I was asked by a reader here with questions “If is is good for her to put up business here in the Philippines while she’s still living abroad?”. I answered her back that I will not recommend that. You know why? If the owner is not around the workers will not do what the owner want them to do with the business. I know of some friends who owned businesses here and letting the family members run the business while they are still living abroad. Really lots of them end up closing in no time.
The lady wants a small eatery place with karaoke and they want to serve beer. In short it’s like karenderia with karoake bar. She wants to start to have business here before her retiring time abroad. She works as a nurse if I remember. She earned pretty descent money. She already had some other properties here and she wants to add more income. She told me that she will have her family manage the place before her retiring time. So she’s asking my opinion about it.
I don’t recommend to people to have business here but you know what I don’t know the people that she entrusted her money with. It’s really up to her. She should study hard and read a lot online about people here putting up business if it succeed or if it fails. She should study the pros and cons to it. I’ve know people that put up business for the family and fails.
We had a friend, before he and his wife put up a pretty nice business for the family. They also want the money (income from the business) to be saved for their future retirement here in the Philippines. They put up a nice internet cafe business with 15 seat cafe complete with printer, scanners and all those stuff that’s good for the cafe. It was good at first. Then later it was mismanaged by the family members. Later on almost all the customers that’s occupying the seats in the internet were family members. So no revenue was generating with the business. Year or so later the business folded. So it’s really sad.
My really close friend bought like 3 jeepneys and farms for her family and to save some money when time for her to come back here for good. Well, her contract abroad was not over yet and her jeepneys were already starting to deteriorate. It cost her a big amount of money at the end. The farm starts to make money but family’s relationship starts to fail. Comes with the fighting and not talking.
A family member of mine sent money for her family to start a small business. Instead the family bought a billiard table and because it’s not their hard earned money they just left the pool table outside without cover in just a few months after buying it, it was nothing but trash. The big investment just rotted out in-front of them.
So if thinking of investing while not here to manage it? I hardly recommend putting up businesses here.