22 May 2020, 13:00 — 8 min read
With a heart to empower his fellow small and medium enterprises (SMEs), Carlos Payumo Garcia built a leasing business, CP Garcia Commercial Space Leasing, dedicated to house SMEs in a premier location in Imus, Cavite.
Not only his company provides space for entrepreneurs, but he also finds a way to market and promote the product/services of his tenants through digital.
“I wanted to empower SMEs, and that through this business, they can put food on the table,” he shared.
In conversation with GlobalLinker (GL), Carlos Payumo Garcia (CG) tells his business journey on how he managed to rise above all challenges and on how he is preparing for the expansion of his business.
CG: It's been a rocky road but full of learning since I started this leasing business. I started the business in 2016, took out a loan with a financial institution in Makati, and secured a contract with the owner of the lot, then developed the lot to sublease it to the tenants.
It's a simple business model, but it took a lot of time and effort to build a structure, and at the same time securing account from tenants while paying my loan and also the rent (on a monthly basis).
Of course, I really can't manage it on my own so I called up my sister to assist me in marketing and the tenant relations part of the business. I was in charge at first from the end-to-end part of the business until I delegated some of it to my sister and my niece.
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CG: I always look up to Henry Sy especially with his leasing business. Somehow, I wanted to have a similar business though on a smaller scale. Basically, I also wanted to empower SMEs, and that through this business, they can put food on the table.
Many of my tenants are hard core entrepreneurs and you'll see the fire in them on how they are handling their business.
CG: The location of my business which is within the vicinity of a newly opened neighborhood, Lancaster new City. A lot of opportunities and development can be found in the area like fast food chains and BPOs. I also incorporate digital space to market my tenants and I received a lot of inquiries not just to lease out our spaces but also on the specific products of our tenants.
If you're starting out and you wanted to venture out, check your resources, and clearly determine what you really wanted to do. Not just for the sake of making money or because it's a ‘trend’ to be in entrepreneurship.
CG: I discovered UnionBank GlobalLinker; and just days after I posted my services, I got a lot of inquiries about my stalls.
CG: We've had challenges along the way – tenants are hard-headed, delayed payments, policies of the municipality – but we didn’t let adversities defeat us. We established good relationship with our landlord and we made sure that we are on-time with our payment.
One of the main objectives is to branch out and find other locations to serve other SMEs in the area. So, I've been reaching out to other potential investors and partners to join either to invest or to become part of the team. To execute a scale up for this business, I'm going to change the structure a little bit from sole proprietorship to corporation set-up.
I discovered UnionBank GlobalLinker; and just days after I posted my services, I got a lot of inquiries about my stalls.
CG: It’s easy and user-friendly. I’m pleased that the platform needs to verify the business owners along with the business. So, I uploaded some of my documents. Thanks to UnionBank GlobalLinker for verifying my business. It’s for the best to see the authenticity of business and the networks. With one advertisement alone, I managed to bring online contacts to offline, exchanging messages and class for our transactions.
Also read: How to start digitizing your business
This channel helps a lot in terms of business owners wanting to expand, sell, and market because a lot of people in the MSME and business world are here.
CG: Build a solid portfolio. If you're starting out and you wanted to venture out, check your resources, and clearly determine what you really wanted to do. Not just for the sake of making money or because it's a ‘trend’ to be in entrepreneurship. Sacrifices are essential. This isn’t a world for you to treat it like a hobby.
I know we live in the digital world and you could use that to your advantage to seek help. Information is everywhere.
My advice to my younger self is perhaps to be more firm when handling the business. Improve my negotiation skills because, apparently, I learned it at a later time and am still working on it. In this life, when you’re starting out, don’t look at the numbers, look at winning relationships and network as much as possible.
CG: Definitely expansion. Since we have 80% occupancy rate already, we need to establish on how we run the business as a Leasing and Property Management Company. I’ll open a segment where we can provide service to other developers. As of now, I’m in discussion with my friends who are in the construction and property to make a team for this project.
• Every day you wake up at - 4:30 AM
• The first thing you do when you wake up - Pray then listen to materials which are Business / Finance / Real Estate related
• Three things you do to unwind/ relax are – Coffee, workout, and pray
• When you face a big challenge, you - tend to take a step back then observe. Keep myself composed then seek some advice to my friends that are also in business
• The best piece of advice you’ve ever been given is - Learn as much as you can in the business that you are managing, either thru information online or personal experience."
To explore business opportunities, link with Carlos Payumo Garcia by clicking on the 'Connect' button on his profile.
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