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Saturday, June 20, 2020

Learn with my Failure: Things that you need to Consider when starting a business (Part I)

Last 2018, when my family decided to have our own family business. It's a Glass and Aluminum and Roll-up Door Installation business. But since that day, until now, we are financially struggling with our business. 

So what happened?

Last May of 2018 when my parents called from Manila that they are planning to have a business. It's the roll-up door business. As I listen to them, I can really hear a very optimistic plan and expectation. That's why I work the legal papers while they are still in Manila. 

After 2 months, my parents decided to go back to their hometown in Valencia City, Bukidnon. Of course, I feel that they are happy with their decision. 

Since then my family is eager to finally have our permits. And yes we did it. 

We find an office that costs us for 10,000 pesos a month. I know it's too costly. 

At first, we didn't find hard because we still have money to spend. But after a few months, as I checked on our bank accounts, our money starting to lose. 

So what happened again?

Here's the thing. First is if you plan to have a business, DON'T HIRE A FAMILY MEMBER. 

Why? Just check out these reasons:

1. You can't depend on them - Yes! you heard it right, you can't depend on them. Since it's your family, all of your plans, you should do it alone. 

2. Your meeting is useless - once you and your family are in just one room. There's no formal meeting that will happen because they keep on telling useless things. And sometimes, get angry because you disturb them. 

3. No Sense of Urgency - when I say a sense of urgency. Of course, it's a business, so time is very valuable and you need to act fast. But of course, since it's a family member it is just yourself who feels that the business is losing. And guess what, you still need to get angry before they will do what you say. 

4. No communication at all - it's just so ironic that working in a company where you can always see your siblings and parents and yet no one cares to bring a cellphone with them in case of emergency or client's call. You will just shock one day that someone inquires but no one answers it. And they will just simply say "Hey! someone message on Facebook, have you seen it?". Then in my mind, "What the heck? You already see it but you just ignored it". Or sometimes they will just simply say "I didn't answer that because I don't know the computation". Then in my mind "Of course, how will you know if you don't ask?". 

5. You're tired always - tired of thinking of ways how to gain clients, tired of thinking what will the company faces in the future, and tired of always reminding them that they need to act fast. 

These are just some issues and problems you will face when you start a company. And most of your colleagues are family members. 

That's why if you're planning to have your own business. Hire other people. Because other people will strive more to make their work better every day. And they don't want to lose their job. But if you hire a family member. Good luck to you!

Hopefully, you gain something in this post. And if you think you like it. Please don't forget to subscribe to this blog. And let me know what are your thoughts. And share it with your other friends. 

Thank you so much and see you next time. 

Learn with my Failure: Things that you need to Consider when starting a business (Part I)

Last 2018, when my family decided to have our own family business. It's a Glass and Aluminum and Roll-up Door Installation business. But...