“ADAPTING TO SURVIVE FT. CHEF ED BUGIA” EP. 39 SHOW NOTES FROM THE PODCAST:

Chef Ed worked in a corporate company but later figured out that the job wasn’t really for him. Unexpectedly, the day he resigned, he saw a flyer of a culinary school in his windshield. He went straight to the school and after it, the rest was history.

In this episode, Chef Edward Bugia, a restaurant owner, talks about his experiences in running his business and how the present pandemic affects the SMEs (small-to-medium enterprises).

businessmen-keeping-his-things-carton-box_1423-3637.jpg — Is it time to quit your job?

When you’re younger, you have less responsibility with life. You can work without a safety net. But when you grow older, you have bills to pay. It’s not that easy anymore to sacrifice your day job. **You have a lot of things to consider first before doing so.**

internet-banking-online-banking-mobile-banking-concept_37803-181.jpg — How to stick around a business that is not yet earning?

In the restaurant industry, it’s very important to be top of mind because of too much competition. But, **marketing is the key.** You have to be smart who to say yes to but at first, you need to accept every marketing effort offered to you.

When you are turning your hobby or passion into business, you always have to know how much you are willing to bet. It’s an investment. You should believe in your vision because you’re not just going to bet your money. You will also put your time and effort into the table.

Also, it is how big your risk appetite is. Are you willing to take that risk? For a SME, it’s not easy so you should be willing to risk everything and do everything to make it work.

What is the difference of a corporate life and having your own business?

○ There are times that you can’t pay yourself. People have to understand that the restaurant industry have the smallest margin out of all industry.

○ If you play your cards right, you can earn. You can make money, but it’s really a huge risk and the margins are so slim. You have to do it smart.

○ Food business trends are constantly changing. Peaks and valleys in the business are natural and normal.

medical-disposable-protective-face-masks_112337-1488.jpg — How to survive in this time of pandemic?

○ Make sure that you have enough resources. Have liquid cash.
○ Make an effort saving up money as early as now. Think of the worst thing that can happen and prepare for that.
○ **“The ones who are able to adjust and pivot into digital are the ones who might be able to survive this.”** You can convert your business into digital.
○ It’s adaptability that will help you. Think outside the box.

How is the lockdown affecting SMEs?

This pandemic is a worldwide problem. Even big businesses are now closing. Take it each day at a time. It might be indefinite for a business to survive but some are still operating because of the need to keep on serving our frontliners right now. **We have to be selfless,** especially this time.

Now, let’s all help flatten the curve. Support the small businesses that are open. The help is out there, we just have to connect right now. Let’s all reach out if you need help or you can provide help.

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Stay tuned for more episodes and don’t forget to use the hashtag #AdultingWithJoycePring if you have any comments or suggestions for future topics!

Episode summary by Chiara Quebral

Adulting With Joyce Pring the Podcast:

The How-To’s of your 20’s told by a 26 year old. Basically, the blind leading the blind - expectantly and with gusto. Adulting With Joyce Pring the podcast is available for free on iTunes, Spotify, Podcast app, and all your other podcast providers. All written, recorded, and produced by Joyce Pring, unless stated otherwise.