March 30, 2009

1/3 in 2/3 more

Posted in business, debt, extra income at 1:20 pm by kimsan23

This has been one of the hardest times, really!  Saving money has become difficult specially now that I’m paying for a lot more things than before.  One great thing going on for me is the possibility of really growing my business.  Tomorrow, I’ll be doing my “costing” for my new venture.  I’m gonna start with some small businesses first them see if I have the capacity to grow it a bit more.

My family once owned a large scale dimsum business.  This was closed in the 1980’s to give way to a new venture (which eventually failed).  I am determined to revive a part of that dimsum business to see if it can still survive despite the times.  Some of my family is trying to do their version but the problem is, they’ re not doing so well in terms of pricing and really providing great value to customers.  I intend to change that.  So, i’m doing my own thing.  Some of you guys, if you’re in Makati tomorrow will see me delivering dimsum samples to the steel “jolly jeeps” in Legaspi Village.  Wish me luck!!

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In other news, I have officially wiped out my credit card debt!  This gives me an extra 5k per month to put in the bank!

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February 10, 2009

February Financial Update

Posted in business, extra income, investments at 3:20 pm by kimsan23

Hi everyone! It’s been a tough January for me and as I write, I am looking at the possibility of doing away with a current endeavor. I won’t say what it is yet but I am determined to find other means of income!

I can already invest a good amount of money in a small consistent business which I have not found yet. So far, what’s earning for me are my investments in used car sales. I have already turned in a profit of 25k out of investing in this. What I would like to focus on now is to do more sales in terms of a food business, something that involves dimsum 🙂

Can anyone help me set up food carts? I really want to do this. Food sells specially when the product is very yummy.

I really need help with marketing. That’s my waterloo.

Right now, I am crossing my fingers at the prospects of writing books since this is one thing I did in the last month. It was fun but the profits turn in a bit late. I’ll probably be getting my cheque in June or July. You see, they’re academic books so I need to wait for the school year to start.

I really need something solid here. Am getting anxious over the economic situation.

January 6, 2009

Here’s to the New Year!

Posted in business, extra income, investments, planning at 2:24 am by kimsan23

2009 seems to be a promising year for me. 🙂  I was looking at my Chinese zodiac and it seems like this year will be fruitful in terms of finances.

Highlights for 2008:

  1. I started earning much better than in previous years
  2. My savings account bloomed during this year
  3. I was able to buy a car and move to a better apartment
  4. I exercised a lot of control over myself when it came to spending
  5. I learned how to maximize my earnings by effective budgeting
  6. I also learned how to let go of money when I had to for emergencies
  7. I made significant investments and started using eBay
  8. I made some money out of internet ad placements
  9. I made money out of what I love to do (martial arts)
  10. I offered a new type of service and was able to help some people who did not have work.

Goals for 2009:

  1. Find more freelance work to earn more
  2. Close a book writing contract
  3. Close another book editing/revision job
  4. Manage to open a “Paglingap” time deposit through work
  5. Get more involved in sports activities
  6. Get more training for professional growth
  7. Pay off car (WHEW!)

Now to the actual entry….

Today marks my first workday for 2009!  So far things are quiet at work since it’s only the start of the year.  During the long break, I managed to accomplish a significant number of things.

First, I was able to invest my money in a buy and sell car business.  So far, the first ROI cheque came in on time.  I am expecting two more installments this month.  This business pays me 20% of what I invest in a span of 3 months.  So far, my investment here is at 250k, split in two.

Second, the Chinese deli store that my dad is starting is asking me to sell our famous Tipsy Chicken.  I still don’t know if this business will really fly but so far…the chicken recipe works — it’s just a matter of selling it!

Third, my project with the security agency is still ongoing.  We are resuming classes by the 2nd or 3rd week of January.  This is something we started last October 2008 — my group and I started offering to teach practical self defense and combat skills to security guards.  The security agency got a huge discount from us but since the volume of work is a lot, we are still getting paid pretty well.  I am expecting some payments by February at the latest.

Finally, I started a book project with an academic author.  I revised an academic book on ESL for this person.  Payments though won’t really come in till the start of the school year but I am definitely expecting some good returns.

I am also considering some business options this year.  I was hoping to set-up an admin-services type of outfit like a business center.  It’s just so hard to look for a location!  Ideally, it should be very near a school but there is no more space for me!  If I put it in a mall, I’ll end up spending way too much on the overhead costs.

The baking business went very well last Christmas, we had tons of orders but I personally don’t earn from there.

One thing I really would like to do is get more book projects.  I am working on a personal one now, which is a book about practical self defense but that will be personally funded by me.  I need more book projects from other people that are willing to pay me to edit, revise or even write a book for them.  I wonder if publishing houses would be interested?

On the money side, I was good all Christmas vacation and did not over spend.  Hooray for me!  I followed my budget quite strictly.  Even though I  got sick, I was still able to stabilize my savings and even open a new account for myself in PS Bank.

The reason I’m opening more accounts is not because I have tons of cash but because I am positive that this year, I will be able to max out the PDIC limit on 2 of my bank accounts.  I intend to keep money to a maximum amount of 250k per account so that I am fully insured by PDIC in case the bank runs into some trouble.  Well, I don’t half a million yet but you know what they say: “If you open it (an account), it (money) will come.”

Happy New Year everyone!

June 16, 2008

First eBay Sale!

Posted in business, extra income at 11:18 am by kimsan23

Yesterday, I delivered my first eBay item to it’s new owner!

The first time I advertised it, it didn’t really get any bids or attention.  Then I got this message from eBay saying “don’t give up!”

I’m not really the type to give up easily so I listed it again a few days ago.  Then finally a day into the listing, I got a text inquiring about the item. 🙂

It’s not a monumental amount, I only got P500 for it but still — eBay does work for small time entrepreneurs like me!

Since I got inspired, I decided to add two more items to my eBay list.  We’ll see how that turns out.

May 15, 2008

There’s Money in Food

Posted in business at 3:20 pm by kimsan23

Someone once told me that aside from gambling houses, food is the next best income generator business a person could set-up.

A few weeks ago, I announced that we were setting up a baked goods thing. It’s evolved from the idea of a simple distribution to a full-blown coffee shop. It’s not up yet but we’re scouting locations. So far we’ve eyed MOA (Mall of Asia) and TriNoMa. Looks like our investment’s gonna increase dramatically on the location alone.

Anyway, on a quick note: we have sold a total of 4 cheesecake brownie orders and 7 choco chip oatmeal cookie orders in a week. We’re still testing the market so we’ve spent a lot on sampling. I’m hoping we could get into marketing full-swing.

Some good advice on setting up a food business:

  1. Define your FOOD STYLE. – Some people would suggest adjusting your food style to particular target markets. This, I think id good advice for people who have been in the food business for a while. For starters, identify what your best food style is first. Perfect it and work on developing food items that fit the bill.
  2. Price your goods. – Compute for cost. Factor in the essentials like ingredients, gas/eletricity, packaging, man-hours, transportation and other expenses like how factor in expenses on tools and appliances wear and tear.
  3. Identify your TARGET MARKET. – Find out what types of people appreciate your food and who can afford it.
  4. Finalize your initial distribution plan. – Determine whether you want to do retail, wholesale, door-to-door, set up a shop or any other type of distribution.
  5. PROMOTE! – Create a plan that will help you promote your product at the lowest cost possible. Do some food sampling and other marketing activities.

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