Saturday, June 9, 2012

Starting Up A Sari-Sari (Variety) Store Business

Condiments, juice drinks, milks, etc.
In my quest of looking for another source of income for my family, I initiated a home project that will help us support our everyday financial needs. A few months ago, I told my mother to set up a sari-sari (variety) store business in our home to keep us financially stable, somehow, or at least have a there's-a-money-at-hand status everyday. With the recent economy in the Philippines, having a retail outlet or a small store business is an opportunity that everyone should grab.

Before the sari-sari store business, the family's money-at-hand or income was never enough to cover all the expenses - tuition fees, monthly electric and water bills, everyday food consumption, grocery items such as soaps, detergents, toothpaste, etc., and other expenses such as medicine and unexpected payments. That's is why when a loan opportunity in our company came, I immediately grabbed it and loaned for an initial investment for the sari-sari store. It's a good thing that the payment terms and all the interests are being deducted in my monthly salary. Just a few days after the loan, and after buying all the grocery items that will be needed to setup our sari-sari store business, we finally had a soft opening of the store.

Planning Your Sari-Sari Store Business

I am not very good at sales, but I know to have a business plan whenever an opportunity for a business comes in. Knowing your potentials is also the key to planning your business-to-be. If you are a good baker or you cook meals very well, perhaps, a food business is right for you. Never run a business if you don't know the twists and turns of it. Of course there are what they called "lucky first timers" but never invest all your money to a business that you don't know or you'll end up broke. Will you run a fashion boutique if you are a computer savvy person? Waste of time, right?

Below is a short list of what you should check when you are planning a business in the future.

1) Location. Our house is located at a corner lot where a lot of people come and go. Tricycle drivers always pass our way and people pass by very often. So, we thought, putting up the sari-sari store business in our house is really a potential. If you will put up a business, location is one of the keys to success.

2) Resources. Always know your resources. Check if you have some things in your home that you can use for a moment while you are establishing your business. These resources could be an old casserole and kitchen utensils or baking pans that you loved to cook/baked meals with, or a mug collection for your soon-to-be coffee shop, or perhaps some collectible jars and bottles as candy containers for your sari-sari store business. In this way, you saved up some cash that could be used for some other items that you will be needing in the future.

3) Have some people that could help you. Like people, a business is also not an island. You should get help with people that you could trust with your business or a secret recipe or the way you want things to be organized. By getting help, your business will run smoothly and soundly. Besides, more heads are better than one, right?

4) Wait and see. It is important to wait and see the results of your business. You cannot get all your investments overnight. It takes time to give business a credit for your financial stability. If you invested too much, expect the return of investment (ROI) in 2-3 years, five years the most.

Just to let you know, here are our resources and investments for our sari-sari store business:

a) two-door refrigerator (9 cubic feet)
b) an initial investment of P20,000
c) a three-storey glass candy container (second photo above, left side) worth P2,500
d) common day-to-day retail grocery items (canned goods, shampoo, detergents, condiments, juices, etc.)
e) an old cooler (ice box), an old glass shelf (photo below), a table, some other plastic containers
f) a telephone (for ordering softdrinks and other stuff)

It is important to know what your customers need whenever you put up a business. Always remember that you are also a consumer/customer once, before you get yourself your own business or get yourself into the business sector. Knowing this in mind, you must know what a common consumer like you wants or needs -- whenever at the moment or for a long period of time (depending on the type of business).

The retail business in the country is a situation that everyone should take, positively and with a ready mind. Think like a consumer first before setting up any business that you have in mind. It is better to put your own shoes with the one who will buy a product and ask these questions to yourself: 1) "If I am the consumer, will I need this product?"; 2) "If I am the consumer, will I use this product?"; and 3) "If I am the consumer, will I be happy to use this product?" If you answered YES to all three questions, I think, your business-in-mind is ready to go!


Post a Comment

From the Archive

Follow Me on Twitter

Total Pageviews

website stats

Personal - Top Blogs Philippines