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Old 12-06-2016, 10:35 AM
 
142 posts, read 103,173 times
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Some family members want to open a small business in the Philippines (they are citizens there). I was asked to put some money up for investment purposes in it. They are thinking about a meat shop or some kind of grocery store, because its cheap to start and everybody needs food. I am against this idea because there are already too and many meat/food/bake shops so there is too much competition to for it to really bring in a lot of people and profits.
I am pushing for a music shop, that buys and sells instruments, in addition to renting them out. I would also look at having practice space where instructors can conduct lessons. There are very few businesses like this in the town we have in mind (Cagayan De Oro).
Instead of buying food and losing money by throwing away unsold or expired merchandise, we would be selling items for profit that do not rot or go stale. No refrigeration or freezers, so lower utility bills.
I think it will work. Family members won't even entertain the idea because they think it will fail and keep wanting to focus on "priority" services despite an oversaturation of the market.
Are they right? will a musical instrument buy/sell/rent shop fail and be doomed to shutting its doors? Or am I right that the lack of competition and potential of higher profits make it worth further consideration?
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Old 12-06-2016, 12:37 PM
 
Location: San Diego CA
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There's some big music stores in the PI like JB and Lazer operating in the malls. A small startup Mom and Pop store would have a lot of competition. The classic family run business in the PI is a convenience store or Sari Sari selling soda, beer, snacks, home cooked foods and other items. There are thousands of these and a lot of folks manage to eke out a living on a small profit margin.
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Old 12-06-2016, 06:58 PM
 
142 posts, read 103,173 times
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Quote:
Originally Posted by msgsing View Post
There's some big music stores in the PI like JB and Lazer operating in the malls. A small startup Mom and Pop store would have a lot of competition. The classic family run business in the PI is a convenience store or Sari Sari selling soda, beer, snacks, home cooked foods and other items. There are thousands of these and a lot of folks manage to eke out a living on a small profit margin.
Actually they did run a sari-sari store in front of their house until they moved into a newer neighborhood that forbids them.
What kind of store, or product, would be an inexpensive startup and not have much competition? And low upkeep, ie-not a real high refrigeration bill.
After buying equipment, ingredients, and paying the utilities, is there really much of a profit in the small, independent eateries?

What about mall kiosks? One of the family members involved currently works in distrubution and already works directly with the company. Are kiosks profitable and easy?
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Old 12-07-2016, 05:05 AM
 
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I will consider only businesses which the one managing it has the special skills or interests to make it run smoothly. So I will consider only opening a music shop if one of the family members is a music major or at the very least, knows how to play a music instrument really well.

Sari-sari stores have very low startup or maintenance costs, as for the most part, it's almost like putting one's pantry in front of one's house, so there is almost no [additional] rental costs and the sales staff is pretty much anyone who is staying home. Opening up something like a 7-Eleven is way, way more expensive in terms of costs.

Mall kiosks are neither profitable nor easy, as most malls charge high rent and the mall might even collect a percent of the sales. That line of business where one of your family members works for can be a good start. Small, independent eateries are generally fine, as long as you got a good cook and someone can control the purchases. Rather than the malls, find a place with no rent (if you or your family owns the property) or cheap rent. For small eateries, a good place to start is near schools where one can have a regular clientele.
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Old 01-25-2017, 10:43 AM
 
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the best business is a stall in a public market. it is expensive but they cant go wrong for this business. no need for a feasibility study. just don't overpay for a stall, if ever there is one being sold
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