Introduction
The renowned American author, statesman, and scientist Benjamin Franklin once said, “By failing to plan, you are preparing to fail.” The same is true when starting a business. No one begins by immediately setting up shop and selling their goods, right? Rather, every good entrepreneur sets themselves up for success through careful planning.
Laying the groundwork for entrepreneurship is critical to increase the chances for success as much as possible. This involves enhancing one’s knowledge of business, such as learning about the things to consider before launching an enterprise.
Fortunately, acquiring the necessary know-how in business is now easier than ever with Cebuana Lhuillier Kanegosyo Center’s services and products. Our offerings are designed to equip and empower all aspiring Filipino entrepreneurs, driven by a mission to make doing business fairer and more accessible for all.
Reasons To Start a Business
There are many good reasons to start a business! Some of them are:
Diversify Your Income
The country’s rising inflation has greatly reduced the spending power of many. As such, the need to diversify one’s income has become more and more urgent. Starting a business is one way to do this. The extra income you generate from a small business can be used to cover daily expenses or increase savings for a more financially secure future.
Fund Your Life Goals
What are your life goals? They could be getting out of debt, raising your standard of living, or ensuring your kids finish their education. Whatever they may be, money is often necessary to achieve them, and opening a business is one way to get those extra funds!
Be Your Own Boss
Having a traditional, full-time job does not suit some people. For this reason, many become business owners to earn income and be their own bosses at the same time. As a business owner, you’ll have greater control over your decisions and choices and will be able to take a break any time you want.
Signs You Have the Potential To Become an Entrepreneur
What are the makings of a business owner? Most likely, you have the potential to be one if you possess these qualities:
Great People Skills
Are you great at establishing and maintaining relationships? If so, this is an excellent skill to have as an entrepreneur! Business owners need to talk and connect with people, so your social skills will come in handy to build the right network or find more customers.
Unique Ideas
French fashion icon Coco Chanel once said, “In order to be irreplaceable, one must always be different.” Having unique business ideas will make you stand out among the crowd. This is important as you will most likely be competing with many other businesses offering products and services similar to yours.
Resilient Amid Challenges
Entrepreneurship is not for the faint of heart. You need to possess a good amount of resilience to continue despite the obstacles and challenges that will come your way as you start, run, and grow your business.
Strong Support System
In business, facing challenges is inevitable, so you will need a strong support system to motivate, encourage, and guide you along the way. This can be through family, friends, colleagues, or a business coach who can serve as your confidante and accountability partner.
8 Things To Consider When Starting a Business
There are many things to consider before you start a business. Check out this list to discover what those are:
Business Idea
All prosperous enterprises started from an amazing business idea. Now, how will you know if your business idea is good or not? What you can do is determine if the idea is novel and profitable. Also, try to gauge how feasible it is to turn your idea into a reality with the current passion you have and the resources available to you at the moment.
Capital
Without sufficient capital, your business idea won’t materialize, no matter how grand it may be. Ask yourself the following questions to get an idea about the amount of capital you’ll need:
- Do I need to rent or buy a physical store?
- How much will utility expenses cost if I plan to have a physical store?
- How much equipment do I need to purchase?
- Will I need to employ people?
Competitors
It’s vital that you also consider establishments in your area that may become possible competitors. How many are there? What are the products they’re offering? How do they advertise their goods? Having these pieces of information will help you identify any gaps in the market you can take advantage of to effectively go against your competitors. Additionally, you will gain insight into what changes you may need to make regarding your products, marketing strategies, and so on.
Location
Choosing the perfect location is crucial to the success of a business for several reasons. The right location ensures your products reach their target market. For instance, if you want to cater to students, you will need to establish your business near or within schools. Meanwhile, if you plan to run an online shop, determine first if delivery riders service your area. Additionally, consider your location’s proximity to suppliers and its influence on rent prices, if applicable.
Suppliers
Finding and establishing a good relationship with suppliers is another key element for a business’s success. You need to find a supplier who can provide quality materials for your business at reasonable prices so you can still earn profits. When finding a supplier, make sure to consider their customer service, certifications and accreditations, the reliability of their stocks, and the quality of their products.
Regulatory Compliance
Registering your business is a must and applies to online enterprises as well. You will need to register your business name with the Department of Trade and Industry (DTI), get barangay and mayor’s permits, and register your business with the Bureau of Internal Revenue (BIR).
We understand that first-time business owners may need help navigating through these requirements. This is why one of the offered services of Cebuana Lhuillier Kanegosyo Center is regulatory compliance assistance. Make sure to read until the end to learn more about this service!
Marketing
Without marketing, you won’t be able to attract customers, no matter how enticing your products and services are. You will need to form a marketing strategy to establish a loyal customer base. Part of this is familiarizing yourself with marketing trends. Selling on multiple online platforms like social media channels is one example.
Employees
Some businesses require additional workforce even from the start. Be careful when choosing potential employees, as they will be representing your brand. Make sure to create detailed job descriptions to communicate the roles and responsibilities of the positions you’re hiring for.
How Cebuana Lhuillier Kanegosyo Center’s Services Can Help You
We know you’re daunted at the prospect of starting an enterprise. You probably have plenty of questions. Where do I get capital? How can I increase my business knowledge? Who can guide me on business registration?
With Cebuana Lhuillier Kanegosyo Center’s business support services, you can get answers to these questions and more! Below, you’ll find an explanation of our main offerings:
Kanegosyo Center Service Bundles
For those starting a business, we have the Simula Bundle for you. It offers business loans and other solutions designed to help anyone launch their enterprise. We also have the Paglago Bundle, which is catered to Filipinos looking to expand their business.
Kanegosyo Assist
Many first-time business owners need help to go through the business registration process. For this reason, we came up with Kanegosyo Assist, a service meant to guide entrepreneurs on what they need to do to make their business legal.
Kanegosyo Coach
We also offer multiple resources that will enhance the business knowledge of our members. Kanegosyo Coach is a service that tackles the common problems business owners face and provides various learning materials on everything they need to know to start, run, and grow a business.
FAQs About Kanegosyo Center Services
Why Is Assistance Important in Business?
Assistance is essential in business because it is one of the most crucial components of success. Cebuana Lhuillier Kanegosyo Center recognizes this, which is why we offer our members financial assistance and business coaching, among other support services.
How Do You Ask for Help in Business?
First, you can seek help from the people close to you, such as your family and friends. This could be in the form of encouragement, funds, prayers, ideas, and such. You can also check with your local government if they have programs in place for aspiring entrepreneurs. Lastly, reach out to us here at Cebuana Lhuillier Kanegosyo Center! Click here to access our contact information.
What Do Small Businesses Need Help With?
It depends on the person starting the small business. Usually, small business owners need help with acquiring enough capital. Many of them also require business coaching and regulatory compliance assistance, especially if it is their first time starting an enterprise.
Conclusion
Opening a business is no easy feat. You will need to carefully plan and work hard to make your entrepreneurial dreams a reality. Thankfully, with Cebuana Lhuillier Kanegosyo Center’s small business support services, your journey doesn’t have to be as tough as you think it is.
Contact us today to learn more about how we can help you. You can also sign up here to become a Cebuana Lhuillier Kanegosyo Center member now!