EXPERT OF THE MONTH: AIM Professor Jay Bernardo, founder of Let’s Go Foundation, which recently put up www.womenentrepreneurship.org with the support of GE Money Bank. The website is dedicated to women who plan to start or are already managing their own business.

Q1: I love banking, but I don't want to risk a lot of capital by putting up my own restaurant or stall. Can I just sell my products to other restaurants?

Yes. First, find the owner. That's usually easier if the establishment is one-of-a-kind.  The owner is usually there during the day (or ask the waiters what time to come back). For restaurants that are franchised or part of a conglomerate, you will probably be referred to the head office. Secure an appointment, and bring sample products.

TIP: Gen a sense of the restaurant's concept. Check the interiors and the menu, and see if you product ‘matches’ the overall dining theme and price range.

Q2: I’m worried about the size of the orders. Right now, I have one oven and two helpers and make about 5 boxes of desserts a week. Do I have to expand my resources to keep up with production requirements? How much will that cost?

Before you invest in new equipment, ask for a trial order and then be ready with a scale up plan. That means that for every increase in volume you have calculated corresponds to the number of manpower, equipment and time you need to prepare for the demand. Ask yourself: If the demand is 10 boxes a week, what will be my plan of action? Am I willing to ask for extra shifts to compensate for the time needed? Will I hire additional personnel? Will I get an additional machine or replace what I have with one that has a bigger capacity?

TIP: Exhaust all means of bootstrapping to conserve your cash for other items you may need in the future. Try to see if there are items that you can outsource or save on.

Q3:What do you recommend – gong to a restaurant or putting up capital to go into catering business? 

Both businesses can work except that there is more risk involved when putting up your own catering business. If you see yourself going in this direction, you should at lead know what menu and food preparations entail. If you’re not a culinary arts graduate, you should be very passionate about the science of food making. In the catering business, having a set menu for customers is common.

TIP: A set menu may not suit all so you should be flexible enough to whip up dishes that will suit your client's specific tastes.

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