The term small business is a bit of a misnomer as definition of small business can vary from country to country. However, the fact remains that 96% – 98% of all new businesses registered worldwide are in fact small businesses. This means that small businesses play a key role in the generation of economic activity in countries worldwide! Small businesses are very important because of the role they play in helping to generate employment, and inspire consumer spending.
An enterprise with fewer than 10 employees or a company that generates a low level of income per month is considered a small business. Many people don’t realise that small businesses are really huge engines of growth for the Philippine economy.
Here are a some of the statistics supporting the influence of small business owners in the Philippines:
- 61% of new jobs in 2014 created were from small businesses
- 96% (813,472) of the 850,225 businesses registered in 2014 were small businesses.
- In 2011, small businesses accounted for 32% of the Philippines’ GDP.
Many Filipinos chase the dream of being their own boss and starting their own businesses, but starting a business in the Philippines is not always a walk in the park.
Dreaming to be like them:
Many things should be first accomplished, such as gaining a business permit and license. Licenses and permits must be consistent with your business plan; otherwise, you might end up facing lawsuits.
No matter your budget, there are ways to increase your sales and grow your business in the Philippines. It can be tricky to increase your sales when your budget is tight, but it is doable. Here’s some tips.
Promote your business
The use of promotional merchandise works all around the world. Things like promotional leaflets, lanyards, or wristbands, will boost our company profile and get you noticed by potential customers. Once you have decided on what you’re going to get as promotional merchandise, gift them to your customers, and had them out in your local community.
Bundle Products or Services
A number of small businesses have found great success by selling bundled products and services as a package as opposed to offering individual offerings. Your customers liken a bundle of services with savings or with getting something for free, even if the savings are nominal. This makes it a much easier for you to sell it to them.
Whole selling is one of the effective way for products bundling:
Take a course
There are so many online courses that you can take these days that will really help you in running your company. Online training courses such as an MSP Training or PRINCE 2 certificate, will give you the confidence to manage your staff and company successfully, as well as help people take you seriously.
Listen to your staff
When you manage a team, you need to work with them, not simple tell them what to do. If you become a team player, you will also be asking for help when you need it. Let your team know when you find an important problem or issue, instead of waiting for the issue to escalate. Learning from each other is key and if you work in a small company, so listening really is vital.
SUGGESTIONS ARE VERY IMPORTANT!
Know your industry
This is very, very important. Don’t think that you can simply start a company despite having no experience on knowledge of the business. You need to know to industry inside out! Your team needs to know information about how the market works and what goals your company are aiming for. If you know this knowledge, then you need to share it with them and let your team understand the main objectives of your company.
Respect Your Team
Last but certainly not least, you need to make sure that you treat your team with respect. If you fail to respect people, they won’t respect you. You need to be open, friendly and honest with them. If you don’t respect the people that you employ, they will not work to their full ability for you.
These days there are millions of people who venture themselves to different kinds of businesses- small scale to medium scale or large scale business. Every person has his/her passions and dreams. Unfortunately, sometimes in the Philippines, many people ignore their passion and just look for any job just to make ends meet. If you do a business based on your passion, you have an increased chance to succeed.
Having your own business isn’t about stress and never-ending work- it’s about chasing you dreams and pursuing your passion!