A few articles ago I mentioned starting from scratch. We already lost a good amount of money experimenting, but we cannot stop. However, coming from the first few tries, we already have a few materials that we could use for the ihaw ihaw business. These include 2 tables, a few food trays, and a small grill that we previously used on our first venture.
By all the months we counted trying to officially start off; we have a good plan on running the business as a whole. Our initial capital for the ihaw ihaw business will be 2,000 Php, but I will provide more if it needs be. We will need to make a full account on all expenditures versus income, so we could see on a weekly basis whether we are gaining money, and we could determine a forecast on monthly and quarterly income.
How to Work the Finances
100% of the income will not be used for the household – I will personally handle the needs of everyone in the household. Instead, the whole income of the business will go back to it, either for an increase of inventory, purchase of new materials, or adding a new product in our grilled lineup. A wise tactic so that whenever there’s income, I won’t need to shell out more money to expand, or that emergency business purchases can be handled by its own money.
We have a timeline too, of adding more and more products to the whole lineup. We will do it on a hopefully weekly basis, experimenting on other grilled skewers that our target market will like. Should they fail, remove them and move to another product. Success and it will become a permanent addition.
The Next Steps to Take
Finally, we have outlook targets, in which by August 2017, we should already have a good income standing on the business and start marketing, accepting special orders via social media (Facebook) in time before Christmas hits. By October, we should already have an idea on what we generally are earning from the whole business, and decide whether we take it another notch and invest on a better spot expanding our ihaw ihaw business further.
I am going by a long shot, but since I will be personally controlling the expenditures and income, without me or anyone using any of the money, I believe we could slowly but surely make the initial capital grow. By the time comes and I can see that the business is going really well, I could then probably invest more and expand it.
These are all dependent on the possible outcome of the business. Our target is around 2,000 to 3,000 weekly income by August; this will then be a great foothold to consider expanding. Considering the fact, the target income is still too small. But if we can make it work on a small market, we can also make it on a bigger arena. I project that a good amount of investment money when it’s time to expand will come from the business itself. We’ll be starting rock-bottom, from here on out, the only way to go is up.
The In-Laws Will Have a Separate Business
As for the couple, we are planning to complement the ihaw ihaw business. They will be cooking and serving up dinner. I will be investing 6,000 for that other startup; considering there will be more ingredients needed for proper meals, and additional material needed such as tables. We plan to start with 4 food variants, on a different tactic. Each food variant will only be available once a week, for example, adobo will only be available every Monday. This is so each day of the week will feel different for customers. Regular customers will then see the pattern and know when a certain variant they like will be sold.
Should this work out, and will get a good income stream, we will provide for the couple’s life by August. Have them rent out at least a room somewhere near, and provide well for day to day expenses. This will go well if we plan to expand to a small diner. But still, the star of the show will be our ihaw ihaw.
From this point forward, I can only hope that everything works out quite well.