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Begin a business on a budget (Part 1)

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No matter how much capital you have, there’s a business to be had. Is one hundred thousand pesos enough to start a car-wash business? Yes. Is P200,000 good for your own clothing and accessories shop? Check. How about a bakery for 250 grand? Yup. Your own restaurant for P400,000? Uh-huh. Will P450,000 be enough to open a grocery store? Oh yes.

[related|post]You can begin a business on a budget—and it doesn’t have to be a food cart or a fly-by-night business franchise (although food carts are great business concepts in their own right). Apart from ideas, each person always needs two resources available to start a business: time and money.

“If you have money but no time, you use that money to hire people. Contractors and employees use their time to get things done for your business in exchange for cash,” observes blogger and Internet entrepreneur Yaro Starak (the writer behind www.entrepreneurs-journey.com). “If you have time and no money, then you go to work to build cash flow off the sweat of your back. Nothing happens without cash flow, so your primary concern at the beginning is to generate money using your labor.”

Starak adds that if you are considering starting a business, you must have either time or money. “If you don’t, you have to create or free up one or both resources,” he says. “Get a casual job, do contract work, borrow money or find a partner with money it you need cash. If none of these are options, then sit down, think about what you need to make your business generate cash, and start putting it all together using your spare time.”

If you’re a young person looking to skip the corporate ladder; a homebody who has received an inheritance or a windfall but have no clue how to put it to use; or even a career employee who has saved enough to continue earning even after retirement, then take a hint from our featured entrepreneur below and carve your own path to riches.

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Carwash
As bad as 2009’s Typhoon Ondoy was to the country in terms of flooding and damage to property, it also did some good. Just ask Akira Caisip, whose love for cars dovetailed with an opportunity to clean them in the wake of the terrible storm.


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