I can’t believe how much guys value themselves at the start of businesses and paying themselves good salaries using investors money before the business actually starts making profit. This often causes conflicts with investors and between business partners.
I personally think you should eat dirt, suffer as you build up your business. Lots of guys pay for sex here which is great and perfectly normal, but why do it daily or 2-3 times per week, why not jerk off and suffer (a wank is money in the bank) until you start making money? If you do not suffer you wont push hard enough IMO. If you give yourself a big salary, where is the incentive to work your bollocks off? If your lady needs a salary, cut it and make her suffer, because you just need to suffer and work hard to get a few rungs up the ladder. As for the crying bit…. if you haven’t cried over business here, you are either not passionate enough or you are not pushing yourself too much. Making money is about stepping out of the comfort zone and doing things you don’t want to do.
I always focused on making money and not saving it, many people are like this or the opposite, they don’t increase their income, they just live on a shoestring. A week or 2 ago, I decided its time to start suffering and eating dirt…. and increasing my income streams at the same time, push from both sides. I have sold my drifting car, jetski almost, I am turning air cons off, lights off, I have stopped paying transfer fees when sending money, I even rented my spare motorbike out and eating Thai food. I have rented all my cars out and we only have one left! I have started budgeting very aggressively daily and I take my spare money to my bank account, so if I need anything at all I have to pay from that! I spent 150 baht today and I put the rest of my budget into the bank on the way home from soi 6.
When I first got to Thailand, it was tough seeing friends taking ladies home every night and me not being able to afford it, it was pure torture, but I had to remind myself I am in for the long game, I can do all that later, sometimes I made money and went on a shagging spree. But I realised I couldn’t sustain that and I needed to put my future first, so I said to myself I will get laid every Friday night only. On Fridays I “worked” running bar crawls for free, this means I met 1000’s of guys over the years (which helped me when I brought bars) but sometimes I only had 500 baht for my night out, it was tough running a crawl on that amount. Some days I didn’t even have enough money for fuel in my motorbike.
Sometimes I would go out and get drunk (Thursday and Fridays) and get laid and spend 2-3k then have no money to pay for food, cigs or whatever else I wanted. My water and electric was cut off very often. One day I got an infection on my face and I had no money for medicine, I didn’t want to put my hand out and borrow or ask for it, so I decided to suffer and teach myself a lesson and drive myself to work harder, I was almost in tears one stage because my face got so bad and eventually I asked for help.
One day I went out new years eve and spent all my money, it wasn’t much but the next day I had no money at all. (some days I only had 100 baht which is enough to eat) so I didn’t eat for 3 days as I had no money, I needed to suffer for my sins, its the only way to learn, when you are hungry for food, you are more motivated that you can ever be. (accept the need for drug money imo)
Anyway my point is that I have suffered, earned my stripes, and we should all do the same even if we have excess money. I have done many jobs I didn’t want to do but I did it to make money. And I think any new business owner here needs to hustle and work dam hard every waking hour of the week. Forget people saying don’t do to many hours or you need to rest or dont over extend yourself, they are often average humans and they try to impose boundaries on you, just work dam hard and the rest will follow, not always from the direction you expect it. There is no shortcuts to working your bollocks off and I dont mean wasting time doing some mundane jobs, I mean working smart also.
Acting Big and Thinking Big
Lots of guys here want to set up large companies, they shoot for the stars and fail. They want to be corporate or expecting fast growth or to get rich quick or dominate markets quickly, while they are focusing on big things, they are missing out on actually getting sales in and earning money.
There are companies here like nuskin, everyone is trying to get people to sell for them, so they can earn good money and do nothing, the problem is I didn’t see anyone of the group I met that is really going hard for the sales…. they are all missing out earning because they are thinking big, they need to sell first, make some money and maybe reinvest it into advertising.
My advice is to buy a very small business, (you can still dream and think big but wait and be patient) if you cant run a small business then you need to have a serious word with yourself. My wife has a minimart for sale for 200k its ready to be used, a business like that is ideal to get your feet wet here, practice and prove yourself. Then use that confidence to start expanding or getting larger businesses, practicing on a cheap business means you wont lose your life savings. Getting a lesson in how hard businesses are here is very important. But you don’t want that lesson to be expensive like most people seem to do here, if you fail the minimart you lose almost nothing, if you fail at a larger business you can rack up a lot of losses and you have to pray someone buys your business or you could lose it all.
Its just so important to get the fundamentals right and build up a business slowly. I am expanding our bar business fast as we speak, but I know exactly what I am doing and the risks/shortfalls. Besides I am only buying more bars which we are experienced to run, if I was going into new areas like clothing, I wouldn’t be so brave or fast.
It is just so important to start small and go through all the growing pains, cut backs, economies of scale, staffing problems, sorting the structure out, staff rules and regulations etc and discovering all the other benefits of having a larger business. Learn from the ground up and earn your stripes! Or you can lose your shit or someone elses IMO