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It is a basic process to start a venture with a Vision. So we started here. I gathered my siblings to define what we stand for and what we want to become as a start-up business. At the core of what we do is “honoring the legacy of our parents”, thus, their ideals should be reflected in the heart of the way we will operate our business.
At the early stage of the construction of the Resort
It was our unanimous decision as Siblings that we will make the business a Family Corporation with each one contributing resources and expertise but as none of us have put up a business of this scale (although, it isn’t really a big business by technical measure) and I wanted to make sure that we do it right from the start, we immediately tapped a consultancy firm to do the business registration, permits and all legal requirements.
VISION:
To be a preferred family resort that offers unique services with heartfelt and quality service.
MISSION:
We differentiate ourselves by offering creative and unique guest experiences with delightful hospitality service delivered by a team who are honest and passionate to serve. We offer memorable experiences that showcase beautiful spots of the Cotabato Province while providing work opportunities for locals not just to earn a decent income but also to hone their talents and enhance their skills with the goal of improving their lives.
My experience so far validates the truth that no matter how knowledgeable we are about business principles, reality is different from theory and when it is your hard-earned retirement money at stake, you cannot afford to do everything on your own and leave costly mistakes and “charge it to experience.”
Here are a few “best practices” and lessons worthy of sharing:
Define early what the big ticket items are and identify which ones you can do on your own and which ones you must get someone else to do as it is not your skill. There might be tasks you will need to outsource. Always ask yourself, is it worth spending?
Track your expenses and always review how you are proceeding with the plan. Resources can be drained fast and overspending in one area has dire consequences. We have many lessons here and it was (and still is) a constant balancing act of wanting to do more and keeping the costs within plan.
Do not be anxious with a slow start (in terms of sales revenues). It is your opportunity to practice. Pay attention to the little details and immediately address them: how are the staff greeting customers? What’s the whole service quality process? What are your inventory levels? When are your peak and non-peak days and months and how will you arrange the work schedule? And many, many more details that you can immediately address given the fact that there are not many customers every day. So use the time to get organized.
Plan for the low months. Some businesses have seasonality considerations so it is important to set aside a “reserve fund” for the low months as overhead costs (payroll, rental, utilities, etc) will be constant even if sales are low. We cannot expect much profit in the early years so it is important to have reserve fund for operating costs.
As I always say, embrace every day as an opportunity to learn for what looks like failure is a lesson to be learned and what looks like success is a validation that you did something that is worth doing more of.
Over the more than 3 decades of working in the corporate world, I have asked hundreds of people what their ultimate dream is and predominantly, they would answer “I want to be my own boss”. Everyone wants to be an entrepreneur but only few would take the bold move. Myself included.
My bold move was sort of “forced” on me as it was a couple of years earlier than my original plan.
The pandemic slowed down every business and no one was spared. Being realistic, I know that my role cannot be justified anymore knowing that mine was an expensive item. I readily accepted the reality and quickly moved to implement my plan…to build a Resort that will be the source of my Retirement Income
It seems everything was orchestrated by my mother who’s passing triggered the construction of VirCris Mountain Resort as a tribute to her hardwork to raise us and my 3 siblings and to honor our beloved father who died 35 years ago. A few months before my retirement, we started its construction with only Phase 1 in mind. Upon my retirement, I decided to accelerate the construction of Phase 2 as I do not want my retirement money to stay idle and with the very unstable market, there weren’t too many options out there.
My new chapter as an entrepreneur and Resort Owner is certainly not only a bold move but the most daring one I’ve taken. Considering the ongoing pandemic then and no end in sight yet, putting something that is capital intensive is not for those with a faint heart. It is a leap of faith and that is absolutely the best way to put it – a leap of faith!
My corporate experience though has prepared me for this. In my role, I would lecture on basic business management principles – it is time to execute the talk.
“…Because in the end each end is also a beginning.”
Daniel Glattauer
Death is an ending of one’s physical being and the beginning of eternal rest. It is the end of life on earth and the start of the life beyond. We say goodbye because it is the end of what we used to do together but ever hopeful that we meet each other again in the heavenly realm.
The recent death of our mother at age 75 was very sad to say the least. No words can explain the sadness we felt and we continue to feel as there are yet too many things we want to do with her and for her…too many words we wanted to say…so many stories we wanted to share. We continue to do so but it is never the same.
The painful ending though sparked a new beginning for us siblings she left behind. It is the beginning of a collaboration in a venture we know would have given her joy if she was still around as the idea came up over 20 years ago but never took off. On a road trip, together in one car, the name of the small resort we decided to build came up – VirCris Resort – in honor of Virginio (our father who passed away 36 years ago) and Cristita (our mother). It will be built on the farm lot they left behind passed on to our mother by our grandparents. Certainly, a sentimental piece of land for the family.
It is our very first business collaboration together…each one sharing resources and talent to make this dream a reality. We had business ventures in the past but it was with one sibling or the other but never the four of us together.
Wealth or fame is never our aim here. Rather, it is honouring our parents and to create a channel where their generosity and compassion continue to flow.
Take it from Bing 