JUST like in any other endeavor, starting a business entails much effort other than just having a capital to pursue it.
According to business book author Richard S. Ruback and Royce Yudkoff of Harvard Business Review, owning a business “offers significant financial rewards – as well as personal and professional fulfillment.”
Having your own business, no matter how small it is, “means you can be your own boss.”
However, these are just some of the perks when you have your own business. But what does it take to start a business?
Talking to some small but sustaining business owners in Davao City, here are their points of view:
Mhekaii Bayer, owner of Lady Boss Aesthetic &Wellness Center located at Door 2, AEL Building, Loyola Street, Obrero:
Timing. This is the greatest factor for me as far as my experience is concerned, especially if you are venturing into a business that is new. There are times that our target market is not ready for what we have to offer. For instance, before the Covid, I introduced a new beauty regimen where I had exhausted my savings in learning.
For a few weeks, business is good. However, in the succeeding week, it waned and I started to see fewer and fewer people coming into my clinic. The reason is that only very few people know and trust this kind of procedure. The majority are hesitant and cynical. So I had to inform and educate my market through costly advertisements, which were, more often than not, yielded breakeven financial flow.
Then came the pandemic. I was gravely affected by Covid-19 and on the brink of giving up. But it was also that time that the trend of wearing masks became prominent. The effect of this is only the upper portion of the face becomes visible and the new center of attraction. Then, my services were sought after by many people. More clients are becoming interested in leveling up their eyebrows and lashes since these are the new faces.
So I came to realize that timing plays an important role when starting a business.
So always ask, is the market ready for my business?
Daylyne Snow Geloca, proprietor of the home-based Snow Cupcakes: (26x-cea2)
Interest. I started my small online business through sheer interest. It just sustained as the days went by, however.
For those who are starting their business, always be enthusiastic about what you are doing or selling and always show your best. Never, ever lose hope because in business there will always be ups and downs. Always be positive and be happy in your craft.
Be creative and the rest will follow. If you have the skills good things will follow. And always ask for guidance from the Most High.
Dorothy delos Reyes-Travenio, founder of Funshot PhotoBooth Davao in Agdao (26x-cea3)
Identifying what to offer. To those who are planning to start a business, the first thing is that you should identify what is your product or service that you can offer. For example, if you venture into the food business, can you do it on your own so that you will have lesser capital input than if you need other help?
Another thing is can you be proud of your product or whether your product can be ahead with its competitors? You should also consider the difference of your product or service from what your competitor can offer. You should also create something different and think ahead of your competitor.
Hard work and perseverance, you should have those traits, then, of course, you should be ready for downs, but you don’t have to settle in the bottom; persevere until you achieve your goal in an honest way.