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Thursday, September 3, 2015

Entrepreneur Stories: Food Cart Franchisee Amassed Wealth in Short Time

An architect by profession, Angeli Valenzuela swears that the wealth he currently has is thanks to his food cart franchise. He owns three Potato Corner outlets, while having a 9-to-5pm shift as Operations Manager with a top Department Store chain.

His first advice for anyone that wants to follow his footsteps is to save. To put up the P250,000 he needed to gain a Potato Corner franchise (back in 2001), Valenzuela set aside a portion of his salary for it. “Personal savings, usually you’ll have to start from that,” he says. “Just save up some money. From there and my regular job, I was able to set aside a certain amount of money. Then when I turned 35, I decided I wanted to go into business.”

“For example, if you go into a franchise business, and somebody tells you it just costs P200,000, you can’t think that you’ll spend just P200,000, just the cost of the franchise,” the architect adds. “Sometimes 50% or 100% of that amount will go to acquiring the franchised store’s location; at the same time you have business registration and some other minor expenses.”

He started with one outlet, then another and the rest is history. He has also invested in other business but he always made sure to only give 50% of his money so that in case the business fails, he wouldn't lose everything.

“I am thankful to Potato Corner for giving me this kind of financial freedom, even if I tripped up several times,” Angeli Valenzuela said, “But with a proven brand, your foot is already in the door.”

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Via Entrepreneur

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