The Progress Of My New Year's Plan for Q4

The Progress Of My New Year's Plan
I outlined some of my personal goals this 2013. In this post I'll be sharing what happened so far.

#1 Save and Invest - completed (technically).

#2 Learn basic business concepts - Right now, I'm reading Start Your Own Business from Entrepreneur Magazine. (I got it for free! ...Well ok, my wife bought it at Booksale for 180 pesos. But not for me; I'm just borrowing it.)

So far I've skipped past a few chapters to read about Inventory management. It's a universal aspect of business (though not exactly critical to the business I'm thinking of; see#3 below), but I'm interested in it because I might learn more about smart bulk buying if I can apply/transfer the concepts.

An interesting thing is that in business, you stock up only on popular/quick-turn-around items. So now I'm thinking, does that mean I should only bulk buy often-used household items? I'll learn and ponder some more. Maybe even make a blog post from it in the future.

Cramming, but still goal complete!

#3 Research a good business for me - Well, freelance work didn't turn out so well. Answering paid surveys online hasn't paid of yet. (I'll probably make some money out of it if I keep trying, though).

But the more I thought about this topic, the more I liked having a taxi franchise. (And my own farm, rental apartment/condo, McDonald's franchise... but I'm getting ahead of myself)

I did some basic math. A new Vios is about 600k. Boundaries for a new tax is more than 3k per day (?). I heard that a new franchise costs around 150K. So 300k should cover both the franchise and the car's down-payment. I could probably finish above water... But then there's maintenance, taxes, maybe other fees and charges, maybe parking fees if ever, plus maybe insurance?

For next year, I'll make that one of my goals - know more about taxis and do a study if it's viable for me - and make a business plan!

And oh yeah. I hereby declare, by the power vested upon me (by myself) that this goal is complete. 

#4 Find out how large my capital needs to be - 300k! ...unless my business plan tells me I need more. Now to find out how to get my hands on that kind of money... Do you have any suggestions?


Well, the year is practically over. I'm 4 out of 4 (technically) for my goals, though it's worse than it sounds. I'm gonna have to think hard about being more realistic or what I can do to be more productive.

How about you guys, what happened with your new year's plans/resolutions? Leave a comment below and share what happened! It can't have gone worse than mine:)


photo credit: sara | b. via photopin cc

2 comments:

  1. For the taxi business, will u be the one driving or you will hire someone to do so? An option if u want this type of business and u have friends who love to travel is to rent a van with driver type for local tours.

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    1. Hi Claudine! I'll probably hire someone to drive the taxi.

      That's a great option! Actually I have heard of shuttles (UV express) that also have vans for rent. I'll look more into that. Though to be honest, I'll probably need to do more research. I don't think I'll be able to turn a profit if I cater to just my friends and the random customer.

      But I did use to know a guy who was trying to get into a business like that. He was a driver without a van of his own. Maybe I'll try and contact him and see. Thanks!

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