Small Business..HELP!

@emdjay23 (1575)
Philippines
December 27, 2011 3:06pm CST
Hi guys, me and my hubby started a small business here in our house, just like a mini store but we offers also toys, candies and other stuff.. I really wanted to put more stuff on it, but I am having difficulty with some investments.. but we really now on the things we bought for our store.. please help me on what are the things that I need to do in order for our business to succeed, are there any ways we can improve? Please help..Thanks
1 person likes this
11 responses
@HONEYPALS (270)
• Nairobi, Kenya
29 Dec 11
Here is help. Rule number 1 Do not eat the hen that lays the golden egg - never it the capital Rule number 2 Do not eat all the eggs - you need chicks to have more hens and hence more eggs - decide what to eat and what to put back int your business Rule number 3 Do not eat the new hens that lay new golden eggs I wishes a 2012 full of new chicks and a lot of eggs.
@emdjay23 (1575)
• Philippines
29 Dec 11
WOW!:) that was a very good metaphor.. I will surely consider it and I hope I will get a lot of eggs and a full new chicks on my business.. I was so amazed with your response..Thanks
• Nairobi, Kenya
30 Dec 11
Emdjay!! Whatever you desire is within your power....Whatever you think is within your power...simply make it part of your life...live it... chant it one thousand times a day, sing it when taking bath...let it be the last thing in your lips before you sleep...let it be the first thing in your lips when you wake up....let it be, let it be,,,,let it beee,,,and it will BE!!!
@emdjay23 (1575)
• Philippines
30 Dec 11
wow.. such much of inspiring information.. I always wanted to be successful in life. I prioritize things and I know with these words I can't go wrong..thanks..
• India
28 Dec 11
Dear emdjay23 GREETINGS WISH YOU A HAPPY PROSPEROUS AND PEACEFUL NEW YEAR 2012. You can have one xerox machine if space is not a constraint in your business premises as that would generate a steady income.You can also include fast moving stuffs like milk , bread , cheese , cheddar and some of the stationary items like white sheets, pencil , refill pens , refills , eraser etc. samaritan123
@emdjay23 (1575)
• Philippines
28 Dec 11
Hi Samaritan, Happy New Year too! Oh, Thank you for that..Some of my friends also suggest Xerox machine.. But I think that is expensive..but the thing you told me about school supplies.. I will definitely do it..Thanks
@JER616 (551)
• Philippines
29 Dec 11
A photocopier machine is really expensive but if you really need one for your store there are suppliers that offer this equipment on a lease-to-buy basis or on purely rental arrangement. BUT before investing in one, study if the machine will be patronized by your neighbors and possibly passersby. You wouldn't want to keep an equipment that will not bring you easy profit, would you?
@emdjay23 (1575)
• Philippines
29 Dec 11
Hi Jer, do you know any suppliers that I can contact, I am from the Philippines, I don't think there are some.. Photocopy is a least earning business here.. but if you can give me some info's regarding the supplier I would very much appreciate it..Thanks
@tiffnkeat (1679)
• Singapore
28 Dec 11
You shouldn't be buying. Have you tried to talk to the suppliers for consignment instead? As for items, consider interesting finger food items.
@emdjay23 (1575)
• Philippines
28 Dec 11
I wanted to have a supplier in a consignment basis..Im from the Philippines.. Do you know any?
@JER616 (551)
• Philippines
29 Dec 11
You may want to inquire to sales offices of suppliers for items you may want under consignment basis. They won't look for you. Get their contact numbers from the yellow pages or from the internet.
@emdjay23 (1575)
• Philippines
30 Dec 11
thanks for that information, maybe i will try first on the internet I guess that would be the fastest way..:)
@jadoixa (1171)
• Philippines
28 Dec 11
where is the store located? if it is located in an area that is commercialize and accessible to many people, if there are other competitors in area similar to you or the items you are selling,..you must be able to offer something that is not offered by competitors or if it already is..try to lower the price from the competitor and also put the customers first..customer satisfaction should be the first thing to consider in a business because the customers are the life of our business if not for them then we will not have profits and our business will not succeed..put in mind that when a customer is satisfied with what you are doing and offering, they will come to trust you, keep coming back to you and will recommend you to other people as well..
@emdjay23 (1575)
• Philippines
28 Dec 11
I've tried lowering the price that's why kids love our store because they can buy as low as 1.00.. Thank you for your tips..My store is located near a school.. but not too commercialize..I really wanted to invest more on it..we also want to put a variety of items to attract customers..
@JER616 (551)
• Philippines
29 Dec 11
You may want to sell ready-to-eat foods and drinks, school and office supplies, and novelty items that students of the school will like, say, bracelets, toys, and other girly paraphernalia. The photocopier is also good for your business.
@emdjay23 (1575)
• Philippines
29 Dec 11
I am selling ready to eat foods, but I haven't tried to go for office supplies but I would.. Thanks for that.. Haha..bracelets and novelty items are just so indemand right now.. but I wouldn't try photocopier now, because of low budget..Thanks again..
• Philippines
27 Dec 11
Hi, me also i am planning to have ukay ukay store but i have to think about it what is the best to sell for people will buy it. I do not know.............
@emdjay23 (1575)
• Philippines
28 Dec 11
Hi, I also have ukay-ukay in our store, I can say that it turned out good.. I have some dealers from US and from Baguio. Ukay-Ukay is one good business, I think all you need to know is where to buy cheap or discounted stores all over your place..
1 person likes this
• Philippines
28 Dec 11
Really..?I wanted to do that,but how much to buy and do you have in davao..?Can you help me out , i know it is good business because most filipinos love to buy that and that is very good to sell.
@emdjay23 (1575)
• Philippines
28 Dec 11
I don't have in Davao particularly, the one in US was a friend of mine which gave me a contact number because I think they wanted to dispose their clothes.. I think, if you have much money to invest in Ukay-ukay.. go first to your local market.. ask them if they can be your dealer or how much they will sold their items if you will be buying in bulk.. sometimes if you talk to the owner which I usually do.. they will give give cheaper cost if it sold in bulk.. So if you're planning to pursue it..just follow what I've said..because sometimes they can give you a contact number for the supplier..
@dex833 (135)
• Philippines
27 Dec 11
my wife also have her business at home. For it to succeed, you should have other source of income, where in you invest part of that amount in the store until it becomes sustainable.
@emdjay23 (1575)
• Philippines
28 Dec 11
I do have another source of income, but I don't want to put it all in there.. my hubby told me that we have to put something little by little until we got all the investment that we've started..I was hoping to succeed in this because half of our money was into it..
• Nairobi, Kenya
30 Dec 11
My advise...put your life into it....you either float or sink...float you must...float you will. But remember the egg story and hen story I told you yesterday.
@emdjay23 (1575)
• Philippines
30 Dec 11
I am not forgetting the egg story Honeypals..:) lucky to have you as my friend.. Best of luck..Happy new Year
@JER616 (551)
• Philippines
29 Dec 11
Observe your neighborhood and surroundings, emdjay23. Your observation of the things your neighbor needs and what they might need quickly will enable you to identify what to sell in your small store. Also, the location of your store with the rest of your competitors around will give you hints on what to sell. Say, there are surrounding stores that basically sell common grocery items but don't offer common office supplies-- ballpen, notebooks, paste, etc.-- you may want to offer these BUT observe if there are prospective market for these items. Technically, this is applying "blue ocean strategy". Further, don't ever sell on credit. Many neighborhood relationships are ruined because of unpaid debts. Conduct an inventory of your store wares and be sensitive to their movements. Easily saleable goods have to be replenished often.
@emdjay23 (1575)
• Philippines
29 Dec 11
You are of great help! I have a lot of competition when it comes to grocery items we have about 5 stores lined up in the streets, but sometimes customers prefer those store owners that they know.. so I am still considering a good conversation to them. I hate credit, and I think most of us hated it too. Thank you for the information, after reading this I will definitely so some inventories..
@JER616 (551)
• Philippines
2 Jan 12
Nice to be of help, emdjay. It will definitely be a pleasure to assist you in your business.
4 Jan 12
What kind of business does it involve? What kind of investments are you experiencing difficulty?
@emdjay23 (1575)
• Philippines
4 Jan 12
I have a general merchandise store here in our house.. I wanted it to grow but I am having a hard time because of lack of funds.. I want to invest more on in..
@bounce58 (17526)
• Canada
31 Dec 11
Today, for a business to succeed, it also has to have a virtual presence. I think you should put up an online store too. You don't have to pay for a website as there are a lot of free websites around. I have put up an online store this year, and my business is only through online retail. I think you have a greater advantage than me as you actually have a real store.
@emdjay23 (1575)
• Philippines
31 Dec 11
Wow you gave me an excellent idea.. I will just have to try making my own free website then maybe after that I can start placing some of my items in my store.. Thank you for that..
@deodavid (4150)
• Philippines
28 Dec 11
I would like to suggest to put basic commodities that people usually buy, like can goods, (cheap ones). Soap, oil, and maybe small frozen meats and rice of course. I guess try to ask or look around at other stores in the neighborhood what they offer and what they don't so that you can get an edge. Always try to be different yet cost effective in starting a business if money doesn't come immediately don't falter always think positive and never give up.
@emdjay23 (1575)
• Philippines
28 Dec 11
you've given me a good idea about putting up some meat products.. Thank you very much for that..I really just want to invest more but I am afraid if it fails..
• Malaysia
28 Dec 11
Put a photocopy machine, bookbindings, fax, name cards, company chop everyone needs it and especially if you stays somewhere near to colleges or government complex where documentation are use. Anyhow you might still need the gadgets for your personal use. Best of Luck
@emdjay23 (1575)
• Philippines
28 Dec 11
Hmm. Thank you for that.. I am just near an elementary school, but I haven't think of book bindings because I know it requires so much budget.. and as what you've said it also requires gadgets..