Successful Startup - Philippines

I am often asked what is the best time to start a business and I would answer that there are several factors that needs to be considered. You see, having the financial resources does not always mean that you are ready to start a business. Just like what I often tell my mentees, before anything else, you need to make sure that you are ready not just financially, but most importantly having the right background in building the kind of business that you want.

Most often the people I help would want to start a food business. This is because this seems to have lesser risk since everyone would need to buy food. However, if you would think about it carefully, not being able to know how to properly handle food can cause health issues. And this is one thing that I always emphasize. The culture of eating street food in the Philippines may sometimes overlook the proper storage and handling of food which is why there are cases wherein consumers have developed gastroenteritis, food poisoning, etc.

Factors that Can Help Run a Successful Startup

As I have mentioned, money is not the green light that will assure you that your business will keep afloat. Yes, it is one major factor in running a business, but it is not only what is needed.

Let’s say you want to start a food business. The following tips can help your business run smoothly and hopefully, make you successful in no time.

Choose the right kind of (food) product. There are hundreds of food stalls that you can see in malls. Which among these do you think would be more profitable. It may be difficult to sell something different, but with your creative mind, you can turn something ordinary look extraordinary. What am I saying? You may find various food which are already a sure hit among the Filipino taste. Learn to create a little twist on how the food tastes by incorporating additional ingredients. But of course, make sure that you test your products prior to offering it. It would be of help if you seek other people’s opinion so that you can make adjustments on how it tastes and how it is presented. Innovation is the key

Find the right market for your product. If you want to play safe by serving fishballs or barbecue, make sure that the price that you offer is reasonable. Can you charge a stick of barbecue for Php 75.00? This depends on the location where you place your business. Are the people in your chosen location come from Class B, C, D, or E?

Focus on a single goal. New entrepreneurs may get too excited once they have launched their business. And sometime, ideas would just flood in to the point that sometimes, it goes beyond the concept of the business. I suggest that before engaging in such thoughts, one must clear his head on what he truly wants to achieve. Keep the other ideas for a different time. To have a successful startup in the Philippines.

There is no perfect business plan. Surely, you need to create a business plan to act as your guide when running a business. However, it may not be always possible that what you have planned is what is going to happen all the time. Always prepare a backup so that you won’t feel lost once you hit a bump. Be open to the idea that you may commit mistakes even if you don’t want to. Particularly to new entrepreneurs, it is quite common to have the jitters and question themselves if they are doing the right thing.

A business plan is a documented set of business goals, objectives, target market information and financial forecasts that you are aiming to achieve over a certain period of time.

Building a culture of hardworking and persevering workplace. You as an entrepreneur must set the pace. You should be the role model of the people working for you. Your behavior reflects the business. Therefore, when your employees see you as an industrious, smart, strong-willed, creative, and determined boss, they are likely to imitate these qualities, as well. It is also helpful that employees are given value because when they feel their boss’ compassion, they are more motivated to give their best.

Let’s say the food business that you have started is a restaurant and you have investors. You must clearly define all your plans, inform them what to expect and share your journey. Let them understand why you need to keep the business and what makes it stand out among others with similar businesses.

Never cease learning new skills. Joining seminars and workshops are indispensable tools which can greatly affect how an entrepreneur can make his business successful. In our ever-changing world, there is always an improvement in technology. An entrepreneur must always make himself open in learning new things and embracing the changes so that he can offer up-to-date products. Helps in the successful startup Philippines

Find the right people who can guide you. Your family may be the first people you run to when seeking advice. While they may provide you with some helpful insights, it is better to seek professional advice. Why? It is because of the years of experience a mentor may be able to help you with different scenarios and provide you with better suggestions on how you can run your business.

Do not be afraid of your competitors. Business is like being in a game. No matter how much friendly you would want to be, the competition is there. But instead of being afraid that your competitors would just swallow your business, find ways on how you can make your business much better than theirs. Sometimes, more than the products and the location of the business is how the customers are being treated by the staff. Again, the word of mouth is a powerful marketing strategy. Therefore, teach your employees to be always respectful and to offer help all the time. To have a successful startup in the Philippines.

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You may contact Armando "Butz" Bartolome for questions and more information.

By email: aob@gmb.ph

FB Page: Armando Bartolome

Linkedin: https://www.linkedin.com/in/franguru/ 

Website: https://www.gmb.ph