How to start a business?

Kabayan,

Starting a business

One of the realities in business is that it’s easier to set-up and could be harder during the actual operation.  There’s a lot of businesses that you could start from, some businesses require a physical place, while some can be entirely over the internet. This means you could start business quickly, either with capital or no capital investment.

In business, it’s either you want to start as a full time or part time. All you need is to plan your business and implementation to be successful.

What business to start from?

You have to choose the type of business you want to start. In simple term, a business is selling of goods or services. There are many types of business that you could start, so you need to identify which product or business is right for your market. Remember, a product, service or business that is right for your market and not right for you.

You can set up a business like retail, sari-sari store, carinderia, or you might want to become as a reseller.

Take a look around! Have you noticed that most of the businesses are can be categorized in reselling business? Take a look at the big stores or supermarket, they don’t own the product but they are selling it. In simple terms, a reseller is reselling the goods or services of a product owner.

Normally, resellers purchase stock from the suppler and then resell those stocks with profit. So, if you are going to ask if being a reseller is profitable – there’s no better answer than saying that, it is financially rewarding and the kind of product or market you will choose will totally depend on you.

Here are more key ideas when setting up a business.

  1. Identify the industry you want to start like if in real estate, accessories, automotive, food, breverage. If you are starting a business, you should research including the potential supplier, product information, terms, and pricing.
  2. Identify your market – one of the challenges of aspiring entrepreneurs is that they have a product to sell but they don’t have a market who’s buying their product. That’s why you need to consider who you will sell to, who will be your customers, location, shipments of goods to them, cost of shipment, and others..
  3. Competition – obviously, the less competition you have the more profit you will make.
  4. Profit – here’s an example scenario of a profit computation of Tristan’s Ice Cream Candy.
    1. The selling price of the reseller is set at P12 per piece with a cost of P8 per piece.
      1. The reseller’s profit is P4/piece
    2. The reseller could sell 100 pieces per day and was selling in five different places. By volume, the reseller has 500 pieces per day with P4 profit/piece which can make P2,000 profit per day.

You see, in business you will really make money. It’s just a matter of perspective on how you will maximize the potential of the business and how to make it flourish.

Regards,

The Cristobal

 

 

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