Recollect. Recharge. Restart.

I quit my job at a coffee shop after almost 10 years of serving great cups and sharing good cheers!

I must admit I was not prepared! But I always believed that if things were meant for me, it will surely be easy. True enough, filing for a retirement benefit was easy, but giving meaning to “retirement” was totally a different story for someone approaching 40. From the word itself "retired" I just got tired all over again. It was a phase in my life where my patience and resilience were tested.

I had a hard time filing for work in another country, so it was easy for me to accept that it was not meant to be. I also got excited in building a laundry business with my cousin, but there were a lot of hurdles. Together with my closest group of friends, we almost converted a garage in the university belt into a Japanese Diner. All these opportunities passed me by and I guess that is just how life sometimes should be. There were delays, detours, and dead ends along the way.

What came in easy was when I started iTeachUlead with another cousin. We share the same interest in inspiring and coaching people to become leaders. We find it most fulfilling to see them lead teams. Our backgrounds are very different but our exposure in training and organizational development here and abroad are the same in many ways. Thus, we created iTeachUlead to be in the business of building leaders!

So, during this pandemic, maybe it is high time for you to grab the opportunity to rediscover your passion and recreate yourself. The possibility of creating your very own line of business is endless.

A friend who had to close her restaurant is now selling homemade processed meat online. Another friend who used to work on board a cruise ship just registered her gourmet garlic paste business after few orders. A number of friends, who left the coffee shop after me, are now officially running their online businesses like bakeshops and groceries.

There were also those who started way before this pandemic. They got badly affected that they had to close. But with laser focused determination, they re-opened gradually, made some adjustments to adapt to the new normal, and generated more sales quite unexpectedly.

So, before thinking otherwise in registering your businesses to the Department of Trade and Industry (DTI), consider first the benefit of existing as a legal business enterprise! Promise, you will not be taxed until you are earning so much.

And here are few tips to help you as a new entrepreneur.

KNOW THYSELF

Examine your level of Self-Discipline. Can you set Gold Standards for your products and service? Can you deliver on time? Do you count hours or do you make hours count? O, baka sa iyo, puwede na ang Puwede Na?
Check how Determined you are. There is no straight line toward success in business. Setbacks and failures are always on the way. Start-up businesses are almost always the most challenging. How ready are you to persevere to get things done?
Do you have the Integrity? Trust is the foundation of all relationships, business included. If you are always in doubt of people, products, or services; you may not be cut-out to run a business. Remember, repeat business relies heavily on the trust you build with your customers and your suppliers.

KNOW THY FORM OF BUSINESS

Sole Proprietorship. Surely it is best to start solo. Just be aware that creditors and suppliers may only run after you and you alone.
Partnership. Having to own a business along with two or more partners can be very inviting. You can partner professionally if you share the same field of expertise, like accountancy, law, or engineering. You may also operate with general partnership in running any kind of business. The starting capital for this form of business entirely depends on your individual capacity.
Corporation. If you are a group of five incorporators or stockholders, this safest form of business is ideal. Members vote for officers to run the business during regular stockholders meeting. This business form requires 25% subscription and 25% payment on the capital.
Cooperative. Well, this one requires a minimum of 15 members to operate. The share of each member should not exceed 10% investment on the capital.

Hopefully, these ideas can help you RECOLLECT your thoughts and review your competencies or hidden talents. Maximize your days to RECHARGE and think clearly of your plans. And may you have all the courage and grace from God to RESTART!

Keep on visiting iteachulead.com for more ideas and inspiration. You may also email us at info@iteachulead.com or iteachulead@gmail.com for inquiries and more information.

“Though your beginning was small, you future will flourish indeed.”

– Job 8:7