TRANSCRIPT Ep 4 Retire ConfidentlyWELCOME TO RETIRE CONFIDENTLY!HI, IT’S IMELDA AND IN THIS EPISODE I WILL BE SHARING WITH YOU HOW I HAD OVERCOME THE ACTUAL CHALLENGES THAT I ENCOUNTERED AFTER I STARTED THE BUSINESS. IN THE EARLIER EPISODES I HAD SHARED THE CHALLENGES I FACED BEFORE ACTUALLY OPENING THE COFFEE SHOP, NOW, I WILL SHARE THE CHALLENGES AFTER I HAD OPENED THE COFFEE SHOP. IN LINE WITH WHAT I HAVE BEEN SHARING ABOUT PREPARATION, BEING PREPARED FOR CHALLENGES IS PART OF IT. I SAY THIS AGAIN, WHEN YOU ARE PREPARED, HALF OF THE BATTLE IS WON. HOWEVER, THIS IS NOT TO SAY THAT IF YOU HAVE PREPARED, EVERYTHING WILL GO SMOOTHLY AND THAT YOUR PREPARATION WILL COVER 100% OF WHAT WILL HAPPEN IN THE REAL WORLD.I HAVE TO BE HONEST THAT CHALLENGES ARE REAL. I WILL NOT SUGARCOAT THINGS AND MAKE IT APPEAR LIKE BUSINESS IS EASY, BECAUSE IF I DO NOT IT IS NOT HELPFUL. I EARLIER SAID THAT IT IS A LEARNABLE SKILL, BUT IT IS NOT WITHOUT ITS OWN THAT IS THE REASON WHY, YOU MUST HAVE A STRONG “WHY” SO THAT YOU WILL CONTINUE TO BE IN THE GAME. MONEY ALONE IS NOT A STRONG WHY. YOUR STRONG ENOUGH WHY WILL ALLOW YOU TO NOT GIVE UP TO CHALLENGES COMING YOUR WAY. LET’S FACE IT, THERE IS NOTHING IN THIS WORLD THAT IS NOT CHALLENGING, EVEN WITH HAVING A JOB, THE PRESSURE OF SUBMITTING REPORTS AND MEETING DEADLINES FROM, OR MAKING THINGS HAPPEN IN THE OFFICE IS ALSO A LOT OF PRESSURE ON US.FIRST CHALLENGE WAS CONQUERING FEAR TO OPEN THE COFFEE SHOP. SUBCONSCIOUSLY I WAS DELAYING THE OPENING, BEING THE PERFECTIONIST THAT I AM, BUT MY SON NICO TOLD ME THAT I HAVE STOPPED GETTING SALARY AND MONEY IS GOING OUT NO MORE COMING IN THEREFORE I HAD TO JUST PUT A BANNER THAT WE ARE ON SOFT OPENING AND CUSTOMERS WILL UNDERSTAND EVEN IF THE SET UP IS NOT PERFECT.SECOND CHALLENGE WAS RAISING MORE CAPITAL. WHEN I WAS WORKING OVERSEAS, I ALWAYS FELT THAT I HAVE ENOUGH MONEY FOR MY NEEDS AND EVERY MONTH WHAT I SPEND IS BEING REPLENISHED. BUT WHEN I STARTED THE BUSINESS, CONSTRUCTION ALONE TOOK MORE THAN HALF OF THE MONEY WE HAD SAVED. I LATER REALIZED THAT AS A START UP, I WAS BUYING ITEMS WHICH WERE NOT REALLY CRITICAL FOR THE COFFEE SHOP, THEY WERE MERELY OF AESTHETIC VALUE MORE THAN OF FUNCTIONAL VALUE. SO, FOR THE FIRST TIME, I GOT TO EXPERIENCE THAT FEELING OF, WILL THE MONEY IN THE BANK BE ENOUGH FOR SALARY AND OTHER OVERHEADS? IT IS GOOD ENOUGH THAT YOU HAVE A LOT OF CUSTOMERS COMING IN, BUT YOU ALSO HAVE TO MANAGE EXPENSES.BECAUSE OF THE POSITIVE RESPONSE WE RECEIVED FROM THE MARKET. WE TOOK THE CHALLENGE OF OPENING A SECOND BRANCH A YEAR AFTER THE FIRST CAFÉ WAS OPENED. THIS OF COURSE NEEDED ME TO RAISE MORE FUNDS. AT THIS TIME, I FELT LIKE GOING INTO ANOTHER WAR IMMEDIATELY AFTER COMING BACK FROM WAR. MY WOUNDS HAVE NOT HEALED YET, WHY GO FACE ANOTHER BATTLE? BUT MY GUTS IS TELLING ME THAT IT WAS AN OPPORTUNITY I COULD NOT MISS BECAUSE IT WAS GOING TO BE LOCATED IN A NEWLY BUILT MALL AND THE MALL IS THE FIRST BIGGEST MALL IN ZAMBOANGA CITY. IT WAS GOING TO BE A MAGNET THAT WOULD ATTRACE HUGE PEOPLE COMING TO THE MALL. FORTUNATELY FOR US, MY GUT FEEL TURNED OUT TO BE CORRECT. AND FAST FORWARD TO WHAT HAPPENED IN 2017 WHEN THE GOVERNMENT PROJECT OF ROAD WIDENING WAS IMPLEMENTED IN THE LOCATION WHERE OUR FIRST CAFÉ WAS SITUATED, OUR KCC MALL BRANCH HELPED US TO STAY AFLOAT.SO GOING BACK TO THE POSITION WHEN WE DECIDED TO OPEN OUR KCC MALL BRANCH, I AGAIN STARTED TO FIND WAYS ON HOW TO RAISE MONEY. I WAS ABLE TO BORROW SOME MONEY FROM BANKING INSTITUTIONS LIKE BPI, METROBANK AND PNB. IN MY EXPERIENCE, IT WAS A LOT EASIER TO BORROW MONEY FROM PRIVATE BANKS COMPARED TO GOVERNMENT BANKS LIKE LANDBANK AND DBP. I EVEN TRIED THE OFW REINTEGRATION PROGRAM INTRODUCED BY THE GOVERNMENT, BUT IT DID NOT WORK. THE CONCERNED BANK WAS JUST TOO DIFFICULT TO TALK TO.I ALSO APPROACHED FRIENDS AND FAMILY WHOM I THOUGHT WOULD HAVE SOME SAVINGS BECAUSE THEY WERE WORKING ABROAD. SENDING INVESTMENT PROPOSALS TO ALMOST 50 PEOPLE, I WAS LUCKY TO HAVE 6 WHO RESPONDED POSITIVELY. AND I AM FOREVER GRATEFUL TO THESE FRIENDS WHO TRUSTED ME AND SUPPORTED OUR BUSINESS. REJECTION IS PART OF BEING IN BUSINESS THAT IS WHY DEVELOPING EMOTIONAL INTELLIGENCE IS CRITICAL; I DON’T TAKE IT AGAINST THE PERSON WHEN HE/SHE DOES NOT WANT TO INVEST IN OUR BUSINESS. THERE ARE A FEW REASONS THAT I THINK WHY FRIENDS AND FAMILY WILL NOT INVEST THEIR MONEY, EVEN IF THEY KNOW ME WELL:• ONE REASON IS THAT THEY ARE SCARED THEY WILL LOSE THE MONEY BECAUSE I HAD NO TRACK RECORD AT THAT TIME, EVEN THOUGH IN THE CONTRACT I PROMISED TO REPAY WHATEVER HAPPENS TO THE BUSINESS• SECOND, THEY FEEL GOOD JUST KEEPING THE MONEY IN THEIR BANK ACCOUNT, BECAUSE THEY ARE NOT AWARE THAT MONEY LOSES VALUE OVER TIME WHEN IT IS KEPT IN THE BANK. INFLATION WILL ERODE THE VALUE OF GOVERNMENT ISSUED MONEY.• THIRD, THEY DO NOT UNDERSTAND THE VALUE OF INVESTING, OF MAKING MONEY WORK FOR THEM, BECAUSE IT IS SOMETHING THAT IS NOT COMMONLY PRACTISED. ONLY THE RICH PEOPLE HAVE BEEN ...
