From a capital of just Php2,000, a couple was able to grow their business to something that is now worth Php2 million. Their story has inspired many on financial literacy group, CFO Peso Sense.
Sharing the story but choosing to keep their identity a secret, the couple narrated that they started the business some 5 years ago with a capital of Php5,000 they borrowed from the wife’s dad. They began by selling various things and RTW that their dad would buy all the way from Manila.
Using just a motorcycle to transport the items, the couple and their dad would travel regularly to buy the items they had to sell. Doing this rain or shine and having a hard time traveling beside huge trucks, they wished to have a car in the future so it will be easier and safer for them to buy their stocks in the future.
The stress of this busy business caused the wife to lose her baby. So, in 2018, the couple decided to move from selling RTWs to cellphones. By this time, they had already saved enough money from their RTW business to open a cellphone shop.
The business slowly grew. They were happy to sell one or two cellphones a day, but there were also times when they got lucky and sold five or more. As they had their first baby, the husband decided to quit his job to focus on their business.
Though their business only grew slowly, it was sustainable. Then, the COVID-19 crisis struck. At first, they were badly affected by the crisis just like everyone else but as the Department of Education (DepEd) shifted to distance learning this school year, the demand for smartphones and tablets grew.
Soon, the couple was selling hundreds of cellphones a day! They were earning so much that their dream of buying a car came true. They were also able to give their father Php700,000 as his share of the profit from the money he let them borrow when they were just starting out.
According to the couple, they have also saved up enough money to buy another lot in 2021. Though there were people who lost jobs and businesses during the crisis, it is fantastic that there are people like this couple who were able to find fortune and grow their business. Congratulations!