How hard is to be a full-time employee with a business on the side? For many of us, it will not be practical to leave our full-time employment and depend totally on our small business.

This single mom found that it was very tough, yet she succeeded due to hard work, persistence and because she had another quality that is so important to entrepreneurs – the ability to find help when the going gets tough.

Of the many entrepreneurs I interview, I notice that a common trait is the ability to network and find the person who can provide the needed help at the right time. This is especially important for those whose time is divided between a full time employment and a part-time business.

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A few months back, a friend proposed a franchise business to me that cost only P10,000. The business plan would allow me to choose whether to get a waffle stand, a burger stand and some other options I don’t recall anymore. She had forked over her money to the company before she met with me and she told me it would be a good business for both of us. I winced. I didn’t want any part in the business.

First, it had no track record and sounded too much like a network marketing business that was trying to sound like a franchising business. I know some very good companies that use network marketing strategies, but when there’s deception involved – even just a little bit – I know from experience that it’s best to stay away.

This article from MoneySense talks about five franchising myths to watch out for:

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We received this question from Mr. Edwin Catindig in response to my blog post on how to increase your chances of getting that bank loan approved.

I am interested in getting a loan for my projects next year. I want to know the ins and outs on how to get a loan. Can I use an “APPROVED PURCHASE ORDER” from my customer as a collateral for my loan or what other options can I avail? My expected loan amount is approximately P2 million and what collateral can I offer to the bank in order for my loan to be approved.

Thank you and I hope to hear from you soon.

Edwin Catindig
MJJP Enterprises

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What’s the best way to find out how to nail that loan that you need to expand your business or develop your product? Ask the bank of course!

BPI Foundation, which is turning 30 next year, helps small to medium-scale enterprises through seminars and mentoring sessions on how to get loan applications approved.

Banking is, after all, a business. Banks can’t just lend to you because they want to help. The loan officer you will be talking to will have to justify their decision to lend money to you. What does he have to show for his decision?

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The entrepreneur in this article from the Philippine Daily Inquirer is an elementary graduate and yet was able to build a successful business. Read on:

This city southeast of Manila is known as the best cutlery producer in the Bicol region, making scissors, bolos, knives and even razors, grass cutters and other farm tools.

But not known to many, located in the outskirts of the city are furniture makers who make unique and useful home furnishings.

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