Open for business

Dear Nanay,

Our family business is in what you might call a “sunset industry.” I think we are a dying breed, a relic of the past, a dinosaur. There is nothing we can do and we just have to accept that there were some good days in the past but those are all gone now. And we need to look forward to something new.

Because of the circumstances beyond our control, my brothers and I have started to look around for a new business. We have some savings to invest but we have no idea what kind of business to go into. We do not want something that will make us super-super rich. We are just looking for something steady that can keep us afloat so that we also have money for the retirement of our parents.

Do you have any ideas?        — MLH

Dear MLH,

I think your question is one of the most common ones I get asked. Unfortunately, it is also one of the most difficult to answer because the circumstances of every person and every would-be entrepreneur is a little different. How much do you have to invest? What kind of businesses are you good at? Where are you located? How much returns are you looking for? There are too many variables for me to be able to come up with the right answer in just this column.

Having said that, instead of an answer, let me offer some things you can think about in your search for what business to go into next.

First, I think you need to think about what is it that you really love about a business? Then you can go from there and look for a business that caters to that passion or that strength. Because if you love what you are doing, work is no longer work…but a joy.

Next, if you are working with your other family members, then you should look for a business that everyone is comfortable with. Everyone will have their own skills and contributions they can make to the business. Use those talents wisely and pool everyone together. Kailangan magtulungan kayong magkakapatid at kailangan magkasundo kayo (You and your siblings should help each other and you should all get along well). Otherwise, it might be very difficult for you to work together.

Also, as with any business, try to look at the numbers as carefully as you can. Find someone who is good at numbers or finance so that they can give you sound advice with regards to your projections.

And, lastly, because you seem like you are looking for a “steady income,” it might make sense for you to look at franchises. Historically, franchises have had a better success rate than start-ups. You may not make as much or have as much freedom as if you owned your own business, but the success rate is really much better and franchises can provide a “steady income.”

Good luck in your new endeavor!

Sincerely,

Nanay

* * *

‘You don’t need a man to be happy’

Dear Nanay,

I want to direct my letter to Izza, your letter sender last week (Feb. 13).

Nanay is right! Don’t rush! Why are you or your sister in such a hurry to get married? You don’t need a man! It might be good to have one, but rest assured that you do not need one to be happy. Nanay is right in that most women today wait to get married. Gone are the days when we would graduate from school and then go and get married and be housewives. There is almost no such thing as a housewife anymore! We have jobs, professional careers, businesses and lives outside our homes. Love will just come in time. So my suggestion is for you to enjoy your life! Go out and see the world. Go out and visit all the beautiful places in our country. Go out and have fun. Go and live your life. Don’t let the fact that you don’t have a husband or boyfriend slow you down. As a matter of fact it should speed you up because you do not have any responsibilities except yourself and one person is much easier to take care of than two or three.

— Irene P.