To those young entrepreneurs who wished/plan to open a restaurant or any food related business I hope this article will help you in your decision making.
I started working when I was 17 as a service staff in a food industry until I finished my degree as Bachelor of Science in Business Administration major in Management Accounting. After graduation I worked as an accounting staff, internal auditor, store manager, finance and accounting officer and administration manager all are food related businesses in a known brand. My working experience includes good customer service, food safety, handling store operations, preparing all government permits for newly opened and existing stores, auditing works, food costing, stock forecasting and purchasing, warehousing, accounting work and administration. I have enrolled for a Master's in Business Administration. I can say that when I start a business I am equipped with knowledge, skills, experience and education with the business I am putting in. Why I am telling you all of these for you to realize that these things are not enough to make a business successful.
After 13 years of working in the food industry as an employee I decided to resign and put up my own Restaurant/Cafe, one of my greatest dreams. With all the knowledge, skills and experience I have pursued my dream to open a restaurant business with a limited capital.
Doing it alone from documentation (BIR, Business Permits and all related government permits), looking for store equipment and furniture, setting up store concept, hiring employee and training, menu combination, food and beverages recipe was all done by a single person which is me. I really did pursue and open the business. I wonder how I was able to make it through and where I got all those strengths. In its first month marketing challenges hit me. I was losing in the first month knowing the limited capital I have. I have to do something or else this business will close. I do environmental analysis and am able to understand the market. I made some business concept revisions. Little by little the store becomes known in the target market. It already established loyal customers and started earning but why do I have to sell it when it’s already started to be known and earning.
At some point I wished I never started a restaurant especially during the times I feel tired and exhausted. When you start a restaurant business all other relationships become your second priority. You must be prepared for the physical, mental and financial aspect to face all the business world challenges. Since the store opened, I have to work 7 days a week and about 16 hours a day. Being a single proprietor and having no relationship and my family are in the province I have to do it myself. My energy started to drain, all other relationships became my second priority, I don’t have any social life and don’t even have time to exercise for my health. All of my time was spent in the store working and having not enough sleep and rest.
I learned that when you open a business don’t do it all alone. Look for a partner you can work with or at least you have a family to help you in running the business. Doing it alone may pursue your dream, but it will drain all your energy and you will get tired or even get sick. At some point you will lose your motivation. Even how much you love doing it at first or how much you dream to have it before it will change. All of us need someone to lean on and we need help no matter how strong and independent a person we may be. This world is not made for a single person. That “No man is an island”. My greatest lesson in this endeavor is that.
“If you want to go fast go alone but if you want to go far go together.” No man is an Island, and no business relies on a single person.”
I'm not closing my door to go business again in the future. As of now I have to learn new things again to prepare myself for better business opportunities in the future.
I hope this article will help those who aspire to go into business.
