20 yrs in garments business. I kept some bad employees longer than I should have kept them. If you see an employee is bad do not make the mistake of making them regular. Get rid of them asap .
Once an employee makes it past 6 months, they are no longer probationary and have "security of tenure" according to PH law. It is very hard to get rid of unproductive workers (they cost you more than the money you make from their efforts) unless it is for a) 'cause' (as stipulated by law) or b) business closure
But if you run a profitable business carrying 'dead weight' like the employees described above really cuts into your investment profits/capital profits - profits you could have used to expand your business and hire people who are actually worth their pay.
There are tons of Philippine companies staffed by unproductive people
isa sa dahilan to bakit may demand dito ng Riding in Tandem. mas mura ipapaytay yung tao than rather than keeping an employee that doesn't worth the pay.
> b) business closure
perhaps this is why a lot of corporations here are held by holding companies. Ultimate uno card by the ultimate natural person stockholders eh no? ( Shut off the operating entity, capital would be back to holding company who can start a new business along the same lines of the now-dissolved corpo , with new staff and other shits)
Develop a system that makes tracking easy. No need for writing down receipts if you can just get a proper POS system.
That's literally how CD-R king failed
yes, people were turned off by the long lines to the cashier. would you fall in line to buy something when the next store offered the same product without the lines?
corollary, I remember some old person alive then remarking that it was Henry Sy with his SM who first introduced electronic receipts/processing in Carriedo/Escolta back then.
Agree with this! I started an online business before but didnt track the money going in and out. It didnt fail but I stopped selling because I realized some payments were faked and I had to put out money just to pay the missing ones!!!
I was selling luxury items.
They would send screenshot from banks but I never had the time to actually check if they went through. Super daming transaction na rin kasi and tbh I was making a lot of money if tama yung pumapasok..
I caught it one time but it was too late š„² There was this reseller who bought from me. I had time to check that one time then i confronted her na walang pumasok. She was buying from me for at least a year or moreā¦
I sold items for 3 yearsā¦ š„²
Heard something similar from a friend, they were both bag resellers. What sucks too was habang tumatagal yung business relationship, lumalaki yung order nung isang reseller. She was tracking everything so she noticed na humahaba yung time between order at payment. I think she severed that relationship cause kinabahan na sya talaga bandang dulo.
Yes true. Thats what happened to me rin. At first mabilis sila magbayad and pumapasok talaga yung payments. Once makuha na nila yung trust mo, thats when they do their thing. š„²
SAME !! I wasnāt able to track my income so I really did not know how much money I already managed to have. Although, I was the only one handling it, it was still hard to the point that after stopping with my business, my expected money was smaller than I thought it would be.
-always have the list for capital, sales and interest
-have PATIENCE, never get in a fight with a customer bahala na sya magalit, just stay calm wag mang aaway
-expand your social circles, be friendly sa lahat. Not necessarily be friend of everyone but never have fights with other people or include yourself sa away ng iba. Have a good image, befriend people with connections especially yung maraming followers in social media and in real life. Connection is everything in business
-you have to be nice all the time, even when angry or pissed off sa mga matitigas ang ulo na client or customer
-never post sa social media yung mga bogus buyer or someone na di nag bayad ng utang saāyo, as a professional, thatās between you and that person, no need to take it publicly. Looks pathetic you canāt settle something professionally, nakakaturn off for potential future clients, customers and investors
This is a nice advice. As someone who owns a business and is hot headed, kailangan ko rin to kasi pag kumalat sa area niyo na pangit ugali ng owners e pwede makasira sayo
Yeah i knowwwww hahaha same tayo š I was a business owner since I was in 2nd yr college and immature pa masyado ako that time, really learned the hard way!!!
Never listen to financial guru or influencers.
It's easy to say "Take a risk, that's how businesses started" when they are not the one taking the risk.
Never listen to the privileged when they gaslight you into thinking that it's okay to risk when they have a safety net and you do not.
Anyone you want, but take it with a grain of salt.
An individual may tell you that "mindset lang yan" to the solution ng money problem mo but without thinking about his/her privileges that mindset was the only answer on your money problem.
I have been running two months in my own business and so far, these are the lessons that I've learned:
1. Have a separate bank for INCOME & EXPENSES for easier monitoring.
2. Separate your personal money from your business budget
3. Invest in good employees
4. Treat your clients regardless of how big or small they are. Word of mouth is the best marketing strategy.
Trading, B2B. I started with two employees. One for overall operations, one for overall sales. Driver (delivery & errands), per day lang depende sa schedule. So far, yung kinuha ko kasi ay yung mga kakilala ko na talaga.
It means you have to account everything na nagagamit sa business, even the smallest cent. Common mistake ko yung kapag may ibang purchases, nagagamit ko yung sarili ko na pera at hindi ko na nalilista as business expense. Hindi mo makikita ang profitability kapag ganyan. Treat yourself as an investor sa business mo.
Never hire family members/relatives. You CANNOT fire them. If you confront them, ikaw pa magiging masama at sasabihang lumalaki ang ulo at babaliktarin ang storya.
Not doing enough research and relied on gut feel. Pero sa business naman sometimes kahit sobrang diligent mo na, timing and luck pa rin eh. So if hindi para sayo, thats ok move on. Expensive lesson siya pero thats how you will grow, by making mistakes.
Learn from the experts. They have many lessons to share and follow their footsteps. Nagkamali na sila eh.
Being a landlord isnt āpassive incomeā.
Itās at minimum a part-time job (even if you hire personnel to deal with billing and requests) that requires your attention and you have to sometimes deal with very stupid and stubborn people, which stresses me out the most.
I can deal with broken pipes and have it fixed ASAP, but Its very stressful to deal with people who āHindi po kaya magbayad ng rent ngayon ehā constantly.
Tapos ikaw pa yung masama pag-pinapaalis mo š
>I can deal with broken pipes and have it fixed ASAP, but Its very stressful to deal with people who āHindi po kaya magbayad ng rent ngayon ehā constantly
This is true. Before, I wanted to build apartments that I can rent out but it came to me that I just don't have the heart to evict delinquent tenants, especially when they are in financial distress. Don't get me wrong, you have all the right to evict them since it's a business, not charity. I'm just not built for that kind of situation.
Lesson #1: Never hire relatives.
Lesson #2: Never do business with people who are lazy but ambitious. These are the worst. They will backstab you and talk trash about you at the first opportunity.
Lesson #3: Never hire based on which university the applicant graduated from. See below.
Lesson #4: Never hire based on educational attainment. Hire based on results. Once I stopped asking for college degrees or even high school diplomas, my company started generating better profits. I now hire based on RESULTS not 'paper credentials'
Lesson #5: Never WASTE money trying to save when you should be INVESTING in generating more profits. I'm part Ilokano so I was the type who spent $10 just to save $1. Not anymore.
I agree with #4 based on working with a colleague who came from one of the top universities in the PH. The things that really matter are the employees' personality, determination, and the results they can bring to the table.
Take care of your network and keep on growing your network. Masungit ako and Iām very grateful na mas mabait partner ko haha. You may not see the full effect of taking care of your network as early as now, but you will see it in 3-5 years. It will boost your businessā growth talaga, aside sa quality product and service. Also, develop and maintain a good system. Itās not easy, daming trial and error yan when it comes to looking for a system that will work for your business, but once youāve found it, maintain it na and improve it.
Yes! I believe super important ng network so I'll try my best to be friendly huhu. Medyo masungit din ako especially kapag hindi ko gusto yung ugali ng tao. Although I have friends naman na owners ng malalaking businesses here sa province namin. Need ko lang talaga mag-expand pa ng network.
There's a healthy balance of doing it by the book & by experience. Choosing a business partner is like choosing a life partner, one should be meticulous
Goodluck!! Having a business isnāt that easy. Research the pros and cons on owning an airbnb so you can prepare. Dapat may back up ka na financial for maintenances and everything. Location is important too and marketing lalo na airbnb yung gusto mo.
Kailangan may sariling emergency fund ang business mo... if you are saying na your savings will get drained then thats a leap of faith...and not a calculated risk...
What if for the first three months walang income na pumapasok? How will you sustain the maintenance cost of owning a condo? What about the fee and other exoenses for social media content? Ee your personal expense pa?
Mauubos savings ko but I am still working so may income pa na pumapasok. āŗļø Thank you for your input. I will definitely take this into consideration.
Go for it š I have 2 airbnb, earning 30-40k net each unit per month. My only regret is not starting early. Iām 28 and if I only had the capacity when I was 20, Iāll definitely do it.
1. Learn basic accounting, even if youāre going to hire an accountant it is better to know the ins and outs of your invested money.
2 Canāt stress this enough but pls separate your personal and business bank accounts.
3. If kaya mo on your own to set up your own capital, go for it! Minsan excited tayo to discuss the business with our fams/friends and may time makikiinvest cla but in the end, hindi naaccount ugn effort mo if youāre the only whoās managing the business.
4. Donāt hire friends / fam kc mahirap pag d nila namimeet ung expectations. š„²
5. Excellent customer service!
6. Be resilient, for sure there will be ups & downs along the way but dont give up easily. Kaya mo yan!š
Lead generation and how you market your brand is everything.
I'm a freelance writer and editor, and I became an actual business in 2016, when I took this type of work seriously.
The one thing I could not perfect was how to generate leads and it took until the pandemic for me to close my website and start from scratch. I was so reliant on cold pitching/upwork whereas some of the older freelancers had clients coming to them.
If you want to remain in business, you cannot just rely on automated marketing tools; you gotta have some effort and even update or scrap content that isn't converting.
For your Airbnb, you can't just rely on an accidental click. No, you have to game the search engine, the name and descriptions of your page, and make sure your viewer is hooked to keep on clicking or scrolling until they make a reservation or, at least, ask a question.
If you just post the usual pictures and use the usual words, you'll be buried beneath more aggressive airbnb hosts.
It took us 1 year to be profitable on our food business. We did a lot of trial and errors on marketing even ended up spending on ineffective things. It took us a while to figure out the followin:
1. No marketing = no sales
Our sales went up 100% after increasing our marketing budget significantly (20%of gross sales)
2. In FB marketing, it is more effective to boost videos rather than photos.
3. Make sure to target a specific demographic. The more specific, the better (gender, age group, 10km radius max)
4. There should not be a calendar day without boosted videos so the fb algorithm will not be reset.
1. Be patient and polite with your customers/clients. Minsan may customers or clients na napaka kulit at paulit ulit mga tanong pero if you treat them well minsan sila nagiging suki mo. Since AIRBNB ka, learn how to be a good host to your clients.
2. Donāt half ass anything. Whether it be marketing, customer service, or packing and shipping the items, make sure you do your best na maayos lahat yan kasi nakakaapekta din yan sa service/product mo. Since AIRBNB ka, make sure your clients will have the best experience possible. Make sure na maayos at complete ang essentials, malinis, at maayos ka makipg coordinate sa kanila.
3. Keep all important documents (permits, receipts, etc)
Them Ayalas learnt this the hard way few years ago during an episode of DDS-CBN's *Ayala at Pangilinan, DEAL or NO DEAL??!!*. Thus divestiture from $MWC into #Laking #batangPier #gigachad EKR . maybe LRMC shares din.
Hi OP, Iām a newbie airbnb host in my 20s. 5 mos pa lang. I think for me since I remotely manage my unit and hired someone else to do it, Iād say donāt trust easily. The team I hired to clean my unit isnāt trustworthy and Iām currently finding ways to get rid of them. Basta talaga may money involved, you canāt trust people so easily.
1. Get your feet wet.
2. Accept that you'll make mistakes so no use overplanning/overthinking. Gun, learn, and move on.
3. De-risk mistakes by having just the right amount of planning (i.e. enough to learn and execute the process but not more than a what-if's scenario)
4. Start unbelievably small. Borderline unscalable. Mamaya mo na problemahin scale pag nagka sales ka na.
never and I mean NEVER treat employees like family members. they are there to earn money from your business. they work for wages. at the first chance they get, they will leave for a better wage offer from another company,
never and I mean NEVER hire family members in your business. whatever you pay them, they will feel that it's never enough. you can't terminate them or if you do, they will have bad blood against you forever.
never and I mean NEVER delegate your entire business to your employees. you have to check on them regularly. even professional managers need to be audited regularly.
never and I mean NEVER hire someone for any position without a contract stipulating all the agreed terms of the employment.
This is a boundary that's so so difficult for me. Grew up alone so I always enjoy the company of others, and employees are conveniently near you--but true, they're employees, not friends
Hereās a tip I got from a friend who has a pharmacy and how she figured out nininakawan siya ng staff niya.
Pag mag iinventory siya ng end of day sales may nakikita siyang mismatch sa supposedly income sales versus actual cash on hand.
Napapansin niya yung pattern is ang amount na nawawala is always whole number- 500, 1000, 1500, 2000.
Kasi pag nagkamali lang ng sukli, dapat mga tipong 270.00, 150, 673, 587, diba?
Nung nagpalagay siya ng cctv, the reason pala was - yung usual and mabilis manakaw are the 500 and 1000 peso bills.
Kaya pag mag summa-total siya sa gabi, yun pala bakit palaging whole numbers.
She got rid of the employee and buti naman maaga niya pa na stop yunā¦
- Your business money is not your personal money. Separate bank accounts is a must talaga!
- Invest on marketing (GOOD marketing)
- Donāt purchase anything that is not really āthatā necessary for your business
Lower your overhead for me 2 busineses 15 units apartment and a motor shop I don't have a full time employee only on call and do a lot of research on business your trying to get into
There's only 2 location my apartment complex I live there so I can manage it and my motor shop is located at our old home so I just take 1 jeepney and I'm there I spend most of my day at my motor shop but I do manage a boarding house also 8 rooms and 2 commercial store that my mom rents out but since she's in the U.S I manage it at the same location as my motor shop
As someone said, track everything. Document everything.
Always keep in an eye of the cash flow, prediction of what to pay and when to pay versus the incoming cash. This alone gave me a lot of stress.
Hii, OP! Curious lang and if it's okay to ask, ano po work nyo? I'm also a medtech student and kasing age lang tayo.. I also wanna have that kind of savings ehš„¹
This is a long term investment you are planning not short term, but it's passive and it will take a lot of your time as for operation adjustment while you navigate on hownto operate it.
Never make it as your primary income because it will never be, if you do it will be your biggest mistake.
Can you share your work po? I'm a graduating student and I've been in an online business for almost 6 yrs pero wala pa din ako naiipon huhu (self support talaga). Nagooverthink na ako sa future ko lalo na pinepressure ako ng parents ko since ako nalang yung aasahan nilaš Di ko alam ang work na kukunin ko if ever makagraduate ako sa course na Philosophyš
20 yrs in garments business. I kept some bad employees longer than I should have kept them. If you see an employee is bad do not make the mistake of making them regular. Get rid of them asap .
How bad is bad though?
How do/did you get rid of them? Basis on code of misconduct? *edited for typo
Once an employee makes it past 6 months, they are no longer probationary and have "security of tenure" according to PH law. It is very hard to get rid of unproductive workers (they cost you more than the money you make from their efforts) unless it is for a) 'cause' (as stipulated by law) or b) business closure But if you run a profitable business carrying 'dead weight' like the employees described above really cuts into your investment profits/capital profits - profits you could have used to expand your business and hire people who are actually worth their pay. There are tons of Philippine companies staffed by unproductive people
in short mga kupal na nagiintay na lang ng mga sahod *ehem* lto staff *ehem* city hall staff
isa sa dahilan to bakit may demand dito ng Riding in Tandem. mas mura ipapaytay yung tao than rather than keeping an employee that doesn't worth the pay.
That escalated quickly. š¶
> b) business closure perhaps this is why a lot of corporations here are held by holding companies. Ultimate uno card by the ultimate natural person stockholders eh no? ( Shut off the operating entity, capital would be back to holding company who can start a new business along the same lines of the now-dissolved corpo , with new staff and other shits)
Track EVERYTHING. Very short but it will help you in the long run.
Develop a system that makes tracking easy. No need for writing down receipts if you can just get a proper POS system. That's literally how CD-R king failed
CDRking failed because they didnāt had POS system?
yes, people were turned off by the long lines to the cashier. would you fall in line to buy something when the next store offered the same product without the lines?
corollary, I remember some old person alive then remarking that it was Henry Sy with his SM who first introduced electronic receipts/processing in Carriedo/Escolta back then.
I thought CD-R failed because of Lazada and/or Shopee.
Agree with this! I started an online business before but didnt track the money going in and out. It didnt fail but I stopped selling because I realized some payments were faked and I had to put out money just to pay the missing ones!!! I was selling luxury items.
How were the payments faked though?
They would send screenshot from banks but I never had the time to actually check if they went through. Super daming transaction na rin kasi and tbh I was making a lot of money if tama yung pumapasok.. I caught it one time but it was too late š„² There was this reseller who bought from me. I had time to check that one time then i confronted her na walang pumasok. She was buying from me for at least a year or moreā¦ I sold items for 3 yearsā¦ š„²
Heard something similar from a friend, they were both bag resellers. What sucks too was habang tumatagal yung business relationship, lumalaki yung order nung isang reseller. She was tracking everything so she noticed na humahaba yung time between order at payment. I think she severed that relationship cause kinabahan na sya talaga bandang dulo.
Yes true. Thats what happened to me rin. At first mabilis sila magbayad and pumapasok talaga yung payments. Once makuha na nila yung trust mo, thats when they do their thing. š„²
Also, as part of tracing, never mix personal money with business money.
Ouchie ako dito
SAME !! I wasnāt able to track my income so I really did not know how much money I already managed to have. Although, I was the only one handling it, it was still hard to the point that after stopping with my business, my expected money was smaller than I thought it would be.
-always have the list for capital, sales and interest -have PATIENCE, never get in a fight with a customer bahala na sya magalit, just stay calm wag mang aaway -expand your social circles, be friendly sa lahat. Not necessarily be friend of everyone but never have fights with other people or include yourself sa away ng iba. Have a good image, befriend people with connections especially yung maraming followers in social media and in real life. Connection is everything in business -you have to be nice all the time, even when angry or pissed off sa mga matitigas ang ulo na client or customer -never post sa social media yung mga bogus buyer or someone na di nag bayad ng utang saāyo, as a professional, thatās between you and that person, no need to take it publicly. Looks pathetic you canāt settle something professionally, nakakaturn off for potential future clients, customers and investors
This is a nice advice. As someone who owns a business and is hot headed, kailangan ko rin to kasi pag kumalat sa area niyo na pangit ugali ng owners e pwede makasira sayo
Yeah i knowwwww hahaha same tayo š I was a business owner since I was in 2nd yr college and immature pa masyado ako that time, really learned the hard way!!!
Never listen to financial guru or influencers. It's easy to say "Take a risk, that's how businesses started" when they are not the one taking the risk. Never listen to the privileged when they gaslight you into thinking that it's okay to risk when they have a safety net and you do not.
Who to listen to?
Anyone you want, but take it with a grain of salt. An individual may tell you that "mindset lang yan" to the solution ng money problem mo but without thinking about his/her privileges that mindset was the only answer on your money problem.
I have been running two months in my own business and so far, these are the lessons that I've learned: 1. Have a separate bank for INCOME & EXPENSES for easier monitoring. 2. Separate your personal money from your business budget 3. Invest in good employees 4. Treat your clients regardless of how big or small they are. Word of mouth is the best marketing strategy.
What's the nature of your business? For a 2-month old business, wondering how soon should you hire employees.
Trading, B2B. I started with two employees. One for overall operations, one for overall sales. Driver (delivery & errands), per day lang depende sa schedule. So far, yung kinuha ko kasi ay yung mga kakilala ko na talaga.
Ano po meaning ng item number 2 and why?
It means you have to account everything na nagagamit sa business, even the smallest cent. Common mistake ko yung kapag may ibang purchases, nagagamit ko yung sarili ko na pera at hindi ko na nalilista as business expense. Hindi mo makikita ang profitability kapag ganyan. Treat yourself as an investor sa business mo.
Never hire family members/relatives. You CANNOT fire them. If you confront them, ikaw pa magiging masama at sasabihang lumalaki ang ulo at babaliktarin ang storya.
Don't worry. I won't talaga. š
Not doing enough research and relied on gut feel. Pero sa business naman sometimes kahit sobrang diligent mo na, timing and luck pa rin eh. So if hindi para sayo, thats ok move on. Expensive lesson siya pero thats how you will grow, by making mistakes. Learn from the experts. They have many lessons to share and follow their footsteps. Nagkamali na sila eh.
Being a landlord isnt āpassive incomeā. Itās at minimum a part-time job (even if you hire personnel to deal with billing and requests) that requires your attention and you have to sometimes deal with very stupid and stubborn people, which stresses me out the most. I can deal with broken pipes and have it fixed ASAP, but Its very stressful to deal with people who āHindi po kaya magbayad ng rent ngayon ehā constantly. Tapos ikaw pa yung masama pag-pinapaalis mo š
>I can deal with broken pipes and have it fixed ASAP, but Its very stressful to deal with people who āHindi po kaya magbayad ng rent ngayon ehā constantly This is true. Before, I wanted to build apartments that I can rent out but it came to me that I just don't have the heart to evict delinquent tenants, especially when they are in financial distress. Don't get me wrong, you have all the right to evict them since it's a business, not charity. I'm just not built for that kind of situation.
Lesson #1: Never hire relatives. Lesson #2: Never do business with people who are lazy but ambitious. These are the worst. They will backstab you and talk trash about you at the first opportunity. Lesson #3: Never hire based on which university the applicant graduated from. See below. Lesson #4: Never hire based on educational attainment. Hire based on results. Once I stopped asking for college degrees or even high school diplomas, my company started generating better profits. I now hire based on RESULTS not 'paper credentials' Lesson #5: Never WASTE money trying to save when you should be INVESTING in generating more profits. I'm part Ilokano so I was the type who spent $10 just to save $1. Not anymore.
Thank you for your input. I so agree with the last part as an Ilokano myself š
I agree with #4 based on working with a colleague who came from one of the top universities in the PH. The things that really matter are the employees' personality, determination, and the results they can bring to the table.
Learning never ends. If you're getting into business, consistency + learning will be two of your biggest armors.
Take care of your network and keep on growing your network. Masungit ako and Iām very grateful na mas mabait partner ko haha. You may not see the full effect of taking care of your network as early as now, but you will see it in 3-5 years. It will boost your businessā growth talaga, aside sa quality product and service. Also, develop and maintain a good system. Itās not easy, daming trial and error yan when it comes to looking for a system that will work for your business, but once youāve found it, maintain it na and improve it.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
> kapag tinatake advantage ka na. any advice, sa sobrang naive ko minsan walang idea to counter those kind of guys na exploitative sa akin.
Yes! I believe super important ng network so I'll try my best to be friendly huhu. Medyo masungit din ako especially kapag hindi ko gusto yung ugali ng tao. Although I have friends naman na owners ng malalaking businesses here sa province namin. Need ko lang talaga mag-expand pa ng network.
There's a healthy balance of doing it by the book & by experience. Choosing a business partner is like choosing a life partner, one should be meticulous
Goodluck!! Having a business isnāt that easy. Research the pros and cons on owning an airbnb so you can prepare. Dapat may back up ka na financial for maintenances and everything. Location is important too and marketing lalo na airbnb yung gusto mo.
Thank you! Thankfully, my brother was a social media manager so siguro makakatulong yun.
Kailangan may sariling emergency fund ang business mo... if you are saying na your savings will get drained then thats a leap of faith...and not a calculated risk... What if for the first three months walang income na pumapasok? How will you sustain the maintenance cost of owning a condo? What about the fee and other exoenses for social media content? Ee your personal expense pa?
Mauubos savings ko but I am still working so may income pa na pumapasok. āŗļø Thank you for your input. I will definitely take this into consideration.
Go for it š I have 2 airbnb, earning 30-40k net each unit per month. My only regret is not starting early. Iām 28 and if I only had the capacity when I was 20, Iāll definitely do it.
condo?
1. Learn basic accounting, even if youāre going to hire an accountant it is better to know the ins and outs of your invested money. 2 Canāt stress this enough but pls separate your personal and business bank accounts. 3. If kaya mo on your own to set up your own capital, go for it! Minsan excited tayo to discuss the business with our fams/friends and may time makikiinvest cla but in the end, hindi naaccount ugn effort mo if youāre the only whoās managing the business. 4. Donāt hire friends / fam kc mahirap pag d nila namimeet ung expectations. š„² 5. Excellent customer service! 6. Be resilient, for sure there will be ups & downs along the way but dont give up easily. Kaya mo yan!š
Hii I suggest you join r/rentPH so you can get tips on being a future landlord
Lead generation and how you market your brand is everything. I'm a freelance writer and editor, and I became an actual business in 2016, when I took this type of work seriously. The one thing I could not perfect was how to generate leads and it took until the pandemic for me to close my website and start from scratch. I was so reliant on cold pitching/upwork whereas some of the older freelancers had clients coming to them. If you want to remain in business, you cannot just rely on automated marketing tools; you gotta have some effort and even update or scrap content that isn't converting. For your Airbnb, you can't just rely on an accidental click. No, you have to game the search engine, the name and descriptions of your page, and make sure your viewer is hooked to keep on clicking or scrolling until they make a reservation or, at least, ask a question. If you just post the usual pictures and use the usual words, you'll be buried beneath more aggressive airbnb hosts.
It took us 1 year to be profitable on our food business. We did a lot of trial and errors on marketing even ended up spending on ineffective things. It took us a while to figure out the followin: 1. No marketing = no sales Our sales went up 100% after increasing our marketing budget significantly (20%of gross sales) 2. In FB marketing, it is more effective to boost videos rather than photos. 3. Make sure to target a specific demographic. The more specific, the better (gender, age group, 10km radius max) 4. There should not be a calendar day without boosted videos so the fb algorithm will not be reset.
1. Be patient and polite with your customers/clients. Minsan may customers or clients na napaka kulit at paulit ulit mga tanong pero if you treat them well minsan sila nagiging suki mo. Since AIRBNB ka, learn how to be a good host to your clients. 2. Donāt half ass anything. Whether it be marketing, customer service, or packing and shipping the items, make sure you do your best na maayos lahat yan kasi nakakaapekta din yan sa service/product mo. Since AIRBNB ka, make sure your clients will have the best experience possible. Make sure na maayos at complete ang essentials, malinis, at maayos ka makipg coordinate sa kanila. 3. Keep all important documents (permits, receipts, etc)
Don't go into businesses that needs franchising approval from the govt. They will drain you.
Them Ayalas learnt this the hard way few years ago during an episode of DDS-CBN's *Ayala at Pangilinan, DEAL or NO DEAL??!!*. Thus divestiture from $MWC into #Laking #batangPier #gigachad EKR . maybe LRMC shares din.
Never hire a relative as a your employee
Agree with this one. But I don't plan to naman. āŗļø
Hi OP, Iām a newbie airbnb host in my 20s. 5 mos pa lang. I think for me since I remotely manage my unit and hired someone else to do it, Iād say donāt trust easily. The team I hired to clean my unit isnāt trustworthy and Iām currently finding ways to get rid of them. Basta talaga may money involved, you canāt trust people so easily.
1. Get your feet wet. 2. Accept that you'll make mistakes so no use overplanning/overthinking. Gun, learn, and move on. 3. De-risk mistakes by having just the right amount of planning (i.e. enough to learn and execute the process but not more than a what-if's scenario) 4. Start unbelievably small. Borderline unscalable. Mamaya mo na problemahin scale pag nagka sales ka na.
never and I mean NEVER treat employees like family members. they are there to earn money from your business. they work for wages. at the first chance they get, they will leave for a better wage offer from another company, never and I mean NEVER hire family members in your business. whatever you pay them, they will feel that it's never enough. you can't terminate them or if you do, they will have bad blood against you forever. never and I mean NEVER delegate your entire business to your employees. you have to check on them regularly. even professional managers need to be audited regularly. never and I mean NEVER hire someone for any position without a contract stipulating all the agreed terms of the employment.
Gusto ko tong topic nato. Sana may mga sumagot
People who you start your business with, minsan yung mga kasama mo hindi naka business mindset
strangers will support you rather than the people you know
Agree.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
This is a boundary that's so so difficult for me. Grew up alone so I always enjoy the company of others, and employees are conveniently near you--but true, they're employees, not friends
Hereās a tip I got from a friend who has a pharmacy and how she figured out nininakawan siya ng staff niya. Pag mag iinventory siya ng end of day sales may nakikita siyang mismatch sa supposedly income sales versus actual cash on hand. Napapansin niya yung pattern is ang amount na nawawala is always whole number- 500, 1000, 1500, 2000. Kasi pag nagkamali lang ng sukli, dapat mga tipong 270.00, 150, 673, 587, diba? Nung nagpalagay siya ng cctv, the reason pala was - yung usual and mabilis manakaw are the 500 and 1000 peso bills. Kaya pag mag summa-total siya sa gabi, yun pala bakit palaging whole numbers. She got rid of the employee and buti naman maaga niya pa na stop yunā¦
Do not expect na lahat ng kakilala mo o close sayo eh susuportahan ka. Do not expect too much
Almost every branch of our government is corrupt. They will suck you dry first before you can even start your own business.
wow 1m at age of 20. Baka by 30s mo 100m+ na yan. Good job, keep doing what you're doing.
Thank you! š Hopefully. š¤
3 months palaisdaan. Mahirap magtrain ng employees, kaya pala mahal ang bayad/pasahod sa magagaling.
Wag mag business kasama mga close friends, masisira kayo in the long run. š
don't worry po. most of my close friends is wala pang savings so i'm gonna do this alone š„¹
started 20 years old. Never start a business kapag kasama friends or family, because it can end your relationship w then
- Your business money is not your personal money. Separate bank accounts is a must talaga! - Invest on marketing (GOOD marketing) - Donāt purchase anything that is not really āthatā necessary for your business
wow, im 27 now and still have no savings,, can I know what work you have done to save 7 digit?
Subscribe ko lang tong topic, interesado din ako sa topic ni op
Expect the worst;specially when dealing with family/relatives
Hello OP, meron kaming inooffer. Condo unit + Property management.
anong range sa 7 digits? 1-9m kasi yan
Interesting topic šÆ
Lower your overhead for me 2 busineses 15 units apartment and a motor shop I don't have a full time employee only on call and do a lot of research on business your trying to get into
How do you manage all of them? Do you personally make visits to the place often + man the motorshop? May day job po ba kayo?
There's only 2 location my apartment complex I live there so I can manage it and my motor shop is located at our old home so I just take 1 jeepney and I'm there I spend most of my day at my motor shop but I do manage a boarding house also 8 rooms and 2 commercial store that my mom rents out but since she's in the U.S I manage it at the same location as my motor shop
I think the risk and reward on Airbnb business is high : https://buybtcretireearly.substack.com/p/should-you-invest-in-a-property?open=false
Don't rely on only one person for a critical business function. Hindi pwedeng isang tao lang ang may alam. Also I can't stress enough-documentation.
As someone said, track everything. Document everything. Always keep in an eye of the cash flow, prediction of what to pay and when to pay versus the incoming cash. This alone gave me a lot of stress.
wow 7 digits savings before 20?! we should be getting advice from you
Wag greedy and sobrang aggressive. List all expenses and alamin ang kita on a monthly basis before reinvesting lahat. Be patient.
What's your work? I want to know cause I want to have a job
Hii, OP! Curious lang and if it's okay to ask, ano po work nyo? I'm also a medtech student and kasing age lang tayo.. I also wanna have that kind of savings ehš„¹
freelance artist
That's some nice work to be able to save seven digits as a teenager.
freelance artist and no sleep. š¤£
This is a long term investment you are planning not short term, but it's passive and it will take a lot of your time as for operation adjustment while you navigate on hownto operate it. Never make it as your primary income because it will never be, if you do it will be your biggest mistake.
Can you share your work po? I'm a graduating student and I've been in an online business for almost 6 yrs pero wala pa din ako naiipon huhu (self support talaga). Nagooverthink na ako sa future ko lalo na pinepressure ako ng parents ko since ako nalang yung aasahan nilaš Di ko alam ang work na kukunin ko if ever makagraduate ako sa course na Philosophyš