people are doing. Everyone should be somewhat selling or supports your sales system.

4. Forget branding...
at least in the beginning. Branding is expensive. Nike and Coke and big companies can do this because they have multimillon dollar budget.

As startup or small biz owner, focus on direct selling. Every medium of advertising should have a call to action like "call us now", "visit our website", "email us", etc.