My journey in growing business

I am in four (4) years of business. So far so good the business profit, the customers, and the needs and wants. 

So I decided of how will I grow my business?

Additional purchases for more customers to choose?

Change my store layout to attract more customers?

Wholesales and sells at lowest price?

Or both? Additional purchase, change store layout and wholesale..

While searching for this answers:

1) employees-  additional employees to help me grow in business. While I was the one do the administrative works and purchasing, my newly hired employee takes charge in attending customers needs and wants and lists all the items that needs to buy to sales agents.

      Challenge: Trusted Employees.                   Nowadays, very rare to hire a trusted employees in handling cash while I was busy to grow my business. As much as possible, I have to lookout my cash every now and then. But then, it is not guaranteed  So to avoid this, is not to hire an employee.

       Challenge: Psychology of employees.            With different roots/ family came, as a business owner like me have to understand better their behaviors, personalities by asking questions of how was their family, where they lived. Observe them everytime I asked them (their actions, gestures, language body). Today, because of technology many are aware but as a business owners like me, instinct is still the best technique that anyone could not imitate.

2) Business partner(S) – can be a siblings, parents, friends, relatives, or the mate (husband/wife)

What I learned? Base on my experience, a family business (it means my family is my business partners) very challenging emotionally. No matter how to be professional as a business owner if the family business do unprofessionally, conflict arises that lead to relationship constraint. It could happen in relatives, friends and your husband/wife.        

 It could success to others but mostly are not.    

3) Change

Yes, change myself. Change to become tough in decisions but soft heart to balance. 

I did it before when I was working in corporate company but when I started business with 2 employees, it changed a lot. It was different in corporate company vs having a own a business and manage own employees. 

Change myself. Change to become aggressive, more open minded..       challenge: since my business is a family business, they are very conservative that when I push my ideas, they did not support. 

Conclusion: Reading articles in magazines, google, social media helps me of how to grow in business. But put into actions is very challenging and difficult to do because of lot factors to think and realize that it is not the right time, not driven in actions, the environment, people to choose.

 And one thing, if I grow my business, how will affect my personal needs? Will it less quality time for myself? What about my socialization towards others? New persons I meet that one who help me in growing business?

For four years in business, I am confident my business still grows because of good location and customers. But maybe not a right time to grow. Only time will know of when. As of the moment, enjoy of has to be done, develop more the entrepreneur skills for preparation when the right time is come. 


๐Ÿ˜Š 

 

How was my financial journey?

Everybody face financial struggles and no one is excemption. This post is for the people who finds difficult in their finances that needs to motivate them. Hope this helps for you! โค๏ธ


It was in year 2015 I started my financial journey blog in one of my old WordPress site. 

For two years, honestly it is not quite easy. I have been lot of struggles between of savings my money, my active income (self employed entrepreneur) and my personal goals.

Before I encountered my financial journey struggles, here are the list of my 2015 financial success stories:

  • I save money for emergency fund (2 passbook account), I have another one passbook account for petty cash fund both for business and personal, and I have another one ATM card for my everyday expenses. It is not big amount as what you think, but it can go further slowly but forwarding.
  • I opened my investment account in COL account, and I am starting to trade, got excited ๐Ÿ˜Š and challenge in every mistakes and keeps learning.
  • I opened my VUL (Variable Universal Life Insurance)- a type of protection which has an investment side. And at the end of that year, I opened again another VUL account but they focus more on investment rather than on protection
  • Attend course related on real estate investment but since Iloilo City is limited in seminars, I decided to study a real estate broker review as a stepping stone for a real estate investment.

What happened?

  • I slowly withdrew my emergency fund, I closed my one passbook account and retain one, but in initial investment. I have retained another one passbook account but not deposit anymore for more than one year and half months. No money left in my ATM account.
  • My sales in 2015 were as high as P4,000/day and my load sales for as high as P800/day. Average sales for the day = P3,000.00/day (excluding the load sales).                                                Today, As of writing, I can sales for as high as P1,000.00/day only. Sad life
  • Since I cannot pay my VUL account, I give up the latest bought and loss P11,000.00
  • I always deposit in my stockmarket, but after that happened, I set aside and wait until I have money to save and back again

Cause of my financial struggle?

Shifting of career from self employed entrepreneur into a real estate agent.

I thought it was ok, since I have to work part time and study part time. 2 days only every week, so I have a time for my small business and at the same time learn the real estate industry. The advantage was I am self employed. But not exactly what I thought. 

I did not focus on my business until my sales decreasing results of not purchase (I am in retail, buy and sell business) the items needed in store.

My financial lesson?

Build your active income until it becomes a Passive income and the Passive income is greater than Active Income.

Don’t jump whatever I desire if my financial goals is not stable. Even I have an emergency fund to save. And the emergency fund is for Emergency Fund, not for fund incase my another career fails.

My active income is still bigger than my investment income (passive income), I should stick first to save money for my investment until the interest income becomes bigger that sufficient for my daily needs before jump into another career move.

Focus on your present work.

If you are employed today, a rank and file, build your brand as an employee for promotion until you get a high salary and save money For whatever financial goals you have. Stay focus until it becomes a passive income. Or if you are an entrepreneur like me, build your business until you have a SYSTEM, that you don’t need to go to your office for work.

So how’s my financial journey today?

I did not shift from my career, and viola! For more than a month, I save money for my emergency fund. 

And after 4 months, at the end of June 2017:

  • I have save money for my emergency fund. And keep on saving until I reach my desired emergency fund money
  • I opened another passbook account.
  • Prepare again my pending obligations: VUL, SSS, Philhealth
  • I am focusing right now for my small business.
  • Plan to buy prepaid health card first. Plan to buy an health insurance but I have to save money first for six months as my seperate emergency fund for health purpose that will start next month, July
  • Next month, July have to save money for deposit and invest in stocks.

LAST NOTE:  Always build your active income first until it become a passive income  and that passive income will take care of you and that is the start to continue of whatever your heart desires โค๏ธ

Why invest in stock market and real estate?

Because of technology, Pinoys are aware of what is investing stockmarket or investing in real estate..

Invest in stockmarket or in real estate are example of passive income.

 Our daily job (works in office 8am- 5pm) is the example of active income. 

Our active income is our job to work hard so that we have to pay for our daily expenses as well as monthly utilities and rent and at the same time to save our money for investment.

Passive income  is the income comes from the investment (mutual fund, stock market, real estate). This is the income of your money work for you without worry too much pay for your daily and monthly expenses and for your retirement.

When you invest of the three: Mutual fund, stock market and real estate, it is a long term investment that gain your profit overtime.

 In mutual fund, you are invest in company with the help of your fund manager. In stock market, you also invest in company all by yourself. So which means you have to search everything about business, politics, environment concerns and the issues of country. In real estate, it depends on what you want. There are investors who buy lots and build the according to his desire (apartment, room for rent, house for rent, commercial building and turn it to rent income.), some investors buy lots and sell it when the markets appreciates in value.

For me, I consider to invest in stock market because it challenge me to do my own homework and research in the net or investing books, watch news as well as finding a mentor related to my desire.

Here is the example of investing in stock market:

Whenever I go, I can invest without affecting my daily self employed work. 

So what’s unique in stockmarket? Because of gain. If I want to gain as high as 20% then I can reach it. It just a matter of research and know what is happening. In stockmarket you can earn as high as P5,000 in a day but of course of big capital. If I invest today, I can gain next month. And one thing, it depends of the company you buy their share of stocks. Another unique in stock market is you have dividends, another passive  income because of your constant buy their shares of stocks. Some company does have but some don’t have dividend.

Investing in real estate can gain you profit over time. Location location and location is the first thing you look to success. Lots appreciates in value. That’s why the rich men invest in lots not only it appreciates but you can pass to your children and next generation. 

I am work in real estate industry and soon to invest it, in time..

Ready to buy your dream house?

Before you build your dream house, always remember the following:

      โœ”๏ธthe reasons why you buy? What are your long term plans?                                       

House is immovable so which means you cannot carry it. So location is a must. Building your house takes a a year or more than a year before you moved-in.You have to spend a minimum half a million pesos to reach it the reasons why planning to build your house is very important coz when something goes wrong, you loss your hard earned  money.

        โœ”๏ธwhere did you build your dream house?

Depends on your preference: your goals, your taste, your family needs and of course yourself since it’s your money to spend.

Some people prefer in rural areas because of fresh air.  Some are prefer living in urban areas due to accessible to all.  Others want to live in guarded subdivisions, in exclusive subdivisions, others in village. 

Lot appreciates in value especially if it is located in prime area. So if you want to build your dream house and at the same time plan to put up a business, corner lot is good for location.

But lot in prime area is expensive. So know your budget and make a time frame if you like it but still not enough to buy.

Suburban or the town half an hour away from commercial district is another option for buyers who budget conscious yet very near and a bit accessible to all. So if you have a private car, no need to worry for transportation. Lot appreciates in value but limited in location. There are very some very accessible but not suitable for business purpose. You have also an option to rent your own home house or find some duplex house.

Rural areas is very suitable for farming, fresh air and avoid busy city life. Most of rich people decided to live than in commercial district. They have another house in city for their personal or business transaction instead of rent. Some rich family buy condominium for them to stay when they have a chance and back in their hometown.

Working person who lives in city or in abroad, save their money and build their dream house in farm estates or in rural areas  after they retire. 

But if you have a budget right now, grab the opportunity to buy coz in the next years, lot price increases.

What types of houses do I build?

So after you decide where to build your house, There are many options you want, to clearly more further:

1) House and Lot this is always preferred by Filipinos. Why?                              

          Lot appreciates in value. Especially  If your home happen build in prime area where almost are accessible to all ( small retail business, office, schools, etc),    

           Filipinos choose to buy lots because you can pass to your children and to next generation. 

            A sense of privacy.

This house and lot usually located everywhere. A gated subdivision located in commercial areas are usually the exclusive subdivision where security are strict, big houses, and expensive house and lot. Sample are: Dasma Village at Makati.

2) Townhouse – Same with house and lot that lot appreciates in value and you can pass it to your children. Townhouse can be a two story house and row houses.

      It is similar homes in a row shared a common wall

     It is less expensive than a house and lot

    Limited privacy due to shared wall so expect you have encounter noise from your neighbors.

Townhouse are very common located in suburban areas. Because condominium is expensive, they prefer to buy outside the city. Townhouse in city is more expensive than in suburban. The advantage is you can rent your townhouse since it is in demand those looking a room for rent.

3) Condominium – this is usually build in central business district where almost of main office is located. 

    This is very best for couples, or yuppies  for walking distant work. Good also for returning OFW, for person who loves city lifestyle that don’t like to worry if she/he out of town because of security reasons.

This types of house usually for people who badly needed for their work or just very near in school. This is very indemand in Metro Manila because of traffic. Others are prefer for workaholic career person that very precious in their time.

Most of Filipinos preferred house and lot, what types House and lot you interested?

Building your house and lot depends in your location and types of preference. 

If you are looking for a house and lot very near to your work or school and it is located in prime area,mostly are single attached.Single attached house is one side of your house is attached. The single detached house is open space on the side.

Bungalow – single story house. This is preferred for oldies or if your children is still aged 10 years old and below. 

Single house – this is preferred for Pinoys in owning house and lot. You can build your car park, own a garden, or improve your backyard.

Duplex- single building that contains two housing units . (This is very suitable for people wishing  to build passive income. If you have more than enough on your budget, you rent the other side of the house)

Triplex  – similar with duplex but three housing unit. (Same with duplex very suitable for planning  building passive income)

Conclusion: That is why when you building your dream house, always write your plan and why the reasons you want to build there. If you have money to pay for real estate consultant, though you pay them atleast it minimize your error and wasting money.

(Reference: http://www.zipmatch.com/blog/common-types-of-houses-philippines/)

Advertisement: If you are looking your house and lot or looking for a lot to build  your dream house here in our subdivision in Iloilo City, don’t hesitate to comment here,

 message me on my Facebook : https://www.facebook.com/momclen (Leuterio Realty Brokerage/Filipino homes property endorser and specialist)

And like my page: https://www.facebook.com/iloilosbesthouseandlotwitheducation/

Emerald Estates Iloilo

(Note: hello guys, I am an agent of Leuterio Realty and brokerage firm/Filipino homes selling house and lot, and lot here in Iloilo City. I started to blog so that you will know why Iloilo is the best place to live, build a family and retire.)


One of the newest subdivision open in the heart of City of Love, Emerald Estates located at Pakiad Road, Cagbang Oton Iloilo City.


Then why  Emerald Estates is a best subdivision to choose?

  • Oton is best for residential place to live. It is considered a suburban ( an rural town which half an hour away from central business district.
  • A 15 minutes away from Iloilo Business Park (IBP), a newly central commercial business in Iloilo. And at Atria owned by Ayala Company
  • A 15 minutes away from Supermarkets (Iloilo Supermarket)
  • A 15 minutes away from hospitals (Amosup hospital, Western Visayas Medical Center) and the hospital Medical City Iloilo located at Molo Iloilo City
  • A 10-15 minutes away from school: Oton National Highschool, Pakiad high school, Holy Rosary Academy. And the schools nearby IBP: Ateneo Iloilo
  • Universities: Central Philippine University, University of San Agustin, UP Visayas, John B. Lacson Molo and St. Therese and Iloilo Doctors College
  • A 15-20 minutes away from BPO call centers at IBP and at Ayala Technohub,which is very favorable for employers, employees and workers.
  • A 15-20 minutes away from commercial establishments: retail stores, restaurants, gift shops, etc..
  • A 5-10 minutes away from small establishments for your retail goods 
  • A 5-10 minutes away from Southbound Terminal (including the Antique Terminal)
  • Easy access road going to Iloilo International Airport (via Conferential Road)

Who is the developer?

Iloilo South Prime Developers, Inc is a new developement company rising up from a well experienced and established real estate company in Metro Davao house and lot subdivision development last February 2016, Southprime is geared towards expanding its market in Iloilo.

EMERALD ESTATES having a concept of nature and nurture.                                             Nurture the most important relationships and establish a place where your family can thrive and grow. Live the very best homes with your loved ones, with all your necessities at reach.                                             Natural– with natural design incorporated into the local flora and fauna. Flourish in enlarged spaces, sidewalks and roads, fit all your activities.

Where the Old traditions meet with New.

HOUSE UNITS:

Pine house unit– this is suitable for growing family.                                                   Total floor area: 90 sqm.                           Total lot area: 100sqm.                                    ๐Ÿ“Œ3 bedrooms.  /  ๐Ÿ“Œ1 den.                                ๐Ÿ“Œ3 toilets and bath.                                         ๐Ÿ“Œkitchen, living and dining area.               ๐Ÿ“Œprovision for carport and service area

                        

Willow house unit is also good for growing family. It’s features same with Pine House unit.                                                 The difference: Total Floor Area: 78 sqm.         The Total Lot Area: 100sqm.
Sage House unit is a two-story townhouse that consists: 3 bedrooms, 2 toilet and bath, kitchen, living and dining area, provision for carport and service area.       Total floor area: 70 sqm/.                                   Total lot area: 60sqm.    

This is good for couples, bachelors, or for students very near to schools and universities. It is good for yuppies who wants to live in laidback community (who loves nature yet a minutes away from commercial centers.)

Olive house unit is same with Sage house unit, a two-story townhouse that very suitable for yuppies or persons who wants to invest in house and lot  because of lot that appreciates in value. 

Same features of Sage units, the difference is The total floor area: 52sqm with Total Lot area: 60sqm.

Amenities:

In a guarded subdivision, does not mean it is boring. Many unique amenities inside and as you enter, you will realize that your hard earned money pay off. 

A relax and rejuvenate in various modern-styled amenities. 

Entrance gate of Emerald Estates.                Have you realized as you enter a home, a unique modern style entrance that you appreciate and happy coz your money spent in your house really well pays off? ๐Ÿ™‚

Clubhouse.                                                             Their clubhouse consist of restaurant for the homeowners as well as for the events. So if you are wise to your money, no need to go outside to spend with your loved ones. 

Swimming pool.                                                   An elegant, classy, modern style of swimming pool not only for your children but also to couples and family who loves to swim.it feels like you are in an expensive hotel.

Basketball.                                                           Not only for luxury style of swimming pool or an elegant budget friendly food at clubhouse but a sport for everyone for gives physical fit for your children and for  homeowners who loves basketball.

For as low as P2million, you can have a house and lot unit that suited for your lifestyle.

Then why is it good to live in Iloilo City? 

Iloilo is the #1 livable city in the Philippines.  A premier city.       

Considered one of the most business friendly cities in the country. Ilonggos are typical sweet loving. They are also adaptable in his working environment.

A commercial business in Mandurriao Iloilo (at Iloilo Business Park) soon to be the Financial Regional Office because of many banks within a city and Ilonggos are famous for thrifty.

Buying house and lot is a very good investment especially located at Oton where Emerald Estates build, because of near in commercial business and in Call centers building as well as schools, hospitals, food establishments from small to expensive fine dining. You can earn a passive income.  

So for the yuppies and OFW, it is a chance to invest your hard earned money while still young and in the future, let your money work for you..

So for your assistance, I can help you.and if you are interested: 

just send me a message in Facebook:        Eileen momc Sorongon (Eileen Sorongon) a Leuterio Realty and brokerage/ Filipino homes property specialist and endorser.

Or you can contact me: 09177962841 (globe)

Or email: eileensorongon@yahoo.com

HAPPY INVESTING EVERYONE! ๐Ÿ™‚

Why retail stores shutdown?

Why many retail stores shutdown?  

  Before the answer, what is retail stores? It is selling of goods or services in pieces. Example: Supermarket, restaurants, food kiosk on food types and Department stores, convenience store on non-food types.

  Here in Philippines, retail industry is still booming and it will still booming in the future.  

   In other countries, many retail physical stores are close. 

Compare here in Philippines and other countries why Philippines are still booming and others are not.

Philippines located in tropical latitude, many pinoys prefer to stroll inside mall and get cool of aircondition. 

Pinoy loves shopping, foodtrip, buy material things that makes them happy. Traditional values family ties areis still intact in modern generation, OFW’s when they go home for vacation, they let their families, friends to dine out, or to buy clothes in boutique as a way of their happiness and let their hardwork pay off.

In other countries, people are so busy with their work. They are conscious in time.The only way to buy their stuff is through online.

Online business is in demand today because of the technology that gives speedy time finished that creates more profit on part of the owners. Many physical (traditional) retail business shutdown. 

Owners who have traditional business pay: labor cost, utilities and water bills, rent expense. Unlike in online business, owners only pay their wifi connection and utilities. No rent expense, no labor costs. 

In next years, technology is still demand and that’s why business owners are now converting from traditional to online retail business. Others operate both traditional business and online business.

At present: here in Philippines, there are still more traditional way than online business and others are now in both sides.  More and more people are aware of this online business and they are now shift because of traffic.

Note: (for advertisement): if you are planning to own an online business, HAPPYWEBS is ready to serve you.

Contact me: 09177962841.

 FB Account: Eileen momc Sorongon (Property specialist of Leuterio Realty/Filipino homes)

(It was emailed by me: http://retailupdate.com/a/lz/170124-why-us-retailers-have-to-close-stores) โญ

Employees benefits

Most of the employees (and even me I did it) when looking for a job especially for an experienced, is employees benefits. Most of this benefits, mandatory given are from government’s requirements (SSS,philhealth, and HDMF), and the 13th month pay. The holidays which is double pay or with percentage according to your basic pay, the overtime pay, night differential (if you happen to work in night shift from 10pm-4am next day)

Another, not a mandatory because it depends on the company you work, examples: when you reach your quota you have an incentives either a cash or travel; when you employed for more than 10 years, you get an award and cash, insurances, free personal necessities worth P2,000.00, cars, or free tuition fees for your children or free medical check up for your immediate family once when you employed for more than many years of service, etc.

For employers/ owners:

Employees is the first customers in business coz what happens inside, it spread like a fire to other people. But there are very confidential that incase you share or gossip or you duplicate, you have a liability to your company depends of their punishments or sanctions.

The best advantage of having an employee/staff, is you can travel or meet with your friends for a lunch still earning a money; you are the boss so you have a freedom to choose or decide of what you really want for your business.

The challenging part of an employer/owner because of different personalities, the results of employees resign, terminate because of bad behavior, gossips, bore with their works, etc.. so an owner, you have to know them all, invest by attend seminar or find a mentor.

Since employees benefits is a part of business, this is very crucial because not all everyday sales is excellent or very good. There are times that sales is very low, economic recessions, and even you gain but due to unexpected or emergency, you encountered a cash shortage. If this is really happen, what should you do? There are also times, when you save for a rainy days, but some cash shortage encountered. 

Cash management is important for an owner to learn and find ways so that the employees will stay longer because of employees benefits you given to them.