Introduction
It’s perfectly natural to feel nervous about starting a business. After all, you’re still learning the ropes and are constantly faced with risks and challenges associated with being a small-time entrepreneur.
And while almost anyone can learn to be a business owner through in-depth internet research, knowing where to start can be challenging due to the vast number of resources available online. The good news is that Cebuana Lhuillier Kanegosyo Center, a one-stop-shop online business platform in the Philippines, is here to simplify the process for you.
We offer a comprehensive list of services and products, from regulatory compliance assistance to business coaching, equipping you with the right tools to be successful in your endeavors. In this article, we aim to enlighten you about the top five things you should and should not do when starting your business.
Lucrative Small Business Ideas
Every successful business started as an idea. Here, we’ve listed a couple of profitable small business ideas you can take inspiration from:
Home-Based Catering
Do you usually get compliments on the dishes you prepare? Looks like it’s time to turn your cooking skills into a home-based catering business! It’s a great business idea because Filipinos love to celebrate special occasions with abundant food, but not everyone has the time to cook a complete menu for their guests. Seize this opportunity to offer your cooking services to them.
Handmade Art and Accessories
Selling handmade art and accessories is another excellent way to profit from your skills. It can be profitable because you don’t need a physical store to sell your products. Setting up a shop online and marketing your goods on social media will do! Depending on your skills, there’s a broad list of products you can offer, like scented candles, resin art, and more.
Pre-Loved Clothing
Selling pre-loved clothes has a huge market because it allows many Filipinos to achieve their fashion goals without spending too much. This type of business also does not require massive capital because you don’t need to rent a physical store. In fact, you can actually reach more customers by selling online, as long as you have the right tools to showcase your products well.
Essential Components of a Small Business
You might be wondering how you can be successful in your endeavors. If you look at thriving businesses, whether big or small, you’ll notice that their success can be largely attributed to these four common elements:
Capital
You will need capital to buy supplies and equipment, register your business, comply with other legal requirements, and, in some cases, employ people. One of the best ways to obtain capital is through loans. Cebuana Lhuillier Kanegosyo Center knows many starting business owners struggle with this key element, which is why we offer service bundles that include business loans.
Product
Without a product or service to sell, there is no business. It is the lifeblood of any enterprise. For this reason, you need to ensure the product or service you wish to offer possesses winning qualities. Evaluate your product. Does it have unique features? Will customers be drawn to its attractive design or packaging? How usable is it? Does its price match its value?
Market
Knowing whether or not there is a market for your product or service is one of the ways to determine the profitability of a business idea. In other words, you need to ask yourself if there’s a considerable customer base interested in what you offer. To answer this question, you will need to assess your competitors and evaluate your location. You can also consider offering both general goods and niche products.
Business Plan
Suppose you already have an established idea, capital, and market. How do you combine all these elements to start and run a business successfully? You will first need to craft a clear and detailed business plan, which will serve as the map to guide you in achieving your business goals. It will help you understand each aspect of your business and identify what elements need refining, and so on.
Dos of Starting a Business
Below, we’ve listed the top five things budding entrepreneurs should do to start a business:
Get Business Coaching
Through business coaching, aspiring business owners will benefit from the experience of industry experts. Coaches can help you navigate through what you need to know and get done, such as legal compliance, business trends, mistakes to avoid, and so on.
Register Your Business
Business registration is a must to prevent any sanctions later. Penalties like that can damage your reputation and make you incur huge losses. It may be tedious, but going through this process establishes your brand’s credibility. Also, with a business registration certificate, you’re one step closer to securing a sizeable loan.
Have the Right Mindset
Mental preparation is critical for success in any business endeavor. This means having the right mindset, which involves setting your expectations. Bear in mind that it will take some time before you start earning notable sales. Anticipate various obstacles so you don’t become easily discouraged when you face them. Remember, it’s normal to fail at first, and when you do, you can start over and keep trying!
Assess Your Competitors
Know who you are up against. Studying your competitors will provide valuable insights that can help you change the way you run your business. Researching other businesses helps ensure you can compete with them effectively.
Familiarize Yourself With Business Trends
Even small businesses need to be aware of the latest trends in the field. When you regularly study business trends, you can better prepare for changes in the industry. You can also adjust your marketing strategies accordingly and find opportunities to reach out to more people.
Don’ts of Starting a Busines
Now that you know what you should do when launching a business, let’s look at the top five things you should avoid:
Don’t Sell to Everyone
Define your target market. If you sell to every type of customer, you’ll end up selling to no one. Identifying the kind of customers you want to serve will help you effectively customize your marketing strategy, resulting in more leads and greater profits. It will also prevent you from wasting resources on buyers who aren’t interested in your offerings.
Don’t Get Business Loans From Shady Sources
If it’s too good to be true, it most likely is. Don’t fall for scams that promise business loans under terms and conditions that seem too lenient and “easy.” Only transact with reputable companies. For instance, Cebuana Lhuillier Kanegosyo Center is an online platform in the Philippines that complies with legal requirements for offering business loans. We offer loans with reasonable terms to help Filipino entrepreneurs obtain capital.
Don’t Shy Away From Criticism
Are you hesitant to obtain feedback on your business ideas and plans? This kind of mindset can be detrimental. Constructive criticism, especially from peers in the industry, allows you to grow and improve in the field. Acquiring and applying feedback also helps prevent costly mistakes, refine business ideas, and increase chances for success.
Don’t Forget To Keep Accurate Financial Records
You might be thinking, “Strictly monitoring financial records is only for bigger enterprises.” The truth is maintaining accurate records of all your business’s financial transactions will provide you with valuable information on critical matters, such as your business’s financial health. More importantly, you will need these records to pay your taxes correctly.
Don’t Be in a Rush To Expand Your Business
Right timing is needed if you plan to expand your business. If you try expanding when you’re not yet ready, you’ll be at risk of wasting all the hard work you’ve put in to launch your business. Signs that indicate you’re prepared to expand include having a loyal customer base, being unable to meet demand, and earning consistent sales.
FAQs About Cebuana Lhuillier Kanegosyo Center Online in the Philippines
What Is Cebuana Lhuillier Kanegosyo Center?
Cebuana Lhuillier Kanegosyo Center is an online platform that follows the national government’s “whole-of-nation approach” to revive the economy by supporting micro, small, and medium businesses. Our platform is designed as a one-stop shop where Filipino entrepreneurs can seek professional business help.
Who Can Get Cebuana Lhuillier Kanegosyo Center’s Services?
Anyone planning to start a business, in the process of starting a business, or currently has a business (registered or not) can be a member. You can sign up via Cebuana Lhuillier Kanegosyo Center’s online registration.
What Is the Purpose of Cebuana Lhuillier Kanegosyo Center?
We aim to help Filipinos fulfill their dreams of owning a business by making entrepreneurship easier, fairer, and more accessible for all. Cebuana Lhuillier Kanegosyo Center is also for online businesses, so don’t let your lack of a physical store prevent you from inquiring about our services!
Empower Your Business by Partnering With Cebuana Lhuillier Kanegosyo Center
Starting a business is daunting, but the process becomes easier when you have a partner like Cebuana Lhuillier Kanegosyo Center. We know the struggles of every beginner Filipino entrepreneur, which is why we’ve designed our offerings to equip and empower them. Be it loans, coaching, regulatory assistance, or packages to start and grow a business, you can find everything you need to become successful in your endeavors here on our platform.
Sign up now to begin Cebuana Lhuillier Kanegosyo Center’s online membership process. You can also contact us to learn more about how we can help you!