Tips on Putting Up Your Small Business
| Posted by Excel Dyquiangco in Business Articles,Business Tips,Money Tips on 23rd April 2007 |
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By Excel V. Dyquiangco
Putting up a small business requires grit, determination and motivation, and most especially, he or she must be business-minded. At the same time, deciding on what type of business to venture in will need a lot of research, study and determining who your target market is.
Having good business sense is definitely a must, but some formal training on business management is also important. But that’s another subject worthy of a separate full article. For now, here is the starting point in putting up a business and to stay afloat in the marketing world.
Determine your business opportunity – Find out where your interests lie. If you like food, or like to eat food, then maybe you would like to put up a small bakery or a small candy store. If you like reading, then maybe you would like to put up a small bookshop or a small book rental store (The investment for this one is a little inexpensive – you can just gather all the books you have read and for a minimal fee, you can have it rented out).
Create a business plan – Know your market. Are the people around you more likely to eat or to read? Is there a school or a playground around your area that’s filled with chattering students? Or are you located somewhere where the next house is a thousand miles away?
Naming your business – What’s in a business name? Your name needs to be out of the ordinary. It doesn’t have to be catchy, but it must represent your personality and the business as a whole. Think about such names: Lavandera Ko (laundry business), The Write Stuff (a bookstore), and many such others.
Start-up Money – Of course, you need money! The best way to find money is through your savings. Or in some case, your friends or your family could chip in to help you start your own business. You need to buy things for your store, or in some cases like a rental book shop, you probably would also like to buy some new books, apart from your old ones.
Find out your business location – Most personal businesses usually start at home. This is very advantageous for the owner of the business since he doesn’t have to spend on rent. Just make sure that your home is located somewhere where you can find your market. Well, if it’s not located anywhere near your market, you can always rent a space for just Php5,000 or a little bit more. Just be resourceful enough to find the best locations for your business.
Set up your accounting system – Now, this doesn’t mean you have to hire an accountant. You can be your own accountant by monitoring and listing down everything you have sold (This even includes candies that are sold, as low as a peso). This way, you can determine how much you have sold during the day, and how much you have gained. Monitor and list down your expenses also, not just your income. Eventually, you can enroll in a basic accounting training course for a more effective bookkeeping.
Setting up a business whether big or small is fun, but a little tedious. It’s all part of the money-making business, but the bottomline is: Just be motivated! Who knows? One small business would churn out one of the biggest companies in the country.
Tags: Small Business Tips, Putting Up Small Business, Philippine Business Tips
About Excel Dyquiangco: Excel V. Dyquiangco works as a writer for an advocacy and consultancy firm in Makati City. During his spare time, he writes stories for children, writes for various magazines catering to different topics, writes textbooks for elementary and highschool students and formulates scripts for television and movies. He also teaches English to Korean, Burmese and Indonesian students. He was recently featured in Reader's Digest Asia, with the headline CASH NOW: SECRETS OF SUCCESS, which discusses his work as a writer.
20 Responses to “Tips on Putting Up Your Small Business”
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HI! AM JONATHAN AND I HAVE A SMALL BUSINESS AND I WANT TO PUT UP ANOTHER BUSINESS WHICH IS NOT SIMILAR WITH MAY OWN BUSINESS MAY CURRENT BUSINESS IS TELECOM BUT I WANT TO PUT A PETSHOP DO YOU THINK IT WILL SUCCIDE?
hello jonathan,
It is good that you are planning to venture for another business.
Hi.. i’m a business minded person and i always wanted to have “raket”. Even with just small profit i enjoyed it. Due to lack of financial resource i was thinking if there’s more business that is quite profitable yet doesn’t need large amount of capital.
I am willing for any opportunity which might help me spoil my interest in business venture.
Thank you.
Hello there.
My ninong is planning to start up a business. He’s a very good cook and he plans to put up a bakery in our province. We can’t think of a name, can you think of a nice name that would be catchy and unique?
Thank you.
Hi,
Magstart pa lang ako ng small business..me kasamahan ako at invite nya ako ng networkingna me kasma ng frnchise small food chain??? Hingi po ako ng advise rgdg networking at franchising???
thank you..
Hi! I really wanted to have my own small business but I don not have the capital. How do I start? Please help.
Thanks and God Bless
Hi gusto ko mag open ng small laundry shop dahil may work experience ako dito ang problema ko lng wla akong capital.matutulungan kaya ako ng mga micro lending or nagpapahiram lng sila kung existing na ung buss.
Good day. I always wanted to open a small bookstore but don’t know how to start. I wonder how could I load books on my store from different suppliers, publishers, or writers. I want to have textbooks, magazines, novels and others in my future store. Do you ever had an idea on how to approach this kind of business. I mean, I want to deal on consignment basis from suppliers. So whom shall I contact first? Do you have some contacts about the suppliers I needed? I hope you can help me. Thank you.
HI BELLA,
A GOOD BUSINESS NAME WOULD BE:
“HARRY PUTO’S BAKE SHOP”
its catchy name, there are many business link to the famous movie Harry Potter mostly in provincial areas
nubietech@yahoo.com
HI ALOHA,
CALL: ALL LOANING COMPANIES LIKE
PS BANK, STANDARD CHARTER, CHINA TRUST OR PLANTERS BANK (.0139 TO .0169 INTEREST PER MONTH)
ELSE IF YOU HAVE ASSESTS GO TO THE NEAREST PAWNSHOP AND EXCHANGE YOUR HOUSE TITLE FOR MONEY.
nubietech@yahoo.com
HI AYEN,
DIRECT SELLING or CONSIGNMENT.
BUT YOU MUST HAVE A MARKETABLE LOCATION OR SPACE OF YOUR OWN.
nubietech@yahoo.com
To mr 5ricky
I’m not agree in putting money on networking. i have been in that kind of business and tried to work on it for 6 months but i just loss my money and friends because of recruiting. This kind of business would only works for pioneers or people has connection with the upper management.
Better if go on to franchising.
hi, i’m a seaman by profession, no experience or back ground of doing business, but i’m determine to try. what could you suggest a rigthfull business for me to start with, i could invest up to 400T only.i like pets but pet shop business is down this time.i would like to try franchasing food cart business, any recommedation???
yours,
joseph
hi there! i work abroad and no any experience an business yet. im planing to stop working abroad instead try my luck into a small business. i keep searching the net because i have no idea how to start a magazine store business. i hope u can help me how and when to find a dealer or supplier of the magazine.. looking 4ward for your help. tnx
Hi! I wanted to put up a small business just here in our house. A small printing business that caters printing documents for students and pictures. I’m thinking of using continuous ink system. Can you please give some of the things and factors that should not be forgotten with this kind of business so it will flow smoothly. By the way, the things I have in mind for now were just computer, multi-function printer, papers, and card readers. I hope I’ll get a better idea on how I can run this business. Thanks a lot!
hi..I want to start a small business sana..I’m fond of diff things kasi, like accesories, clothes, shoes, bags, books and the like…I also have in mind that selling school supplies will click..what kind of business do you think will I put? your help will be much appreciated..thank you in advance!
good day!
my husband started cp repair business & cp accessories then 6 months past he added comp. shop consisting of 5 comp units.
now, i am asking for help. what will be the best name suited for his business, cp repair and comp shop.
pls help, thanks
i want to put up a small business..computer shop po…i just want to ask fopr an advice kze i dont have that too large money to put up 1..i know it requires big money..so how can i start using a small capital only…
i’m planning to put up a homebase bakery,do you have any advice where to avail non colateral business loan?thanks!
.helo
i’m still studying now and ever since i was a kid my dream is to put up my own business which is owning hotel, restaurant or any property where i can rent or lease it, the only problem is on where i can finance it in the future. It is preferable for me to loan in a bank? if yes how?