With the country emerging from a long period of slow growth, entrepreneurship has become an enticing option for many. It offers an alternative to a career in search of a stable income with regular payouts and benefits. Moreover, business ownership also comes with the opportunity to work autonomously, set your own hours, and have control over your future.
As such, starting a business in the Philippines has never been easier than it is now. After all, what better way to grow your passions than by nurturing them into a profitable venture?
In this article, we’ll discuss some of the key considerations you must take into account as you plan on launching your own company. From understanding and exploring different business models to keeping tabs of the most effective marketing strategy to sell your business, we’ll keep you updated along the way.
A business, as the word implies, is an endeavor that’s done for profit. You do this by offering products and services that people can purchase to meet their own needs.
While the exact definition will vary between academics and professionals, the most relevant aspect is the fact that you are running an enterprise to generate profits. This is what differentiates a business from a hobby or extracurricular activity.
How to start a small business online? Here’s what you need to know:
Before you go ahead and start banking on the idea that your newly formed company will generate profits, you first need to figure out why you want to start a business in the first place. Though it’s a common misconception, you don’t have to be in full-time business to enjoy the benefits of entrepreneurship. In fact, many successful entrepreneurs are self-employed individuals who don’t have a 9-5 job.
You could start a business because you have a specific skill that you’re willing to teach others. Perhaps you have knowledge about computer hardware or welding that you’d like to share with others. Alternatively, you could have a unique product you’d like to get to market.
When it comes to choosing the type of business you’d like to start, there are a few things you need to keep in mind. The first is the industry your business falls under. Some industries have more growth potential than others, and it’s a good idea to be ahead of the game by choosing a market that’s expected to boom.
The second thing to keep in mind is the target market for your product or service. Depending on what you’re selling, the target market can be quite broad. If you’re selling an iPhone case, for example, your target market could be tech-savvy consumers with an above-average income. Knowing this, you can then start your online business that does not require a physical store which means less operating expenses for you.
On the other hand, your product may be something as basic as paper towels and in that case, your target market would be a much smaller group of people.
Just like you did with your product and the industry it falls under, you’ll want to identify the key players in your target market as well. This will help you understand what they want, why they have those wants, and how you could best satisfy their needs.
For example, if you’re in the market for dry goods or vegetables, you’ll want to identify the main demand drivers for your target market. From there, you can survey these people and find out what they want most out of these goods. Do they want it delivered to their doors? Cheaper than those in the market?
This will help you in two ways. First, you’ll know what you need to focus on. Second, you’ll know what you can use to market your product.
As you identify your key players, you can also find out about your competitors in your market. By researching your competitors, you can get a sense of the market and discover how your product stacks up against its counterparts. In this way, you can also make an informed decision about what features or what price points you’d like to include in your product.
By doing research on your competitors, you can also find out about the challenges they’re facing in the market and how you can best address them. For example, if you’re in the market for iPhone cases, you can conduct research on the challenges your competitors are facing.
This will help you understand their challenges and how you can better address them.
For your online business to thrive, marketing is at the heart of making your product known to the public. Come up with engaging and interesting marketing strategies to hook your target market and raise brand awareness of your product. Always be on the lookout for the specific trends that you can ride on to hype and help your online business out.
You may also want to maximize your social media presence by posting various contents on Facebook, Instagram, Youtube, among others. More content means more visibility for your brand.
To recap, you’ll want to consider the following as you plan on starting your own business in the Philippines: the type of business you want to start, the industry it falls under, the target market for your product or service, the key players in your target market, the competitive landscape, and what challenges your competitors are facing.
These factors will help you choose the right business to get you off the ground and keep you ahead of the competition. From there, all you have to do is nurture your ventures and see where they can take you.
SariSuki is the first and largest Philippine-based community-selling platform that aims to uplift communities by improving Filipinos' access to quality and affordable essential goods. Since its establishment last 2020, SariSuki has been deemed one of the country's top and most promising startups, receiving over 25M USD from venture capitalists.
With a 5,000-strong network of Community Leaders (CLs), SariSuki continues to grow in boosting a more efficient Philippine supply chain ecosystem by directly sourcing produce from farmers and manufacturers.
Start your own digital grocery now. Be a Community Leader with SariSuki in becoming a beckon for our vision for a better Philippines!
You can start your own online business just by signing up with SariSuki as one of our Community Leaders. Through SariSuk i, you can have your own digital grocery store that can generate you more income.
If you are thinking of unique business ideas, we have plenty in o ur list. You may want to try e-commerce such as online sari-sari stores where you can sell your products to a wider range of consumers.
There are four vital steps you need to take when starting an online business. First is to figure out your reason why you are putting up an online business in the first place. Second, deciding on the type of online business you want to establish. After which, identify your target market. Then, prepare a comprehensive and an engaging marketing plan and strategy to make your product known.
Ensuring a business’ success is not an overnight task. It needs a continuous and an unceasing dedication as well as commitment to the products you offer. Beyond this, the most important thing to remember when starting an online business aside from profit is knowing your “why”, or the reason why you started your business in the first place.
Research has shown that social media has been the most effective marketing tool to execute your strategies for brand awareness among your target consumers. Take advantage of social media platforms and the internet to make your business known. Have a clear communication of what your business has to offer. Build your identity as a brand through engaging contents.
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