Good morning, everyone. My Filipino wife wants me to open a repair shop for motorcycles, cars and trucks. What do you all think? I can't retire for another six years. I was also thinking about opening a bakery or a Brooklyn-style pizza shop
If it fails, you'll lose the money you invested. If it succeeds, you'll lose your wife.
You'd be competing with people who think they're doing well if they make $10 a day.
Just remember rule number 1: don't live in your wife's home province (and definitely don't open a business there)
Hmm.. when she wants to start something that means money coming out of your pocket, it's important to dig deep into every single detail. A lot of Filipinas (a lot = NOT ALL), when they want to do something with your money, whether it's buying a house, starting a business, buying a farm, etc. (anything at all).. there's usually third-party noise involved. For example, her family pushing her to buy a house... and of course they'll want to move in with you two later. With a farm, you'll need people to do the 'farming,' so the brothers/uncles/any muscle that could be useful will volunteer to 'HELP,' and later your farm turns into the spot for a nightly tagay (drinking) session. Business is the same. If she's been very kind and generous to her family, you have to set a clear boundary that the business is not a charity. Again, I'm NOT talking about ALL. But I've seen many cases like this. The intention was good at the start. Still, it's your call.
Auto repair along with motorbikes, your wife has the right idea, not food,,, she can be the owner while you manage the staff and supplies, and let her be the one to tell the workers no cash advances…
Yes…. Others may undercut you, but take pride in excellent service…
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