Before You Start Opening a Business

If you were to ask me if what am I going to chose between being an employee or owning a business, my answer will be "it depends." Well, we know for a fact that having a business gives more profit rather than being an employee. But it will always be depending on what kind of business will you put up to and will also depend on what will be the strategy of the person to make the business be successful.

Putting up a business may or may require you to have a large amount of money, some may require a large amount of money but some may not, it will always be with what nature of business you will build. Some chooses to start at small first then if the business is going well, that will be the time that they will make another branch for their business or make their business bigger when it comes to space or even on the number of items they are carrying.

Before you put up a business, you need to have some feasibility study in order for you to see if it will be feasible or not in the market. I still remember when I was in college that we are required to think of a business that we think will succeed. Our instructor asked us (because it is a group of three people) to think also if what will be the line of our "business" and we decided to choose the food industry. We chose to innovate the classical buchi to replace it other flavors just like ube, cheese, strawberry and chocolate inside of it.

Making a feasibility study requires a lot of patience since you really need to study on how the business will go. We made a lot of surveys on random people. Surveys such as if they are willing to buy our product if we put up a business, on how often will they buy it, etc.

We also need to consider the location of the business. Location is one of the factor which will affect the business. We need to consider that lots of people are going there or not. City is a nice place to start with.

We also need to consider if who will be our customers with the specific product that we chose.

Think of a business that you are pretty sure that it will last long, because some businesses are only good in the beginning, they are profitable only when the establishment is new. And some business will only just disappear because their business did not succeed.

Most people who are putting up a business chooses to engaged into food industry. Yes, because foods will never be outcasted since food is a necessity for us to live.

Whatever you have chosen as your nature of business, the way you serve your customer will also have a great impact for them to purchase again in your shop or will no longer make transactions with you. Serve your customer well, just do not leave them with a decision on not coming / buying back from you.

I, myself thought of putting up a small business but just by considering the product, location, I ended up not pushing it, why? First because of location, I first thought of making the product in our home and the customers will just pick up the item but our housr is located far from the town and in our barangay, there are already 2 businesses that I chose to have also.

We also need to see to it if we will be having competitors with the business that we chose. All the competitors need to think of specific reason if why will the customer will chose them. First, they must see to it that their product / service is nice that will cause the customer to come back. Second, make some strategies on how to attract more customers, offer discounts or sales on your customers, etc.

We also need to consider the product. We need to see to it that our product is excellent, make a brand of your business, in this way, your business sales' won't go brankcrupt.

Advertise: You need to advertise your product through any social medias that you want. The more people will know the existence of your business is the more chances that you will attrat more customers.

Making feasibility study / research first with your plan on putting a business may cost you some money but it will save you from losing money when you simply put up a business soon without even studying the prons and cons of you having a business. Every hardships that you have gone through with the business will be sure payed off.

Never enter a business without having a knowledge on how to make it work.

*Putting up a business has its risks, a chance between it will end up profitable or not. So, invest only what you can afford to lose. But for you not to lose that much if it will fail, start with a small capital then if the sales are okay, that is the time to increase your business capital.