In starting a business, it’s normal that we have lots of questions in mind that we want an answer. We want to be pretty sure that we know the business. The best person to approach who can give us an answer are those person who have been in the business for quite sometime and already gained an experience. We can also ask for help to business consultants who have conducted extensive research in business. Below is a FAQ written from Technology Resource Center to answer some of our questions.
There is no easy way to start a business nor there is the best way to sustain it. Business success is affected by a number of factors such as time, place and yes, even the weather! Many prospective entrepreneurs asks several questions and try to discover the intricacies of their chosen field before they embark on their business. Let us look into the frequently asked questions on business:
Phone callers and website visitors’ instinctive query during business conversations would be:
1. What business should I start?
There are no hard and fast rules as to what type of business one should start. TRC’s main concern is what type of business will the person be comfortable with? Something that the person is familiar with, in terms of experience, direct or indirect, and something he or she can personally relate to. A business that doesn’t bore you at the end of the day and something that you will enjoy doing even if you don’t get paid.
2. When is the best time to start a business?
Like mentioned above there are no hard and fast rules but DG Antonio Y. Ortiz offers an unconventional response to this question. According to DG Ortiz, it is usually good to start your business on the 3rd or 4th quarter of the year when the holidays are starting. It has been recognized that most businesses pick-up during the holidays and as a business, ride on this!
3. I want to start a business but I do not have the capital, what should I do? Where do I get a loan?
There are many ways of getting a capital. If you do not have your own money, you can partner with someone who does. This way you can focus on the operations and management and let your partner take care of the financing side.
You can also tap micro financing agencies for some business start-up loans. You can try the SBGFC, PCFC and the Euro Credit Corporations or your nearest cooperative or rural bank.
4. What is a surefire business?
There is no such a thing as a fool proof business. Business always come with a risk and a lot of hard work. If someone offers you something that looks too good to be true, it probably is!
One program that aims in reducing the rate of business failure is the Technology-based Business Incubation program for SMEs. This program supports the government’s energy conservation agenda and ventures into the following areas:
- Renewable energy
- Non-conventional power generation
- Fruits and vegetable production and processing
- Alternative medicine
5. What do I need to know in starting my own business?
There are so many things you need to consider in starting a business and here are some of these:
Your target client – to be able to deliver the products and services your customer requires, you need to know them, know their budget ceiling, the specific;
Your market area – you need to establish the place you wish to put your business in. This will suggest a number of factors to add or delete in your product.
Your competitors – you need to know who you are up against to be able to compete in the market.
There are more things you needs to look into. Starting your business is not an easy task but with some knowledge, linkages and determination, you can make your dream business come true.
6. How much capital do I need?
Capital requirement is dependent on the product, the target client, the target market area, the volume, quantity and quality of your product. Technical assistance are provided by business mentors of TRC.
TRC’s Negosyo 2 Go business starter kits range from P200 to P400. For this price, one can learn the how to’s but definitely not produce the required amount to have a sustainable business.
Consider the rent, salary, equipment required, depreciation cost, mobilization, etc. in determining the capital requirement of your business.
7. Where do I buy the supplies?
There are abundant suppliers in most of the products we have in the country. If the products are not indigenous to a specific area, Divisoria and Quiapo can be your best source. TRC provides assistance to your search by referring you to their business mentors and partners.
8. Where do I learn the procedures?
Before embarking on a new endeavor make it sure that you know of the ins and outs of the trade. Try to search the internet for available literature, talk with people who have the same business, watch business shows, read business magazine or enroll in a short course at TRC.
9. Do I have to register my business?
Different types of businesses register with a different entity. For micro-businesses, you can register with your local government unit and may even operate under the Barangay Micro Business Enterprises. Ask your Punong Barangay or the City/Municipal Officials or the Department of Trade and Industry.
10. How do I market my products?
Customers don’t always come running after you, most of the time, you have to look for them and sell your products. There are many ways of marketing your products, most of which entail a huge amount. Still, there are ingenious ways of tapping the business market. Try the text or email blasting that most enterprises do right now. You can also tie-up with an existing company for product samples. There are also a number of magazines, newspapers and television shows looking for guests, and you may be the business they are looking for. Think out of the box and you’ll most likely hit it.
Source: Technology Resource Center
Do you like this Money Making Business FAQ? then please consider subscribing to our RSS feed and have new articles sent directly to your inbox. (Once you entered your e-mail address, you need to login to your e-mail account and click the link to confirm your subscription).
