The Secrets Of Running A Successful Startup

 

There are about 500 startups in the Philippines today.

I am often asked what the best time to start a business is, and I would answer that several factors need to be considered. Not just financially but, most importantly, have the right background in building the kind of business you want. You see, having the financial resources does not always mean that you are ready to start a business. Like what I often tell my mentees, you need to make sure that you are prepared before anything else.

Most often, the people I help would want to start a food business. This seems to have a lesser risk since everyone would need to buy food. However, if you think about it carefully, not knowing how to properly handle food can cause health issues. And this is one thing that I always emphasize. The culture of eating street food in the Philippines may sometimes overlook the proper storage. And the handling of food which is why there are cases wherein consumers has developed gastroenteritis, food poisoning, etc.

Factors that Can Help Run a Successful Startup

As I have mentioned, money is not the green light to assure you that your business will keep afloat. Yes, it is one major factor in running a business, but it is not only what is needed.

Let’s say you want to start a food business. The following tips can help your business run smoothly and hopefully make you successful in no time.

• Choose the right kind of (food) product. There are hundreds of food stalls that you can see in malls. Which among these do you think would be more profitable. It may be difficult to sell something different, but you can turn something ordinary look extraordinary with your creative mind. What am I saying? You may find various food, which is already a sure hit among the Filipino taste. Learn to create a little twist on how the food tastes by incorporating additional ingredients. But of course, make sure that you test your products before offering them. It will be of help if you seek other people’s opinions to make adjustments on how it tastes and how it is presented. Innovation is the key.
• Find the right market for your product. If you want to play safe by serving fishballs or barbecue, make sure that the price that you offer is reasonable. Can you charge a stick of barbecue for Php 75.00? This depends on the location where you place your business. Have the people in your chosen location come from Class B, C, D, or E?
• Focus on a single goal. New entrepreneurs may get too excited once they have launched their business. And sometimes, ideas would just flood into the point that sometimes, it goes beyond the business concept. I suggest that before engaging in such thoughts, one must clear his head on what he truly wants to achieve. Keep the other ideas for a different time.
• There is no perfect business plan. Indeed, you need to create a business plan to act as your guide when running a business. However, it may not always be possible that what you have planned will happen all the time. It is pretty standard for new entrepreneurs to have the jitters and question themselves if they do the right thing. Always prepare a backup so that you won’t feel lost once you hit a bump. Be open to the idea that you may commit mistakes even if you don’t want to.

 

A business plan is a documented set of business goals, objectives, target market information, and financial forecasts that you aim to achieve over a certain period.

• Building a culture of a hardworking and persevering workplace. You, as an entrepreneur, must set the pace. You should be the role model of the people working for you. Your behavior reflects the business. Therefore, when your employees see you as a dynamic, intelligent, strong-willed, creative, and determined boss, they are likely to imitate these qualities, as well. It is also helpful that employees are given value because when they feel their boss’ compassion, they are more motivated to give their best.
• Let’s say the food business that you have started is a restaurant, and you have investors. You must clearly define your plans, inform them what to expect, and share your journey. Let them understand why you need to keep the business and make it stand out among others with similar businesses.
• In our ever-changing world, there is always an improvement in technology. Never cease learning new skills. An entrepreneur must always make himself open to learning new things and embracing the changes to offer up-to-date products. Joining seminars and workshops are indispensable tools that can significantly affect how an entrepreneur can make his business successful.
• Find the right people who can guide you. Your family may be the first people you run to when seeking advice. While they may provide you with some helpful insights, it is better to seek professional advice. Why? Because of your years of experience, a mentor may help you with different scenarios and provide you with better suggestions on how you can run your business.
• Do not be afraid of your competitors. Business is like being in a game. No matter how friendly you would want to be, the competition is there. But instead of being afraid that your competitors would just swallow your business, find ways on how you can make your business much better than theirs. Sometimes, more than the products and the location of the business is how the customers are being treated by the staff. Again, word of mouth is a powerful marketing strategy. Therefore, teach your employees to be always respectful and offer help all the time.

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You may contact Armando “Butz” Bartolome for questions and more information.

By email:  [email protected]

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Website: https://www.butzbartolome.com