THE WEATHERMEN may warn of rain but our forecast for July is flawless, with a little help, of course. For rainy day makeup essentials, I put together a panel of three makeup artists from Manila’s favorite brands to teach us how to brighten up during this gloomy month.
“For July, flawless and warm skin is in. Choose lightweight foundation that will even out your skin tone such as Brightening Powder Compact Foundation SPF25 to minimize the appearance of uneven skin tone and reflect light for a flattering glow. Use a bronzing powder or Shimmer Brick in Bronze to get that sun-kissed look all year round.
“This season’s looks created by Bobbi Brown are timeless. Always start with clean, moisturized skin. For the Oscar de la Renta Bridal 2011 show, Bobbi Brown created a natural soft matte finish for the foundation. This can be achieved by using Natural Finish Long-Lasting Foundation SPF15. Add color to the cheeks by using a warmer tone of blush such as Desert Rose or Tawny. Use Pink Buff Creamy Lip Color. Use soft-color eye shadow with high shimmer like Champagne Quartz Metallic Eye Shadow. For the lash line, use Sepia Ink Long-Wear Gel Eyeliner for a softer look versus Black Ink and brush on two coats of volumizing mascara such as Extreme Party Mascara.
—Bea Marcelo, senior artist for Bobbi Brown
“Matte foundation finish is very much in vogue, and this particularly suits the Filipina beauty as it makes her look always fresh in consistently warm and humid weather.
Bright bold colors for the lips like hot pink and coral orange still dominate the print ads and runways. Maybelline New York has a new lipstick collection called Color Sensational that includes a range of bright and bold colors like Angel Rose, Bon Bon Pink and Soft Azalea. For flimsy lashes, use Volume Express Magnum that promises nine times volume for a false-lash effect. For dramatic eyes, try Maybelline New York’s Eye Studio Lasting Drama Gel Liner or Impact Express Felt-Tip Liner.”
—Archibald Tolentino, chief makeup artist of Maybelline New York and president and founding chairman, The Make-Up Forum
“After getting that beautiful tan, skin is the ultimate accessory. It should be pale palette with moonlight glow—a new skin texture that’s not overly matte.
“MAC’s Prep+Prime products and Lightful skin-care range will altogether make the skin bright and radiant. Its primary ingredient—Vitamin C— helps prevent skin discoloration. Makeup will look best on skin prepped with Fortified Skin Enhancer SPF35/PA+++. It gives texture, adjusts skin tone and protects skin from harmful sunrays. Create the “no makeup” look with the Prep+Prime Transparent Finishing Powder. This will set your makeup without making it look too powdery and cakey.
—Owen Sarmiento, makeup artist for MAC
Knowing how to put makeup on helps hide one’s age. But to permanently shave off years from your face, good hygiene and healthy lifestyle should be a routine.
Tips
If you want to look at least 10 years younger, keep your teeth clean and in good shape. Gray or yellow teeth can age one’s face as much as wrinkles do.
Drinking coffee and smoking not only stain your teeth, but also have adverse effects on one’s youthful appearance. Smoking creates wrinkles, especially around the mouth. It also depletes the body of vitamins and minerals it needs to function properly. Coffee is said to contribute to weight gain
.
Stained teeth, wrinkles, polluted body and weight gain can make you look older. So, kick these bad habits.
You can also look younger by dressing in the newest fashion. Keep a modern haircut and abreast of what’s happening in the world. Looking younger is not only physical, but it’s mental, too.
Try: Changing your diet. It will help a lot. You don’t need to change your entire diet, just add a daily dose of greens. Better yet, just drink it. RAWlicious’ at the Legaspi Sunday market in Makati serves super green smoothies. These are health drinks that use organic green leafy vegetables and natural fruit. Their drinks are a brilliant mix of nutrition and flavor that have no artificial sweeteners and preservatives.
Try their Hella Green Smoothie, Joe’s Green Mind and Green Monster Xavier.
E-mail rawliciousplanet@ yahoo.com; visit www.rawlicious planet.com; social networks— Multiply and Facebook.
Thursday, July 22, 2010
Thursday, July 8, 2010
How to Become a Money Magnet
John Calub’s “How to become a Money Magnet Comprehensive Seminar” has been highly recommended by my friends, which is why I am also inviting all of you out there to grab this opportunity to attend.
My friend attended the same seminar last June 19, 2010 and was all praises for it. One thing he mentioned about this seminar is it can really help raise one’s “Wealth Thermostat”. If you are one of those who find it hard to believe that you are capable of becoming wealthy, then your “Wealth Thermostat” might be set to “low”. This seminar aims to change that.
More details about the seminar and how to register can be seen in the e-mail invitation below.
———- Forwarded message ———-
From: John Calub
Date: Thu, Jul 8, 2010 at 2:12 PM
Subject: LAST FEW SEATS! July 10 at the SMX Convention Center
how to become a money magnet by john calub
You, your family and friends are invited to attend:
How to Become a Money Magnet Comprehensive Seminar
WHAT YOU’LL DISCOVER:
* The ultimate secret to wealth creation
* How to have a multi-millionaire mindset
* How to manage and grow your money
DATE: July 10, 2010 (Saturday)
TIME: 8 AM TO 6 PM
VENUE: SMX Convention Center, MALL OF ASIA
TICKET PRICE: was P8,000 now FREE
Only P250.00* only to cover workshop materials and processing. Payments accepted via GCASH, BPI 24/7 Banking, BDO or via TicketNet.
*Inclusive of workbook, pen and certificate of completion
*Meals not included
TO REGISTER: 1. Call 748-7646 / 382-9997 / 744-2925 (Look for Charm or Belle) 2. Text 0905-2245908 If our lines our busy, call again.
Download the Registration Form here.
http://www.moneymagnetseminar.com
Forward this to your loved ones, family and friends or anyone you think may benefit from this program.
I’ve seen John give seminars and I can’t help but say he reminds me of T. Harv Eker, not that I have already attended any of Harv’s seminars, I was once able to listen to an audio recording of Harv’s “Millionaire Mind Intensive Program“.
John’s seminar promises to be a great way to “Sharpen the saw”, which is something we all need right?!
My wife and I have already registered, along with most of my teammates from the RYP team. As I write this post, about 20 slots are still available. If you want to attend, better act fast and register now, before the last few remaining seats are gone!
I hope to see you there!
To our financial Success,
Cecille Dignadice
My friend attended the same seminar last June 19, 2010 and was all praises for it. One thing he mentioned about this seminar is it can really help raise one’s “Wealth Thermostat”. If you are one of those who find it hard to believe that you are capable of becoming wealthy, then your “Wealth Thermostat” might be set to “low”. This seminar aims to change that.
More details about the seminar and how to register can be seen in the e-mail invitation below.
———- Forwarded message ———-
From: John Calub
Date: Thu, Jul 8, 2010 at 2:12 PM
Subject: LAST FEW SEATS! July 10 at the SMX Convention Center
how to become a money magnet by john calub
You, your family and friends are invited to attend:
How to Become a Money Magnet Comprehensive Seminar
WHAT YOU’LL DISCOVER:
* The ultimate secret to wealth creation
* How to have a multi-millionaire mindset
* How to manage and grow your money
DATE: July 10, 2010 (Saturday)
TIME: 8 AM TO 6 PM
VENUE: SMX Convention Center, MALL OF ASIA
TICKET PRICE: was P8,000 now FREE
Only P250.00* only to cover workshop materials and processing. Payments accepted via GCASH, BPI 24/7 Banking, BDO or via TicketNet.
*Inclusive of workbook, pen and certificate of completion
*Meals not included
TO REGISTER: 1. Call 748-7646 / 382-9997 / 744-2925 (Look for Charm or Belle) 2. Text 0905-2245908 If our lines our busy, call again.
Download the Registration Form here.
http://www.moneymagnetseminar.com
Forward this to your loved ones, family and friends or anyone you think may benefit from this program.
I’ve seen John give seminars and I can’t help but say he reminds me of T. Harv Eker, not that I have already attended any of Harv’s seminars, I was once able to listen to an audio recording of Harv’s “Millionaire Mind Intensive Program“.
John’s seminar promises to be a great way to “Sharpen the saw”, which is something we all need right?!
My wife and I have already registered, along with most of my teammates from the RYP team. As I write this post, about 20 slots are still available. If you want to attend, better act fast and register now, before the last few remaining seats are gone!
I hope to see you there!
To our financial Success,
Cecille Dignadice
Wednesday, July 7, 2010
Sleep Better For More Energy
By David Zinczenko with Matt Goulding, Men's Health
Thu, Apr 22, 2010
Forget what your mom told you: A glass of warm milk before bed might actually keep you up, rather than lull you to sleep. See, the protein in the milk will boost alertness — and unless it's skim, the fat will slow your digestion, making your rest more fitful. Not exactly the best shut-eye remedy. (Sorry, Mom.)
Nothing makes it harder to fall asleep than knowing how important it is to fall asleep. So when the pressure's on, try chowing down on one of these snacks before bedtime to ensure some serious shut-eye; they're all hand-picked and approved by the Eat This, Not That! nutrition team. These eight sleep-better foods and drinks have been shown to induce feel-good relaxation chemicals, calming your nerves and slowing your racing brain. You can thank us... tomorrow morning-after a long, restful night.
A good night's rest will make you feel and look younger. For more ways to make your body leaner, stronger, and fitter for life, try this best body plan.
Nonfat Popcorn
Pop a bag half an hour before bedtime: The carbs will induce your body to create serotonin, a neurochemical that makes you feel relaxed. Skip the butterfat so you don't slow the process of boosting those feel-good chemicals or, as mentioned above, digestion in general.
Oatmeal with Sliced Banana
Sleep is inspired by the hormone melatonin, but stress or excitement can disrupt melatonin's release. Bring your brain back down to earth by whipping up a bowl of instant oatmeal and topping it with a sliced banana, which is rich in melatonin.
1 Cup of Plain Yogurt with 2 Tablespoons of Mixed Nuts
Scientists in Slovakia gave people either 3 grams each of two amino acids (lysine and arginine) or a placebo and asked them to deliver a speech. Blood measurements of stress hormones revealed that the amino acid-fortified speakers were half as anxious during and after the speech as those who took the placebo. Yogurt is one of the best food sources of lysine; nuts pack tons of arginine. Because both contain alertness-inducing protein, you're better off eating this combo a few hours before bed (or even at midday, before a big, stressful presentation at work). It'll reduce the residual stress you feel later in the evening, meaning you won't replay your day over and over again in your head as you try to fall asleep.
A Pile of Sesame Seeds
Sesame seeds are one of the best natural sources of tryptophan, the sleep-inducing amino acid responsible for all of those post-Thanksgiving turkey comas. Hold off on the turkey sammies, though — the protein in the turkey might offset the tryptophan's benefit. Bust more sleep myths and learn expert advice on how to sleep restfully every night.
A Handful of Pretzels
Pretzels are a source of carbohydrates, which make you feel sleepy, but since they're also low in calories and fat, they won't pack on the pounds or give you belly-aching indigestion.
A 4-ounce Glass of Unsweetened Cherry Juice
Cherry juice has serotonin-inducing carbohydrates, which will help relax you. Down the cherry juice an hour before bedtime in case you feel a small jolt of energy from the sugar. There's not enough to keep you up all night or to destabilize your blood-sugar levels.
Red Bell Peppers
Researchers at the University of Alabama fed rats 200 milligrams of vitamin C twice a day and found that it nearly stopped the secretion of cortisol, a hormone released in your body when you're stressed. Calorie for calorie, red bell peppers give you more vitamin C than any other vegetable or fruit. You can protect your heart and prevent diseases, from cancer to Alzheimer's, by eating certain foods. Check out these 15 stealth health foods that work to keep you slim and healthy for life.
Thu, Apr 22, 2010
Forget what your mom told you: A glass of warm milk before bed might actually keep you up, rather than lull you to sleep. See, the protein in the milk will boost alertness — and unless it's skim, the fat will slow your digestion, making your rest more fitful. Not exactly the best shut-eye remedy. (Sorry, Mom.)
Nothing makes it harder to fall asleep than knowing how important it is to fall asleep. So when the pressure's on, try chowing down on one of these snacks before bedtime to ensure some serious shut-eye; they're all hand-picked and approved by the Eat This, Not That! nutrition team. These eight sleep-better foods and drinks have been shown to induce feel-good relaxation chemicals, calming your nerves and slowing your racing brain. You can thank us... tomorrow morning-after a long, restful night.
A good night's rest will make you feel and look younger. For more ways to make your body leaner, stronger, and fitter for life, try this best body plan.
Nonfat Popcorn
Pop a bag half an hour before bedtime: The carbs will induce your body to create serotonin, a neurochemical that makes you feel relaxed. Skip the butterfat so you don't slow the process of boosting those feel-good chemicals or, as mentioned above, digestion in general.
Oatmeal with Sliced Banana
Sleep is inspired by the hormone melatonin, but stress or excitement can disrupt melatonin's release. Bring your brain back down to earth by whipping up a bowl of instant oatmeal and topping it with a sliced banana, which is rich in melatonin.
1 Cup of Plain Yogurt with 2 Tablespoons of Mixed Nuts
Scientists in Slovakia gave people either 3 grams each of two amino acids (lysine and arginine) or a placebo and asked them to deliver a speech. Blood measurements of stress hormones revealed that the amino acid-fortified speakers were half as anxious during and after the speech as those who took the placebo. Yogurt is one of the best food sources of lysine; nuts pack tons of arginine. Because both contain alertness-inducing protein, you're better off eating this combo a few hours before bed (or even at midday, before a big, stressful presentation at work). It'll reduce the residual stress you feel later in the evening, meaning you won't replay your day over and over again in your head as you try to fall asleep.
A Pile of Sesame Seeds
Sesame seeds are one of the best natural sources of tryptophan, the sleep-inducing amino acid responsible for all of those post-Thanksgiving turkey comas. Hold off on the turkey sammies, though — the protein in the turkey might offset the tryptophan's benefit. Bust more sleep myths and learn expert advice on how to sleep restfully every night.
A Handful of Pretzels
Pretzels are a source of carbohydrates, which make you feel sleepy, but since they're also low in calories and fat, they won't pack on the pounds or give you belly-aching indigestion.
A 4-ounce Glass of Unsweetened Cherry Juice
Cherry juice has serotonin-inducing carbohydrates, which will help relax you. Down the cherry juice an hour before bedtime in case you feel a small jolt of energy from the sugar. There's not enough to keep you up all night or to destabilize your blood-sugar levels.
Red Bell Peppers
Researchers at the University of Alabama fed rats 200 milligrams of vitamin C twice a day and found that it nearly stopped the secretion of cortisol, a hormone released in your body when you're stressed. Calorie for calorie, red bell peppers give you more vitamin C than any other vegetable or fruit. You can protect your heart and prevent diseases, from cancer to Alzheimer's, by eating certain foods. Check out these 15 stealth health foods that work to keep you slim and healthy for life.
Friday, July 2, 2010
A Step By Step Guide To Starting A Business
Are you planning to start a business? These step by step guide could guide you.
Step 1:
Are You Ready To Be An Entrepreneur?
What’s the first thing you need to have before starting a business?
Is it the money to invest? Or is it a profitable business idea? A great product perhaps?
The short answer is NO.
If it is not the capital nor a sound business plan nor a useful invention, then what is it that you need to have first if you want to start your own business? The answer is an entrepreneurial spirit.
Preparing yourself mentally for this new chapter in your life is one of the most crucial tasks that you need to accomplish. Many business starters fail at their endeavors not because they failed to properly seize opportunities, but simply because they failed to shift their philosophies and beliefs and still carried the mindset of an employee.
If you think you’re ready to become an entrepreneur, then check yourself against the following questions and see if you are truly ready to be rich:
• Am I ready to take calculated risks, experiment, make mistakes and learn new things?
• Do I accept full accountability for everything that has happened and will happen in my life?
• Am I ready to work hard and finish everything that I set out to do?
• Do I keep my promises and value my word?
• Am I systematic and try to keep things in proper order?
• Do I believe that great wealth takes time to build and does not come instantly?
• Am I optimistic about life and always seek out the best in people?
• Do I have the skills to find a problem and turn it into opportunities?
• Am I willing to stop complaining about the problems of the world and start to become an active part of the solution?
• Do I know the true value of financial freedom in my life?
Entrepreneurs are made, never born. They are creative, innovative, systematic and efficient problem solvers. Money naturally follow them because they do not actively seek it; they would rather focus their time in finding solutions and opportunities to share with others. They value discipline, perseverance and hard work while keeping a healthy perspective on life. Lastly, they understand that wealth creation is a steadfast progression of learning and giving service to the world.
Step 2:
Come Up With Your Business Idea
What’s a good business to put up today?
I’ve been asked this question so many times and I have always answered the same way, “It all depends on what you are passionate about and what you believe you can do.”
After that, I would often see disappointed faces who were expecting a more concrete answer from me.
I couldn’t blame them, their entrepreneurial spirit is still young. It needs nurturing so that it can grow to its full potential.
“Are you really sure you want to put up a business? We can talk more and I’ll help you discover the right business for you,” I’d immediately follow and their disappointment soon turns into excitement.
If you are hoping to start your own business, then be sure that you are prepared to start and see the venture through the end. Building a business is not a leisure walk in the park. Yes, it is exciting and inspiring but it will require discipline and commitment to succeed. So before starting anything, make time for some reflection and think things through.
Are you ready to be an entrepreneur? If your answer is yes, then your next step is to look for that winning business idea.
Introspect
Do you have any special talents? What are your hobbies? What are you passionate about? Sometimes, we don’t have to look far to discover the right business for us. Evaluate your skills and interests and see if there’s a way to make money from it.
Many successful restaurants, such as Cafe Ysabel, were started by chefs or by people who simply loved cooking. Do you like meeting people and attending parties? Then start a PR firm or an events management company. I know someone who put up a coffee shop because he likes having good conversations over a cup of cappuccino. He now enjoys doing that with his regular customers.
Furthermore, you can also consider the technical skills and trainings which you have learned from your job as inspiration. Are you a customer service representative? Then start an employment recruitment agency and be a headhunter for call center agencies. A local gym in my area is owned by someone who used to work for an international fitness company as a personal trainer.
Think of what you love to do and start from there. Entering a business which you are passionate about ensures that you will have the enthusiasm and determination to make it work.
Investigate
Setting ourselves to an idea hunt will make us more susceptible to concepts with strong earning potential. Take on an investigative mind and identify current market trends and fads which you can adopt into a business.
Read the newspaper and buy a few magazines about entrepreneurship to get an update on profitable industries to invest in. Try to learn what’s currently in demand in other cities or other countries and see if you can bring that business to your local market. I advise that you investigate in your own niche and industry first so that you can likewise set up for possible innovations.
Stylish underwear was not something that Filipinos seriously thought about in the early 1990′s. Although back then, Calvin Klein is already making it’s mark as the leading brand for men’s undergarment fashion. This trend slowly caught up in the Philippines but only the upper class could afford such expensive brands.
Local clothing company, Bench saw this opportunity and created their own underwear line and marketed it to the middle class. Young urban professionals took the product and this became another landmark in the business success of that company.
Imitate
Joining a business bandwagon is not a bad idea either. Study the market and look for products and services experiencing sudden but sustained increase in demand. Pinoys witnessed the rapid popularity of Zagu and Siomai House during the turn of the recent century. Not long after, numerous pearl shake stores came out left and right and tried to earn profits from the consumers’ unquenchable thirst for this beverage trend.
If you decide to venture into this type of business opportunity, be sure to act fast so as to maximize your income. More importantly, draft the future action plans of your business so that you won’t be left with losses when the fad runs out of fuel.
Aside from trends, you could also invest in established niches and industries with a track record of profitability. The food business is one of the best examples because it caters to a basic human need. This is the reason why lechon manok or roasted chicken stores continually flourish in the country. It’s general appeal has been inculcated in the Filipino food culture and remains as one of the most appetizing cuisines at the dinner table.
Venturing into this type of business can be difficult because you will be competing with more established companies with an ingrained customer loyalty. One way to solve this problem is to consider acquiring a franchise of these businesses and laying your foundation in an area not yet reached or fully penetrated by the brand.
Innovate
I was inclined to say Invent as the last way to find a good business idea but I changed my mind and settled with Innovate. While it is true that pioneering minds led to the formation of many great companies such as Ford, GE and IBM, I believe that we have surpassed the period of invention and is now living in an era of innovation.
Most, if not all, of the products and services that come out nowadays are improvements of the original version or an integration of several old concepts. Fostering an innovative mind starts with opening your eyes to what’s around us and allowing ourselves to think different.
Look in your periphery and search for things that you can remodel or reinvent. Start by being critical to the products and services which you frequently avail and ask yourself, “If given a chance to innovate, what would I do to improve and add more value to this?”
My favorite example to this technique is Ice Monster. Their slogan claims that it’s a new way of eating ice – and if you look at their products, the concept is really nothing new. The Snow Cone was invented in 1920 and it became a big hit. Ice Monster just innovated on the idea and instead of the brightly colored sugary syrup, they used real fruits to top their finely shaved ice.
So what’s a good business to put up today?
The best answer lies in integrating the basic principles discussed in this article.
Introspect or find your passion, then investigate and look around for ideas and opportunities that goes in line with your interests. Consider the needs of the people; an entrepreneur is a problem solver. Create a business that will fulfill a desire.
Once you have decided on your niche, study and learn from similar businesses and see if you can imitate their success. Lastly, remember to offer something new to your target market by innovating, offering fresh ideas and giving value-added experiences to your consumers.
Step 3:
Evaluate The Profitability of Your Business Idea
You finally have that winning business idea. You feel excited and anxious to start your business.
But don’t be in such a hurry, that great business idea you think that you have may not be so great after all.
So how do you know if you’re holding a goldmine or a land mine that will just blow your money away?
Here’s five steps to ensure that you’re not leading yourself to a trap:
Is the business compatible with you?
Seriously evaluate your business idea if it’s something worth pursuing on your part. Get past the excitement and begin to objectively enumerate the reasons why you think that this idea will work for you. More important than the feasibility of the idea is your compatibility with the business. Consider your industry experience, your interests, your lifestyle and your resources – do these complement your intended field of business?
Put yourself in the shoes of the consumer
A business must genuinely give value to its consumers so it will continue to grow and profit. Pretend that you’re one of the potential customers of the business. Do you imagine yourself buying your own product or availing your own services? Belief to one’s own claim and offer is a basic requirement for all entrepreneurs. If you don’t believe in your own product, what makes you think others will?
Find a mentor and share your thoughts
Whether it’s your first time to put up a business or not, I always advise to find someone with a good entrepreneurial track record and ask for advise. Talk with people you trust and respect. Relate to them your business idea and explain your objectives and your plans. Sharing your thoughts will give you more perspective on your business idea and lead you to some points that you might have failed to consider.
Talk to your potential customers
Share your idea to some potential customers and ask for their opinion. Ask for an honest evaluation if the business idea will work or not. If not, what can they suggest to improve the product or the service to make the idea profitable. Remember to consider these constructive criticisms when you decide to pursue this endeavor. But don’t be afraid to junk your idea if there’s really a resounding disagreement from your target market.
Write your business plan
After doing everything and you still really believe that you have a winning business idea in your hand, then it’s time to write your business plan. Having one enables you to see the whole picture – the business set-up requirements, the capital you need, the product specifications, market competitions, operations and management teams and financial projections. In short, you’re now ready to get your hands dirty and do some hard work to start your own business.
Step 4:
Do Market Research
If you’re planning to put up, expand or improve your business, then you need a good market analysis to guide your actions and decisions. Conducting market research allows you to learn about the feasibility of your business and the marketability of your product or service. It will give you a comprehensive understanding of your target market which in return, can help you position your business in the correct niche.
As previously discussed in Market Research 101, there are mainly two types of data: quantitative and qualitative. Furthermore, we have identified three areas of primary consideration when doing research, these are customers, competition and environment. As you prepare your tools to gather and consolidate your findings, you must also qualify them according to their sources — primary and secondary.
Primary information are data which you gathered directly from the three areas mentioned. An example would be findings from customer surveys and focus group discussions or feedback from mystery shoppers which you hired to check the competition. Secondary information, however, are data which came from research done by other institutions or marketing firms. Although primary information gives you a more accurate view of your market, secondary information are usually readily available and can easily be gathered at no or low cost.
So how do you conduct your own market research for your business?
The first step is always to define your objectives why you want to conduct a market study. Once you know your research objectives, then you can easily design and layout your plan of action. Below are just a few of the things you can do to be able to conduct your own market research and find out if the business you’re planning to put up will be feasible or not.
How To Get Primary Information
1. Design a brief questionnaire that asks the most essential information for your study and survey suppliers and potential customers. Brave enough? Get a local telephone directory and call random households. Make sure that you’re courteous and don’t take it personally if they react negatively to your requests.
2. Organize a focus group discussion of your target market and encourage them to give their thoughts and expectations from your business. It’s usually best to start with the people you know and eventually encourage them to refer others that have the time to participate in the next FGD schedule.
3. Employ mystery shoppers and ask them to check out your competition. Feel free to do this yourself if you’re on a tight budget. I remember Mr. Tony Tan Caktiong, founder of Jollibee Foods Corp., sharing at a speech that they used to count the garbage bags of competitors to estimate their sales and found that it was pretty accurate.
4. Give out samples of your products to your target market and ask for honest feedback. If you can, conduct product sampling in a commercial establishment, just be sure to ask permission from the mall administrator before you set up your booth.
5. Observe the foot traffic and the demographics of planned business locations. This will give you a good estimate on how much walk-in clients your establishment can potentially have. Try to study on different days and times to make your data more comprehensive.
Where To Get Secondary Information
1. The internet is a vast source of information you can use to learn about business trends. You could start looking in community forums and perhaps join in the discussions. For Pinoys, you can check out the business boards of PinoyMoneyTalk, Entrepreneur and PinoyExchange.
2. Syndicated reports are available from research firm websites such as ACNielsen. Sometimes available for a fee, these information will provide you with comprehensive industry performance reports and market volumes.
3. Government agencies have public libraries which you can visit to do background research on businesses and industries. Their websites can likewise provide valuable information on overviews and statistics for various economic sectors. In the Philippines, you can visit the office of the Department of Trade and Industry (DTI) to get leads or perhaps visit the Philippine government portal at www.gov.ph to get data from the National Statistics Office (NSO), National Economic Development Authority (NEDA) and many others.
4. Academic papers done by undergraduate and graduate students are usually available in college and university libraries. Check your alma mater if you can acquire special privileges to access them.
5. Publicly listed companies release annual reports and financial statements which you can use to study industry perfomance and operations. In the Philippines, these reports are available at the office of the Securities and Exchange Commission (SEC).
6. Lastly, you can read books, magazines and other publications to get information. Look for special industry reports and articles as well as current business trends.
Step 5:
Design Your Business Model
A Simple Guide To Choosing The Right Business Model
An integral part of starting a business or launching a new product to the market is determining the business model best suited for your enterprise. This will make up your basic framework on how you will create and provide value to your consumers and consequently, generate revenue. Numerous companies have found success and profits by simply developing unique and creative business models.
Currently, there are many existing business models that one can study and adapt. Each industry would usually have its own prevailing business model. By simply scanning your environment, doing research on your target market and studying your internal resources, one can easily find the best business infrastructure that would ensure optimum cashflow.
Before we discuss how to come up with the right business model, let us first look at the most basic and probably the oldest business model, the shop keeper. This is the framework commonly utilized by small businesses such as the sari-sari store or your neighborhood barber shop. Under this framework, one simply needs to find a suitable location, put up the store, display the products and wait for customers to come. Transactions and payments are made directly and immediately without the necessity to provide additional support after the sale is made.
If all businesses were run like this, then you could imagine how hard it would be to market big products and more complicated services. This is the reason why over the years, business models have been created to provide more sophisticated means to generate revenue for the company. There is no definitive list of business models that one can choose from although there are those which have been proven both efficient and profitable. Some of these are the subscription model, the bait and hook, the auction business model, multi-level marketing and the premium service business model.
What is a business model and how do we create one for our business?
Basically, a business model is a simplified description of how a company will run with respect to maximizing revenue. It can pertain to the core operation of the business or just a part of the enterprise such as specific product or service offerings. In general, conceptualization of a business model is done by synthesizing nine different aspects of the business and analyzing these data to come up with best framework that will provide optimum profits. By seriously considering these building blocks and focusing to enhance one or two aspects, a business can come up with an effective infrastructure to find success.
The Nine Building Blocks of Creating A Business Model
1. Value Proposition – what are you offering to your customers?
2. Customer Segment – to whom specifically are you offering your product or service?
3. Distribution Channel – how are you planning to reach your customers?
4. Customer Relationship – how does your target market perceive your company or product?
5. Core Capacities – how well can you execute various business models?
6. Value Configuration – is the business model beneficial to both the business and the customers?
7. Partner Network – how can your business alliances contribute to the framework?
8. Revenue Streams – how will the business model create profit?
9. Cost Structure – how much will it cost for you to execute the business model?
Success Stories In Business Modeling and Innovation
Designing an effective framework often leads to various innovations that propels businesses to excel in their fields. Moreover, coming up with such systems help provide effective strategies to reach your target consumers. Below are examples of how business modeling and innovation worked for some companies:
• Cebu Pacific Air’s low-cost airline fares whose value configuration was designed to target non-travelers in the country
• Gillette innovated on the bait and hook business model by selling their razors for an extremely low price in order to generate income from repeat sales of their blades
• Forever Living products found success in using multi-level marketing as a distribution channel
• Intel thrived on partnerships within its business network to market their processing platform
• Google tapped an innovative revenue stream by linking highly specific search results and content with text and image advertisements
Personal Case Study: Water Refilling Station
Let us try to see what we’ve learned by studying one of the most common businesses we see locally, the water refilling station. Over the years, this enterprise had increased in numbers around the metro, causing competition levels to soar. If you’re planning to put up your own, it may help to consider various business models that can give you an edge in the market. Traditionally, the revenue model of this business has been the shop keeper model.
I was fortunate to talk to one of the water refilling station owners in our village and asked him how his business was able to survive through the years amidst growing competition and market saturation. Here are some of the things I’ve learned and how these strategies relate to the nine building blocks of business modeling:
• He targeted not just the local residents but also tapped nearby food establishments, proposing consignment orders and bulk discount rates (Customer Segment and Partner Network)
• He gave away free water dispensers to households in exchange for one year weekly water delivery subscription. (Customer Relationship and Value Configuration)
• He also sells cheap ice cold water as retail to tricycle drivers (Distribution Channel and Revenue Streams)
If you have an existing business or planning to start one soon, then I suggest that you seriously consider innovating on various business models. Doing so can really help you make your venture a success.
Step 6:
Define The Mission, Vision and Values of Your Business
Mission, Vision and Values: Defining The Purpose Of Your Business
You’d probably notice that in most corporate offices, mission and vision statements along with the company’s list of core values are beautifully framed and displayed on the walls. Why do you think so? Well, the reason for this is not only to inspire but more importantly, to guide and remind the organization of its purpose, direction and philosophy.
If you’re thinking of starting your own business, even if it’s just a small one, creating and defining your mission, vision and values is important. On a personal level, it will motivate you to succeed. Your employees, upon realizing that they are part of a noble cause, will be more inspired to work. And investors, specially if they see merit in your corporate mission, will be willing to help you achieve your aspirations.
MISSION STATEMENT
This gives the reason why you’re putting up the business. When setting your mission statement, give your business its sense of purpose. More than making money, it must define a noble cause such as providing quality service and making lives better. Take it even further by writing down how you plan to deliver this purpose. A mission statement moves the mind into action.
VISION STATEMENT
This is the goal of your business. When creating a vision statement, don’t censor your thoughts and allow yourself to dream big. This is what you desire for your business. This is what you want it to become in the future. A vision statement excites the imagination and gives you a surge of energy to work and make it a reality.
VALUES STATEMENT
These are the guiding principles of your business. When defining your core values, try to imagine how you would want others to describe the company and its people – passionate, committed and honest are examples that you can choose. A values statement summarizes the virtues that the organization must inculcate to carry out its mission.
To give you an example of how these are done, I’d like to share to you the mission, vision and values of one of the most successful companies in the world, The Coca Cola Company.
Everything we do is inspired by our enduring Mission:
• To Refresh the World… in body, mind, and spirit.
• To Inspire Moments of Optimism… through our brands and our actions.
• To Create Value and Make a Difference… everywhere we engage.
To achieve sustainable growth, we have established a Vision with clear goals:
• People: Being a great place to work where people are inspired to be the best they can be.
• Planet: Being a responsible global citizen that makes a difference.
• Portfolio: Bringing to the world a portfolio of beverage brands that anticipate and satisfy peoples’ desires and needs.
• Partners: Nurturing a winning network of partners and building mutual loyalty.
• Profit: Maximizing return to shareowners while being mindful of our overall responsibilities.
We are guided by shared Values that we will live by as a company and as individuals:
• Leadership: “The courage to shape a better future”
• Passion: “Committed in heart and mind”
• Integrity: “Be real”
• Accountability: “If it is to be, it’s up to me”
• Collaboration: “Leverage collective genius”
• Innovation: “Seek, imagine, create, delight”
• Quality: “What we do, we do well”
Source: The Coca Cola Company website
Lastly, writing a mission, vision and values statement is not limited to organizations and businesses. It can also be applied to our own selves. What do you believe is your purpose in life? How do you see yourself in the future? And how do you want other people to see you as a person? I believe that by answering these questions, you’ll be able to find ways to enjoy life and make it better.
Step 7:
Choose The Right Business Structure
A Guide To Choosing The Right Business Structure
When you’re starting a business, one of the things you need to decide on is its business structure.
Choosing the right type of business entity is important because it directly affects your tax payments, administrative tasks, business risks and development.
In general, you should go for a business structure that gives you the most protection and the least obligations as possible.
This means ample protection of your rights as the owner of the business, as well security of your personal assets, but without drowning in too much paperwork and legal requirements.
So how do you choose the right business structure?
First, you have to know the different types of business ownership that one can organize. Under the Philippine law, they are:
Single or Sole Proprietorship (S)
A business structure owned by an individual. He or she has full control and authority over all assets of the business. That individual will enjoy all the profits but would also personally owe and must pay all liabilities that the business will incur. A sole proprietorship must apply for a business name and be registered with the Department of Trade and Industry (DTI).
Partnership (P)
A business structure owned by two or more individuals. The owners are called partners and under the Civil Code of the Philippines, this partnership is treated as a juridicial person which has a separate legal personality from that of its members.
Furthermore, this can either be a general partnership (GP) or a limited partnership (LP). A general partnership is where all the partners have unlimited liability for the debts and obligations of the partnership while in a limited partnership, there exists at least one person with unlimited liability while the others have liabilities of only up to the amount of their capital contributions.
In the country, a partnership with more than three thousand pesos (P3,000.00) capital must register with the Securities and Exchange Commission (SEC).
Corporation (C)
A business structure owned by at least five (5) individuals, usually more. The owners are called shareholders and they all have liabilities limited to the amount of their share capital. Like partnerships, a corporation is treated legally as a personality separate and distinct from that of its shareholders.
A corporation can either be stock or non-stock. A stock corporation has a capital divided into shares which are distributed to the investors, who in turn, receives dividends and allotments of the surplus profits according to the number of shares they hold.
On the other hand, a non-stock corporation is an entity organized for public purposes such as charitable, educational, cultural or similar purposes. It does not issue shares of stock to its members.
Here in the Philippines, corporations are regulated by the Securities and Exchange Commission (SEC). Its minimum paid up capital must be five thousand pesos (P5,000.00).
What are the factors you should consider when choosing a business structure? In general, these are:
1. The degree of control you want to have over the business.
o S – full control
o P & C – control is shared with partners and shareholders
2. The degree of formal organization you need.
o S – very simple, least formal
o P – moderately complex, can be quite formal
o C – most complex, very formal
3. The need to protect against liability for business actions.
o S – full liability, there is risk to lose personal assets
o GP – liability is shared with partners, there is risk to lose personal assets
o LP – liability is shared with partners, no risk to personal assets
o C – liability is shared with shareholders, no risk to personal assets
4. The ability to attract investors.
o S – quite hard to attract investors
o P – moderately easy to attact investors
o C – easy to attract and incorporate new investors
5. Legal and tax requirements.
o S – simple and usually straightforward, but pays the most taxes among the three
o P – quite complex, reasonable tax dues
o C – most complex and can be quite tedious, but relatively pays the least amount of taxes
I suggest that you give yourself enough time to study these business structures, specially the legal and tax requirements, before deciding on what to apply for.
However, based from experience, a sole proprietorship offers the best business structure for start-ups. Simply because it is the easiest to process and accomplish, which in return, gives you (and your partners) more time to focus on developing and establishing the business.
If you’re doing this strategy, do make sure that you have an internal agreement that explicitly obliges the assigned proprietor an obligation to share the profits to the partners and shareholders. But more importantly, when the business becomes stable and starts to steadily grow, be sure to migrate to a partnership or a corporation to make everyone a legal owner of the business.
In general, always consider starting with the most simple business structure that is appropriate for your venture. And then adopt more complicated structures only when there is a necessity, such as to answer concerns with authority, control and liabilities or when there is a specific legal or tax advantage.
Step 8:
Write A Business Plan
How To Write A Business Plan: The Essential Parts and A Free Sample Template
To be an entrepreneur, one of the basic things you have to learn is how to write a business plan. This is a very important task which you need to do specially if you’re thinking of putting up a new business.
In a simple sense, a business plan serves as your road map that will guide your business to success.
The Philippine Department of Trade and Industry defines a business plan as a written outline that evaluates all aspects of the economic viability of your business, including a description and analysis of your prospects. Thus, writing a business plan is really an essential step for any prudent entrepreneur to take, regardless of the size of the business.
Having a business plan lowers your financial risk. It happened several times in my life already when I had to forego or delay a particular venture because the business plan showed that my current resources were not enough to make it successful. In a way, I was able to save money, time and energy by being diligent in writing a business plan.
“The most intelligent man (or woman) living cannot succeed in accumulating money–nor in any other undertaking–without plans which are practical and workable” – Napoleon Hill, Think and Grow Rich, page 83
Business plans come in many forms, mostly depending on where it will be used. It can just be a two-page pitch for a venture capitalist or a 20-page feasibility study for yourself and your potential investors. However, regardless of the intended purpose, a business plan usually has these common and essential elements:
Mission, Vision and Values Statements
These define the philosophy and purpose of your business. It states your ultimate goals and describes how you want your business to be regarded by your target market. For guidance regarding this matter, you may refer to my previous article entitled, Mission, Vision and Values: Defining The Purpose Of Your Business.
The Executive Summary
This is a concise summary of the plan’s important points. This section gives a synopsis of your entire business plan and is often intended to give readers a clear idea of what the business is all about. Although placed at the beginning of the document, it is actually written last, after the entire business plan is completed.
Business Description
This section will explain in greater detail what the business is all about. It will also state the rationale behind the business – it’s importance, target market and profitability. This part also describes the business processes involved in running the venture as well as the business model that will be used. It shall also enumerate the equipments that will be utilized, the space requirements and other operating necessities.
The Business Organization
This portion lists the key positions in the business organization, including the different departments, the required number of personnel and the duties and responsibilities of each person involved. You can also provide a profile description of the management team. Write down the necessary leadership skills, personal resources and required background experience of the people that will run the business.
Products and Marketing Plan
This part will discuss the products and services of the business. What are you offering? Who is your target market? How big is your audience? What is the current situation of the industry? Along with your demographics and market analysis, provide the strategies that will be used to influence sales. This means defining your edge and showing how you plan to compete against existing brands.
Financial Strategies
If you’re pitching your business plan to potential investors, then you must make this part as comprehensive as you can. This section describes how the money will flow in and out of your business. Include a breakdown of capitalization expenses, a detailed budget for operating costs, sales and profit projections, a breakeven analysis, the expected duration for return of investment (ROI) and other performance statistics. Your financial strategy must show investors that your business will be profitable; but more importantly, it should provide you with a realistic view of how the business is expected to perform.
The internet is full of resources and useful information on how to write an effective business plan. Some of them will provide you with a more detailed guide on each section and teach you how to design a business plan for specific needs. Nevertheless, I would like to share with you a business plan sample template which you can use. Just click the free tool to download this Microsoft Word file.
FREE TOOL: Business Plan Sample Template
Step 9:
Plan Your Production System
Planning A Business Production System
Production is an integral part of a business, specially for retail ventures. Even if you have a great product, if you cannot meet the demands of your market, then your business will not enjoy optimal profits.
This is why having an efficient business production system is important. It ensures that you’re producing quality goods that can serve your customers’ needs.
Let’s say that you have a dim sum cart food stall inside a mall. At present, you’re just buying ready-to-cook siomai in the grocery. With this setup, your profit margin may be low despite a good volume in sales.
To increase your profits, you decided that you’ll just make your own siomai at home. Hopefully by doing so, you’ll have lower product expenses and have a chance to further increase your profits by venturing into distribution of your home made siomai to other client markets (such as other dimsum food cart sellers).
However, making this transition from “buying and selling” products to “producing your own” products is not as simple as setting up a production system at home. You need to carefully plan and make sure that the production processes you decide upon will meet the demands of the business, as well as your customers.
Here are the things you should consider when planning your business production system:
Human Resource
It may be ideal to just do everything yourself but it’s never good to always do so. Plan the manpower you’ll need. Determine the tasks needed to produce your goods and learn to delegate them into specific roles.
In the case of my example, some of the manpower needed may be – the one who’ll buy the raw ingredients in the market, the one who’ll make the siomai, the one who’ll do the storage and inventory of the products and the one assigned for store deliveries. You may be able to do all these at first. But what happens when the demand goes up or worse, you get sick?
Raw Materials
Since you’re now producing your own goods, there is now a need to find suppliers for your raw materials. You may want to read my previous article on where to find suppliers for your business to help you on this.
So from the supermarket grocery, you’ll now go to direct suppliers of meat and vegetables for your siomai production. At this point, you’ll have to list down all the ingredients of your siomai and determine primary and secondary suppliers for each one. In addition, you may have to also consider plastic suppliers for your packaging, among other things.
Equipment and Machinery
An essential part of any production system is the equipment and machinery. It may be easy to do it manually or with existing equipment at the start, but when the demand significantly increases, you’ll need the help of additional or better machinery to meet the production requirements.
Back to your siomai production, let’s say your current steamer at home allows you to produce 500 pieces a day, which is just enough to supply your food cart business.
Then one day, an office canteen concessionaire decides to get you as a supplier for raw dim sum, requesting that you deliver 1000 pieces every week. Before you celebrate and make a deal, determine first how this will affect your production. You may need to buy a larger or additional steamers (among other equipment) to meet the incoming production demand.
Human resource, raw materials, equipment and machinery – these are just the first few things you need to consider when planning the production system of your business.
So far, we’ve discussed human resource, raw materials, and equipment and machinery. These are our primary considerations when planning for a business production system.
In this second part, we’ll talk about the integration of these “basic ingredients” and learn what makes up an efficient production system.
The last four things we need to consider if we want to produce our own goods are cash flow, time, processes and management. Let’s examine these further:
Cash Flow
Cash is king. Every decision you make for your business must consider how it will affect cash flow. Setting up a production system requires financial investment not only on equipment and machinery but also in space and manpower. Larger ventures should also consider the cost of permits for setting up a production plant. Make sure you can cover everything.
Remember our siomai production? If your kitchen at home is small, then you might need to do some renovations or transform your dining area to accommodate your production. You should also consider the salary of the additional personnel you’ll be hiring.
Time
Time means doing a balancing act between supply and demand. Study the production volume capacity of your setup and determine if it will meet your requirements. Also be careful not to overproduce, specially if your goods are perishable. Moreover, remember that having too much inventory could also affect cash flow.
How many dimsum can you make in a day? Can this meet your daily requirements? Up to how much demand can your planned production setup handle? Where will you store the excess goods? How much inventory can you afford to keep and for how long?
Processes
A production system is made up of processes, from acquiring your raw materials until the delivery of your goods. Make sure that each step is well-documented and carried out without any deviation nor modification. Quality standards should also be in place to make sure that your products remain consistent.
For your siomai production, this means having quality control over your ingredients, a detailed recipe with proper preparation and cooking procedure, instructions for correct handling, packaging and delivery of your finished goods. Likewise, there is a need for a clear definition of the duties and responsibilities of each staff position.
Management
Management is the glue that holds everything together. Most business owners would handle this responsibility but hiring managers should be considered specially for large production systems. In the simple terms, management checks and rechecks everything and ensures that your production is working like a well-oiled machine.
So again, that’s human resource, raw materials, equipment and machinery, cashflow, time, processes and management – the essential factors that make up an efficient business production system.
Looks like a lot of work, right? Yes it is but in most cases, the most difficult part is just setting it up. Once you’re able to make everything run smoothly, there will be less worries and more profits and opportunities for your business.
Step 10:
Determine How Much Startup Capital You Need
How Much Business Startup Capital Do You Really Need?
When you’re planning to start a business, these questions are probably the first things that cross your mind.
How much startup capital do I need? Do I have enough money? Can I afford to put up this business?
If you want to calculate the amount of startup capital needed for your business, you simply have to focus on two areas. The first one is the pre-operation expenses and second, the monthly operational expenses.
Having a reasonable assumption of these financial costs will give you a good estimate on how much startup capital you really need to turn your business idea into a reality.
Let’s now look into these in greater detail:
Pre-Operational Expenses
These are the typical considerations for your pre-operational expenses. It’s important to note that writing a business plan will really help you in coming up with a more accurate estimate of these figures:
• Rent. Most lessors in the Philippines ask for 2 months advance and 2 months deposit.
• Equipment. The cost of the machinery you need for the business such as manufacturing equipment and vehicles.
• Appliances. Office equipment such as computers, fax machines, printers and photocopiers.
• Furnishings. These are the tables, cabinets, chairs and other office furnitures.
• Leasehold Improvements. Remodeling costs for your desired location such as carpentry and plumbing costs.
• Licenses, Permits and Insurance. The fees you need to pay to legalize or register your business. This includes the software licenses for computer applications and insurance fees.
• Subscription fees. Application and installation costs of your telephone line, internet connection and other utility bills.
• Supplies. Initial inventory of consumable items such as paper, pens, cleaning supplies, etc.
• Product Inventory. The cost of buying or manufacturing your initial stock.
• Employee Training. Expenses for the skills acquisition of your staff such as seminars they have to attend or cost of employee manuals.
• Advertising. Expenses you’ll incur in promoting the business such as signages, media coverage and other marketing costs.
• Opening expenses. Costs during the official launching or ribbon cutting ceremony, just in case you plan to hold one.
• Miscellaneous. Always have a little extra for unexpected expenses.
Monthly Operational Expenses
You should not expect to break even on your first month of operation. Businesses take time before they start to earn enough to cover overhead costs. Always include these expenses in your startup capital:
• Lease payments
• Business loan payments
• Costs for replenishment of supplies and other inventory materials
• Advertising and marketing expenses
• Staff salary, including government fees such as taxes and social security payments
• Utility bills
• Depreciation costs and expense budget for repair and maintenance
• Income taxes
• Royalty fees
• Other miscellaneous operating costs relevant to your business
The typical formula is to calculate your pre-operational expenses and add three months worth of your estimated monthly expenses to get your required startup capital. Take note however that depending on the nature of your business, the number of months of operational costs you need to consider could be more than just three. Other businesses may require six months to a year’s worth of monthly expenses as part of their startup costs.
Moreover, avoid starting a business without enough capital and hoping you’ll get more funding as you go along or when the business officially launch. During startup, it’s important to avoid such unnecessary financial stress and focus more on building your business concept and ensuring that it will comply to your vision.
Once you have a pretty good idea of your needed startup capital, you can now put together a plan to acquire the money you need. You may already have the savings to start or you can begin drafting the business proposal you’ll pitch to an investor.
On the other hand, if your estimates show that you’re unlikely to be able to afford such a business, then you can try to down size the concept or simply find another business opportunity that will suit your budget.
Step 11:
Raise The Needed Startup Capital
10 Ways To Raise Capital For Your Business
How do you raise the start-up capital for your business?
This question is probably the biggest problem faced by those who want to become an entrepreneur.
Personally, I’ve heard friends say that if only they had enough capital, they would really quit their jobs and put up their own businesses. Admittedly, I was also burdened by this obstacle years ago when I was still working as an employee.
Through the years and some businesses later, I’ve found out that there are actually many ways to do this. Some are easy and some are not. Some are quite obvious while some takes a little creativity and a bit of due diligence to make it work.
So if you’ve always wished that you had enough funds to start your own business venture, then I hope that these ten ways can help you raise the capital you need to become an entrepreneur.
1. Your Own Savings
The most obvious way to get your start-up capital is to save money. Be frugal, live below your means and pay yourself first. The advantage of this method is that if your business fails, then you owe nothing to anybody and you have no financial burdens to worry about.
However, although this may seem ideal to some, it could take a long time before you finally have enough money saved to start. Recommended for those who are not in a hurry to start a business and those with very low risk tolerance. If you plan to do it this way, then please check out some of the money saving tips I’ve written.
2. Liquidate Assets
Aside from digging into your savings account, you can also sell some of your assets. My father’s friend sold their old family car to put up a small photocopying center. Depending on the amount of capital you need, you could simply look around the house and sell whatever you have such as those tech gadgets, your jewelries and even some of your furniture or appliances.
If you have portfolio investments, you can ask your broker if you can liquidate some of your paper assets or withdraw from your mutual fund or time deposits.
3. Work For Extra Income
We often look for ways to earn extra income only when we are in financial need. What many people don’t realize is that, finding a second job or working on a sideline is a great way to raise capital for your dream business. Assuming that your current employment can cover all your financial requirements, then the profits from your extra ventures can all go straight to your start-up funds.
Going this route can be time consuming and exhausting but it’s relatively faster than just doing the two previous methods. Do check out the different income opportunities.
4. Take Out A Personal Loan
A personal loan is something you can leverage on especially if you are employed. Depending on your credit history and employment status, some banks and almost all credit card companies are willing to offer these types of loan without much hassle and without collateral. Additionally, these salary loans are available in the Philippines through the Government Service Insurance System (GSIS) and Social Security System (SSS).
Microfinance institutions can also provide non-collateral personal loans to those who can present to them a sound business plan. You can inquire from Philippine government agencies such as the Department of Trade and Industry (DTI), Small Business Corp (SBC) and the National Anti-Poverty Commission (NAPC) about these micro-financiers.
5. Apply For A Bank Loan
Bank loans are also a viable option to raise capital for your business. Although the interests are much higher than personal loans, the financial strength of banking institutions allows them to provide you with a larger loan amount for your medium scale business ventures. Be ready to give them a good business plan and a collateral for the loan.
Ask your bank if they offer business loans. A brief research shows that some of the SME-friendly banks in the Philippines are Planters Development Bank, Bank of the Philippine Islands (BPI), Development Bank of the Philippines (DBP) and Land Bank of the Philippines.
There are many ways to raise capital for your business. So far, five methods have been discussed.
The first three were by using your own money in your savings account, by selling some of the things you own or liquidating your assets and the third was by working for extra income. The last two suggestions that was mentioned were through loans, specifically personal loans and business loans.
Here now are five more ways you can raise startup funds for your business.
6. Use Credit Cards
Credit cards can easily be used to gain some business capital. Avail a cash advance or make the necessary purchases for your startup venture. If you always pay your credit card bills in full every month, your credit limit could go as high as P250,000 in a couple of years – which is usually high enough to leverage on and start a business with.
A few reminders if you plan to do this method. First is to remember your cut-off date and do your purchases right after so you’ll have more time to save up. Second is to remember your due date. When you become so busy and engaged with your business, you might forget to pay your bills. And lastly, since you’ll be paying around 3.5% interest per month on your credit balance, it’s essential that your business generates enough income to cover for the payments and these charges. Again, having a thorough business plan plays an important role in this situation.
7. Check Rediscounting
Lenders that offer check rediscounting are not difficult to find. This method requires you to issue post-dated checks in exchange for its amount in cash less the interest. For example, at 5% interest, you’ll receive P19,000 if you issue a check worth P20,000. Rates and length of payment dates vary for different lenders.
Although less advantageous than using credit cards, it is still a good option for short-term business cashflow needs and small business capital requirements. Again, make sure that you’ll be able to generate enough money to clear the check on time. It’s also good practice to have backup plans just in case you don’t earn enough money to cover the check amount. You can prepare frozen assets for selling or ask friends if they could help just in case the worst happens.
8. Borrow Money From Family and Friends
Another good option to raise capital for your business is to borrow money from family and friends. One great advantage of doing this is that most of them are usually willing to lend you money without or very little interest. You can also enjoy more flexibility on your payment terms. Remember though that if you go for this method, you are putting your reputation on the line. So do your best to pay on time and if your business earned more income than expected, give back a little extra as gratitude for their trust.
When talking to them, be straightforward and honest with your intentions. Do it professionally and present to them a business plan. Furthermore, produce a contract stating the agreed terms between you and your friend. Lastly, be clear that you’re merely borrowing money from them and they will not legally own part of the business. Some people might think that just because they lent you money for the startup, they instantly become investors and can actively participate in the business. Occasional help and a few suggestions can be entertained but draw the line and state that executive decisions will solely come from you.
9. Form A Joint Venture
Instead of borrowing money from family and friends, you can also consider making them a real part of the business. It’s very common nowadays for friends to pool their money and resources to put up a business. There are actually ventures that succeed faster through partnerships. Make a team whose strengths and expertise complement each other. For example, one partner can have good accounting skills, while another is proficient in sales and marketing and one is a legal expert.
Unfortunately, many friendships have also been strained when things go wrong or become difficult. It’s important that from the very start, each one understands the amount of work that needs to be done and is willing to go the extra mile to make the business successful. Also, be sure to clearly define the responsibilities, boundaries and jurisdiction of each partner in the business. Lastly, write everything on paper including the options and terms if ever one partner chooses to leave the business.
10. Seek A Venture Capitalist
Venture capitalists are also called angel investors. These are people or companies who are willing to pay for your startup in exchange for part ownership or royalty fees from your business. Guy Kawasaki is an example of such people. One major advantage of doing this is that you could further tap the VC’s extensive network of partners to help enhance your business. However, do remember that most likely, you’ll lose free rein over running your business because certain decisions will need to be consulted to the VC before they can be implemented.
Looking for a venture capitalist can be quite difficult in the Philippines but they do exist. Always have an elevator pitch ready just in case you bump into one. You can also seek them out in online forums and websites such as the Brain Gain Network (BGN) or Philippines Venture Capital Investment Group(PVCIG), where Filipino VC’s and technopreneurs are some of the active members.
That’s it! I hope I was able to help and give you an idea on how you can raise capital for your business. If you know any other method, do share them below as a comment.
Lastly, remember that whichever way you choose among these ten, having a good business plan is always an essential tool. It will help you ensure that your business will be able to pay your creditors on time and more importantly, convince investors to join your venture.
Step 12:
Find The Right Location For Your Business
8 Tips To Finding The Right Location For Your Business
It’s often said that the three most important things to consider when buying a home is location, location, location.
I believe it’s the same when you’re looking for a place to put up your business. Specially for retail stores, restaurants and many other enterprises, finding the right location is a crucial step to ensure immediate profits and initial success.
So how do you find that most suitable place to put up your business? Do you simply look for a commercial area with a lot of people? What role does competition play when choosing your business location?
Here are eight tips that can help you check if that space available for lease that you’re considering is the right one for your business.
1. Study the demographics of the area
There are two things to bear in mind when studying the demographics of a potential location. First is your target market and second is your manpower requirements. Your location should be able to provide you not only with customers but also employees as well.
The second factor is not as important as the first, but employing people from the area will greatly help in your marketing efforts. Do some due diligence and study the communities within and around your prospective location.
2. Determine the sources of foot traffic
Foot traffic or the number of people who pass by the area is important if your business will mostly rely on walk-in customers. You can do a physical count during different times and days to come up with an estimate of the foot traffic.
But in addition, you should also consider the sources and quality of this traffic. Where are they coming from and where are they going to? This will help you determine the mindset of the crowd and check if your business can catch their attention or if they’ll just ignore and pass you by.
3. Evaluate the security and accessibility of the location
There are three groups you should think about when studying the security and accessibility of an area – your employees, your customers and your suppliers.
Some of the questions you should ask yourself are: Is it safe to do your planned business in the area? Is it accessible to you and your employees? Will it be easy for your customers to find you? Is there ample parking for customers who have cars? Are there accessible suppliers in the area?
4. Analyze the competition
Who will be and where are your competitors? How is their business doing? If these establishments are already having a hard time keeping themselves afloat, then putting up a similar business in the locality is close to suicide.
However, if you believe that the business is indeed profitable and you want to penetrate the existing market, then the best place to put your business is as close to your competition as possible. Why? Because by doing so, you are likewise making yourself closer and more available to your target market.
5. Get to know your neighbors
Always consider what businesses are operating near your planned location. These can affect the image of your business and may give wrong impressions to your potential customers.
For example, a laundry shop will probably not do well if it’s located beside a vulcanizing shop because these establishments give conflicting images of cleanliness. However, a coffee shop may be able to drive customers in if it’s located near a video rental shop because both businesses usually have the same target market.
6. Check it against your space, facility and utility requirements
Will the area be enough for your business? It may be tempting to lease out an area because it’s in a good location or because the rent is cheap, but always make sure that it can also satisfy your space requirements and has all the facilities you need.
Additionally, check your utility service providers if the place is within their coverage area. A friend of mine almost rented a place to put up an internet cafe but he canceled his plans when he found out that there is no broadband internet service available for the area.
7. Be aware of the local ordinances and zoning policies
Don’t jeopardize your business by operating illegally. Make sure that your business location will not break any city ordinance or zoning policy. For example, adult entertainment establishments are normally banned from operating within a certain distance from schools.
Furthermore, you should also be aware of other local regulations that could affect your business operations. For example, most homeowners’ associations ask for monthly fees to operate a business inside their subdivision. You should become aware of this and include it in your initial capitalization and list of overhead costs.
8. Consider possible plans for expansion
This may not be an immediate concern, but optimistically thinking about business expansion helps in determining the potential of your desired location. Moving your business to another location is not an easy task. That’s why you have to consider the options available if ever your business would grow and require more space.
If it’s not possible to rent out the adjacent lots or do a reconstruction of the place, then at least go around the area to see if there are bigger and better spaces you can move into when the time comes.
Step 13:
Register Your Business
How To Register Your Business In The Philippines
What are the Philippine government agencies that you need to register with when starting a business?
Remember that it is important to register your business to avoid any legal problems once business operations start. Furthermore, it’s common practice for competitors to check on you if you have all the necessary registrations completed because if not, this will be an opportunity for them to disrupt and delay your operations by notifying the proper authorities.
Below are the government agencies that you have to contact in order to give your business a legal personality.
Depending on the structure of your business, your first step is to get a certificate of registration for your business name in one of these agencies:
• Department of Trade and Industry (DTI) – for single proprietorship
• Securities and Exchange Commission (SEC) – for partnerships or corporations
• Cooperative Development Authority (CDA) – for cooperatives
After getting your certificate of registration, you will need to visit the following offices:
• Homeowners Association – for businesses inside villages and subdivisions, you need to get a homeowner’s clearance
• Barangay Hall – secure a barangay clearance to operate your business
• Local Government Unit (LGU) – visit the municipality or city hall office and process your business permit
• Bureau of Internal Revenue (BIR) – apply for a business taxpayer identification number (TIN), register your books of accounts, point-of-sales (POS) machines and receipts
At this point, you may now legally start your business operations, but you’ll need to then register your employees (which may include yourself) to the following agencies:
• Social Security System (SSS) – secure an SSS number for yourself and your employees
• Department of Labor and Employment (DOLE) – for businesses with five workers or more, register your business with DOLE
• Home Development Mutual Fund (HDMF) – as required by RA 7742, SSS members earning at least P4,000 a month must be registered with HDMF. This agency administers the Pag-Ibig Fund.
• Philippine Health Insurance Corp. (PhilHealth) – all employers of are required to register their employees to this agency as stated in the New National Health Insurance Act (RA 7875 / RA 9241). PhilHealth manages and administers the government health care system.
Furthermore, there are certain businesses that are required to secure a special clearance, permit or license from selected government agencies. Check if your business falls under any of the categories below and note the document that you need to secure and where to get it.
• Animals, animal products, animal facilities, veterinary drugs: registration certificate from the Bureau of Animal Industry
• Aquatic animals, importation, fishpond lease agreement: permit from the Bureau of Fisheries and Aquatic Resources (DA-BFAR)
• Fertilizer products, pesticide products: registration certificate from the Fertilizer and Pesticide Authority (DA-FPA)
• Fiber, fiber products processing and trading: registration certificate and commodity clearance from the Fiber Development Authority (DA-FIDA)
• Film and television production and distribution: registration certificate from the Movie & Television Review and Classification Board (MTRCB)
• Firearms, ammunition and explosives: permit from the Firearms and Explosives Division of the Philippine National Police (FED-PNP)
• Food, chemicals, health related business: registration certificate from the Bureau of Food and Drugs, Department of Health (DoH-BFAD)
• Flour, corn and grains related business: operations and license from the National Food Authority (DA-NFA)
• Pawnshop, lending and finance related businesses: registration certificate from the Central Bank of the Philippines, Department of Finance (DoF-BSP)
• Plants and plant products: nursery accreditation, registration, seed and phytosanitary certificates from the Bureau of Plant Industry (DA-BPI)
• Recruitment or placement agency for foreign employment: registration certificate from the Philippine Overseas Employment Administration, Department of Labor (DOLE-POEA)
• Recruitment or placement agency for local employment: registration certificate from the Bureau of Local Employment (DOLE-BLE)
• Schools, technical-vocational and other educational institutions: registration, accreditation and permits from the Department of Education (DepEd), Commission on Higher Education (CHEd) or from the Technical Education Skills Development Authority (DOLE-TESDA)
• Security agency business: permit from the Philippine National Police, Department of Interior & Local Government (DILG-PNP)
• Meat plant and slaughterhouse operations: accreditation and registration certificate from the National Meat Inspection Commission (DA-NMIC)
• Mining, quarrying, logging, waste management and related businesses: permit from the Department of Environment and Natural Resources (DENR)
• Motor vehicles, automotive & heavy equipment, engineering, electronics, electrical, office & data equipments, medical & industrial equipment, appliances & devices: accreditation license from the Bureau of Trade Regulation and Consumer Protection (DTI-BTRCP)
• Real estate projects: register with the Housing and Land Use Regulatory Board (HLRUB)
• Sugar, muscovado, sugar-based products and related businesses: registration certificate from the Sugar Regulatory Administration (DA-SRA)
• Telecom business: license from the National Telecommunication Commission, Department of Transportation & Communication (DOTC-NTC)
• Tourism-related projects: registration and accreditation certificate from the Department of Tourism (DOT)
• Transportation: permits from the Land Transport Franchise & Regulatory Board (DOTC-LTFRB) or Maritime Industry Authority (DOTC-MARINA)
• Video production, sales and rental: accreditation from the Optical Media Board, Office of the President (OPOMB)
• There may be other special registrations needed for other businesses that were not mentioned above. It’s best to ask the Department of Trade and Industry for any specific inquiries regarding this matter.
Registering your business legally in the Philippines is not a difficult task. It may seem confusing at first but there are always help desks and assistance available in these agencies in case you get lost in the process.
Step 14:
Launch Your Business
How To Plan An Effective Business Grand Opening
After months of research, preparation and hard work, it’s finally here – the grand opening for your business.
It’s the day when you formally open your doors to customers and start making money.
But what else do you need to do on this day aside from cutting that ribbon with those over-sized scissors?
The grand opening for your business is more than just a day for celebration. It is also a chance for you to make the best impression to the community, to get people talking about your business, and to drive customers into your new store.
In short, it is your first marketing plan.
So how do you effectively hold a business grand opening? Here are some things you should keep in mind when planning for your business debut.
Soft-Opening
Some entrepreneurs like doing a soft-opening to ensure that all systems in the business are running smoothly before going on full operation. If you plan to do this, then hold a simple soft opening party and invite your family, friends and close business contacts. This will build anticipation in them for the grand opening and create initial buzz among your social circle.
Announcements
Announce the exact date of your grand opening a week or two before. Display visually interesting signs and banners that catch attention. This will gain the interest of the public and hopefully, some local press. Print out flyers and distribute them to the community. If you have the budget, advertise in your local newspaper or lease a billboard in your area.
Invitations
Send out invitations not only to friends, but more importantly to your business contacts, specially suppliers and potential clients. This is great in establishing a good professional relationship with them and encouraging initial transactions and sales.
Media
Send out a press release. Invite local newspapers and magazines to do a feature article on your new business. The same goes if you have local radio and television channels. Give them a reason why your grand opening is newsworthy and why your business is a good feature topic. However, if budget is a constraint, you can always opt for social media and invite bloggers to attend your launch.
Grand Opening Activities
If you’ve done your homework, then you can expect a lot of people coming to your business groundbreaking. Now it’s time to make sure that they’ll enjoy their time during the event. Aside from food and entertainment, make a short program that will introduce your business to the guests, tell the inspiration of the business, it’s mission and vision, and relate to them why they should support your products and services.
Souvenirs
It’s optional but highly recommended that you provide your guests something to take home with them. These can be press kits, business profile and product lists and some free goodies which can be gift certificates or discount coupons. The objective here is not only to make the event more memorable but also to encourage them to return to your business no longer as a guest, but as a customer.
It doesn’t matter if your business is an office inside a corporate building or a retail shop at the mall, a grand opening is an important part of starting a business. And it doesn’t have to be as grand as it says nor as elaborate as it sounds.
It can just be a simple gathering if you really want it that way – for in the end, a business launch is really more than just a marketing strategy – it’s actually your first symbolic pat on the back, for a job well done.
Step 1:
Are You Ready To Be An Entrepreneur?
What’s the first thing you need to have before starting a business?
Is it the money to invest? Or is it a profitable business idea? A great product perhaps?
The short answer is NO.
If it is not the capital nor a sound business plan nor a useful invention, then what is it that you need to have first if you want to start your own business? The answer is an entrepreneurial spirit.
Preparing yourself mentally for this new chapter in your life is one of the most crucial tasks that you need to accomplish. Many business starters fail at their endeavors not because they failed to properly seize opportunities, but simply because they failed to shift their philosophies and beliefs and still carried the mindset of an employee.
If you think you’re ready to become an entrepreneur, then check yourself against the following questions and see if you are truly ready to be rich:
• Am I ready to take calculated risks, experiment, make mistakes and learn new things?
• Do I accept full accountability for everything that has happened and will happen in my life?
• Am I ready to work hard and finish everything that I set out to do?
• Do I keep my promises and value my word?
• Am I systematic and try to keep things in proper order?
• Do I believe that great wealth takes time to build and does not come instantly?
• Am I optimistic about life and always seek out the best in people?
• Do I have the skills to find a problem and turn it into opportunities?
• Am I willing to stop complaining about the problems of the world and start to become an active part of the solution?
• Do I know the true value of financial freedom in my life?
Entrepreneurs are made, never born. They are creative, innovative, systematic and efficient problem solvers. Money naturally follow them because they do not actively seek it; they would rather focus their time in finding solutions and opportunities to share with others. They value discipline, perseverance and hard work while keeping a healthy perspective on life. Lastly, they understand that wealth creation is a steadfast progression of learning and giving service to the world.
Step 2:
Come Up With Your Business Idea
What’s a good business to put up today?
I’ve been asked this question so many times and I have always answered the same way, “It all depends on what you are passionate about and what you believe you can do.”
After that, I would often see disappointed faces who were expecting a more concrete answer from me.
I couldn’t blame them, their entrepreneurial spirit is still young. It needs nurturing so that it can grow to its full potential.
“Are you really sure you want to put up a business? We can talk more and I’ll help you discover the right business for you,” I’d immediately follow and their disappointment soon turns into excitement.
If you are hoping to start your own business, then be sure that you are prepared to start and see the venture through the end. Building a business is not a leisure walk in the park. Yes, it is exciting and inspiring but it will require discipline and commitment to succeed. So before starting anything, make time for some reflection and think things through.
Are you ready to be an entrepreneur? If your answer is yes, then your next step is to look for that winning business idea.
Introspect
Do you have any special talents? What are your hobbies? What are you passionate about? Sometimes, we don’t have to look far to discover the right business for us. Evaluate your skills and interests and see if there’s a way to make money from it.
Many successful restaurants, such as Cafe Ysabel, were started by chefs or by people who simply loved cooking. Do you like meeting people and attending parties? Then start a PR firm or an events management company. I know someone who put up a coffee shop because he likes having good conversations over a cup of cappuccino. He now enjoys doing that with his regular customers.
Furthermore, you can also consider the technical skills and trainings which you have learned from your job as inspiration. Are you a customer service representative? Then start an employment recruitment agency and be a headhunter for call center agencies. A local gym in my area is owned by someone who used to work for an international fitness company as a personal trainer.
Think of what you love to do and start from there. Entering a business which you are passionate about ensures that you will have the enthusiasm and determination to make it work.
Investigate
Setting ourselves to an idea hunt will make us more susceptible to concepts with strong earning potential. Take on an investigative mind and identify current market trends and fads which you can adopt into a business.
Read the newspaper and buy a few magazines about entrepreneurship to get an update on profitable industries to invest in. Try to learn what’s currently in demand in other cities or other countries and see if you can bring that business to your local market. I advise that you investigate in your own niche and industry first so that you can likewise set up for possible innovations.
Stylish underwear was not something that Filipinos seriously thought about in the early 1990′s. Although back then, Calvin Klein is already making it’s mark as the leading brand for men’s undergarment fashion. This trend slowly caught up in the Philippines but only the upper class could afford such expensive brands.
Local clothing company, Bench saw this opportunity and created their own underwear line and marketed it to the middle class. Young urban professionals took the product and this became another landmark in the business success of that company.
Imitate
Joining a business bandwagon is not a bad idea either. Study the market and look for products and services experiencing sudden but sustained increase in demand. Pinoys witnessed the rapid popularity of Zagu and Siomai House during the turn of the recent century. Not long after, numerous pearl shake stores came out left and right and tried to earn profits from the consumers’ unquenchable thirst for this beverage trend.
If you decide to venture into this type of business opportunity, be sure to act fast so as to maximize your income. More importantly, draft the future action plans of your business so that you won’t be left with losses when the fad runs out of fuel.
Aside from trends, you could also invest in established niches and industries with a track record of profitability. The food business is one of the best examples because it caters to a basic human need. This is the reason why lechon manok or roasted chicken stores continually flourish in the country. It’s general appeal has been inculcated in the Filipino food culture and remains as one of the most appetizing cuisines at the dinner table.
Venturing into this type of business can be difficult because you will be competing with more established companies with an ingrained customer loyalty. One way to solve this problem is to consider acquiring a franchise of these businesses and laying your foundation in an area not yet reached or fully penetrated by the brand.
Innovate
I was inclined to say Invent as the last way to find a good business idea but I changed my mind and settled with Innovate. While it is true that pioneering minds led to the formation of many great companies such as Ford, GE and IBM, I believe that we have surpassed the period of invention and is now living in an era of innovation.
Most, if not all, of the products and services that come out nowadays are improvements of the original version or an integration of several old concepts. Fostering an innovative mind starts with opening your eyes to what’s around us and allowing ourselves to think different.
Look in your periphery and search for things that you can remodel or reinvent. Start by being critical to the products and services which you frequently avail and ask yourself, “If given a chance to innovate, what would I do to improve and add more value to this?”
My favorite example to this technique is Ice Monster. Their slogan claims that it’s a new way of eating ice – and if you look at their products, the concept is really nothing new. The Snow Cone was invented in 1920 and it became a big hit. Ice Monster just innovated on the idea and instead of the brightly colored sugary syrup, they used real fruits to top their finely shaved ice.
So what’s a good business to put up today?
The best answer lies in integrating the basic principles discussed in this article.
Introspect or find your passion, then investigate and look around for ideas and opportunities that goes in line with your interests. Consider the needs of the people; an entrepreneur is a problem solver. Create a business that will fulfill a desire.
Once you have decided on your niche, study and learn from similar businesses and see if you can imitate their success. Lastly, remember to offer something new to your target market by innovating, offering fresh ideas and giving value-added experiences to your consumers.
Step 3:
Evaluate The Profitability of Your Business Idea
You finally have that winning business idea. You feel excited and anxious to start your business.
But don’t be in such a hurry, that great business idea you think that you have may not be so great after all.
So how do you know if you’re holding a goldmine or a land mine that will just blow your money away?
Here’s five steps to ensure that you’re not leading yourself to a trap:
Is the business compatible with you?
Seriously evaluate your business idea if it’s something worth pursuing on your part. Get past the excitement and begin to objectively enumerate the reasons why you think that this idea will work for you. More important than the feasibility of the idea is your compatibility with the business. Consider your industry experience, your interests, your lifestyle and your resources – do these complement your intended field of business?
Put yourself in the shoes of the consumer
A business must genuinely give value to its consumers so it will continue to grow and profit. Pretend that you’re one of the potential customers of the business. Do you imagine yourself buying your own product or availing your own services? Belief to one’s own claim and offer is a basic requirement for all entrepreneurs. If you don’t believe in your own product, what makes you think others will?
Find a mentor and share your thoughts
Whether it’s your first time to put up a business or not, I always advise to find someone with a good entrepreneurial track record and ask for advise. Talk with people you trust and respect. Relate to them your business idea and explain your objectives and your plans. Sharing your thoughts will give you more perspective on your business idea and lead you to some points that you might have failed to consider.
Talk to your potential customers
Share your idea to some potential customers and ask for their opinion. Ask for an honest evaluation if the business idea will work or not. If not, what can they suggest to improve the product or the service to make the idea profitable. Remember to consider these constructive criticisms when you decide to pursue this endeavor. But don’t be afraid to junk your idea if there’s really a resounding disagreement from your target market.
Write your business plan
After doing everything and you still really believe that you have a winning business idea in your hand, then it’s time to write your business plan. Having one enables you to see the whole picture – the business set-up requirements, the capital you need, the product specifications, market competitions, operations and management teams and financial projections. In short, you’re now ready to get your hands dirty and do some hard work to start your own business.
Step 4:
Do Market Research
If you’re planning to put up, expand or improve your business, then you need a good market analysis to guide your actions and decisions. Conducting market research allows you to learn about the feasibility of your business and the marketability of your product or service. It will give you a comprehensive understanding of your target market which in return, can help you position your business in the correct niche.
As previously discussed in Market Research 101, there are mainly two types of data: quantitative and qualitative. Furthermore, we have identified three areas of primary consideration when doing research, these are customers, competition and environment. As you prepare your tools to gather and consolidate your findings, you must also qualify them according to their sources — primary and secondary.
Primary information are data which you gathered directly from the three areas mentioned. An example would be findings from customer surveys and focus group discussions or feedback from mystery shoppers which you hired to check the competition. Secondary information, however, are data which came from research done by other institutions or marketing firms. Although primary information gives you a more accurate view of your market, secondary information are usually readily available and can easily be gathered at no or low cost.
So how do you conduct your own market research for your business?
The first step is always to define your objectives why you want to conduct a market study. Once you know your research objectives, then you can easily design and layout your plan of action. Below are just a few of the things you can do to be able to conduct your own market research and find out if the business you’re planning to put up will be feasible or not.
How To Get Primary Information
1. Design a brief questionnaire that asks the most essential information for your study and survey suppliers and potential customers. Brave enough? Get a local telephone directory and call random households. Make sure that you’re courteous and don’t take it personally if they react negatively to your requests.
2. Organize a focus group discussion of your target market and encourage them to give their thoughts and expectations from your business. It’s usually best to start with the people you know and eventually encourage them to refer others that have the time to participate in the next FGD schedule.
3. Employ mystery shoppers and ask them to check out your competition. Feel free to do this yourself if you’re on a tight budget. I remember Mr. Tony Tan Caktiong, founder of Jollibee Foods Corp., sharing at a speech that they used to count the garbage bags of competitors to estimate their sales and found that it was pretty accurate.
4. Give out samples of your products to your target market and ask for honest feedback. If you can, conduct product sampling in a commercial establishment, just be sure to ask permission from the mall administrator before you set up your booth.
5. Observe the foot traffic and the demographics of planned business locations. This will give you a good estimate on how much walk-in clients your establishment can potentially have. Try to study on different days and times to make your data more comprehensive.
Where To Get Secondary Information
1. The internet is a vast source of information you can use to learn about business trends. You could start looking in community forums and perhaps join in the discussions. For Pinoys, you can check out the business boards of PinoyMoneyTalk, Entrepreneur and PinoyExchange.
2. Syndicated reports are available from research firm websites such as ACNielsen. Sometimes available for a fee, these information will provide you with comprehensive industry performance reports and market volumes.
3. Government agencies have public libraries which you can visit to do background research on businesses and industries. Their websites can likewise provide valuable information on overviews and statistics for various economic sectors. In the Philippines, you can visit the office of the Department of Trade and Industry (DTI) to get leads or perhaps visit the Philippine government portal at www.gov.ph to get data from the National Statistics Office (NSO), National Economic Development Authority (NEDA) and many others.
4. Academic papers done by undergraduate and graduate students are usually available in college and university libraries. Check your alma mater if you can acquire special privileges to access them.
5. Publicly listed companies release annual reports and financial statements which you can use to study industry perfomance and operations. In the Philippines, these reports are available at the office of the Securities and Exchange Commission (SEC).
6. Lastly, you can read books, magazines and other publications to get information. Look for special industry reports and articles as well as current business trends.
Step 5:
Design Your Business Model
A Simple Guide To Choosing The Right Business Model
An integral part of starting a business or launching a new product to the market is determining the business model best suited for your enterprise. This will make up your basic framework on how you will create and provide value to your consumers and consequently, generate revenue. Numerous companies have found success and profits by simply developing unique and creative business models.
Currently, there are many existing business models that one can study and adapt. Each industry would usually have its own prevailing business model. By simply scanning your environment, doing research on your target market and studying your internal resources, one can easily find the best business infrastructure that would ensure optimum cashflow.
Before we discuss how to come up with the right business model, let us first look at the most basic and probably the oldest business model, the shop keeper. This is the framework commonly utilized by small businesses such as the sari-sari store or your neighborhood barber shop. Under this framework, one simply needs to find a suitable location, put up the store, display the products and wait for customers to come. Transactions and payments are made directly and immediately without the necessity to provide additional support after the sale is made.
If all businesses were run like this, then you could imagine how hard it would be to market big products and more complicated services. This is the reason why over the years, business models have been created to provide more sophisticated means to generate revenue for the company. There is no definitive list of business models that one can choose from although there are those which have been proven both efficient and profitable. Some of these are the subscription model, the bait and hook, the auction business model, multi-level marketing and the premium service business model.
What is a business model and how do we create one for our business?
Basically, a business model is a simplified description of how a company will run with respect to maximizing revenue. It can pertain to the core operation of the business or just a part of the enterprise such as specific product or service offerings. In general, conceptualization of a business model is done by synthesizing nine different aspects of the business and analyzing these data to come up with best framework that will provide optimum profits. By seriously considering these building blocks and focusing to enhance one or two aspects, a business can come up with an effective infrastructure to find success.
The Nine Building Blocks of Creating A Business Model
1. Value Proposition – what are you offering to your customers?
2. Customer Segment – to whom specifically are you offering your product or service?
3. Distribution Channel – how are you planning to reach your customers?
4. Customer Relationship – how does your target market perceive your company or product?
5. Core Capacities – how well can you execute various business models?
6. Value Configuration – is the business model beneficial to both the business and the customers?
7. Partner Network – how can your business alliances contribute to the framework?
8. Revenue Streams – how will the business model create profit?
9. Cost Structure – how much will it cost for you to execute the business model?
Success Stories In Business Modeling and Innovation
Designing an effective framework often leads to various innovations that propels businesses to excel in their fields. Moreover, coming up with such systems help provide effective strategies to reach your target consumers. Below are examples of how business modeling and innovation worked for some companies:
• Cebu Pacific Air’s low-cost airline fares whose value configuration was designed to target non-travelers in the country
• Gillette innovated on the bait and hook business model by selling their razors for an extremely low price in order to generate income from repeat sales of their blades
• Forever Living products found success in using multi-level marketing as a distribution channel
• Intel thrived on partnerships within its business network to market their processing platform
• Google tapped an innovative revenue stream by linking highly specific search results and content with text and image advertisements
Personal Case Study: Water Refilling Station
Let us try to see what we’ve learned by studying one of the most common businesses we see locally, the water refilling station. Over the years, this enterprise had increased in numbers around the metro, causing competition levels to soar. If you’re planning to put up your own, it may help to consider various business models that can give you an edge in the market. Traditionally, the revenue model of this business has been the shop keeper model.
I was fortunate to talk to one of the water refilling station owners in our village and asked him how his business was able to survive through the years amidst growing competition and market saturation. Here are some of the things I’ve learned and how these strategies relate to the nine building blocks of business modeling:
• He targeted not just the local residents but also tapped nearby food establishments, proposing consignment orders and bulk discount rates (Customer Segment and Partner Network)
• He gave away free water dispensers to households in exchange for one year weekly water delivery subscription. (Customer Relationship and Value Configuration)
• He also sells cheap ice cold water as retail to tricycle drivers (Distribution Channel and Revenue Streams)
If you have an existing business or planning to start one soon, then I suggest that you seriously consider innovating on various business models. Doing so can really help you make your venture a success.
Step 6:
Define The Mission, Vision and Values of Your Business
Mission, Vision and Values: Defining The Purpose Of Your Business
You’d probably notice that in most corporate offices, mission and vision statements along with the company’s list of core values are beautifully framed and displayed on the walls. Why do you think so? Well, the reason for this is not only to inspire but more importantly, to guide and remind the organization of its purpose, direction and philosophy.
If you’re thinking of starting your own business, even if it’s just a small one, creating and defining your mission, vision and values is important. On a personal level, it will motivate you to succeed. Your employees, upon realizing that they are part of a noble cause, will be more inspired to work. And investors, specially if they see merit in your corporate mission, will be willing to help you achieve your aspirations.
MISSION STATEMENT
This gives the reason why you’re putting up the business. When setting your mission statement, give your business its sense of purpose. More than making money, it must define a noble cause such as providing quality service and making lives better. Take it even further by writing down how you plan to deliver this purpose. A mission statement moves the mind into action.
VISION STATEMENT
This is the goal of your business. When creating a vision statement, don’t censor your thoughts and allow yourself to dream big. This is what you desire for your business. This is what you want it to become in the future. A vision statement excites the imagination and gives you a surge of energy to work and make it a reality.
VALUES STATEMENT
These are the guiding principles of your business. When defining your core values, try to imagine how you would want others to describe the company and its people – passionate, committed and honest are examples that you can choose. A values statement summarizes the virtues that the organization must inculcate to carry out its mission.
To give you an example of how these are done, I’d like to share to you the mission, vision and values of one of the most successful companies in the world, The Coca Cola Company.
Everything we do is inspired by our enduring Mission:
• To Refresh the World… in body, mind, and spirit.
• To Inspire Moments of Optimism… through our brands and our actions.
• To Create Value and Make a Difference… everywhere we engage.
To achieve sustainable growth, we have established a Vision with clear goals:
• People: Being a great place to work where people are inspired to be the best they can be.
• Planet: Being a responsible global citizen that makes a difference.
• Portfolio: Bringing to the world a portfolio of beverage brands that anticipate and satisfy peoples’ desires and needs.
• Partners: Nurturing a winning network of partners and building mutual loyalty.
• Profit: Maximizing return to shareowners while being mindful of our overall responsibilities.
We are guided by shared Values that we will live by as a company and as individuals:
• Leadership: “The courage to shape a better future”
• Passion: “Committed in heart and mind”
• Integrity: “Be real”
• Accountability: “If it is to be, it’s up to me”
• Collaboration: “Leverage collective genius”
• Innovation: “Seek, imagine, create, delight”
• Quality: “What we do, we do well”
Source: The Coca Cola Company website
Lastly, writing a mission, vision and values statement is not limited to organizations and businesses. It can also be applied to our own selves. What do you believe is your purpose in life? How do you see yourself in the future? And how do you want other people to see you as a person? I believe that by answering these questions, you’ll be able to find ways to enjoy life and make it better.
Step 7:
Choose The Right Business Structure
A Guide To Choosing The Right Business Structure
When you’re starting a business, one of the things you need to decide on is its business structure.
Choosing the right type of business entity is important because it directly affects your tax payments, administrative tasks, business risks and development.
In general, you should go for a business structure that gives you the most protection and the least obligations as possible.
This means ample protection of your rights as the owner of the business, as well security of your personal assets, but without drowning in too much paperwork and legal requirements.
So how do you choose the right business structure?
First, you have to know the different types of business ownership that one can organize. Under the Philippine law, they are:
Single or Sole Proprietorship (S)
A business structure owned by an individual. He or she has full control and authority over all assets of the business. That individual will enjoy all the profits but would also personally owe and must pay all liabilities that the business will incur. A sole proprietorship must apply for a business name and be registered with the Department of Trade and Industry (DTI).
Partnership (P)
A business structure owned by two or more individuals. The owners are called partners and under the Civil Code of the Philippines, this partnership is treated as a juridicial person which has a separate legal personality from that of its members.
Furthermore, this can either be a general partnership (GP) or a limited partnership (LP). A general partnership is where all the partners have unlimited liability for the debts and obligations of the partnership while in a limited partnership, there exists at least one person with unlimited liability while the others have liabilities of only up to the amount of their capital contributions.
In the country, a partnership with more than three thousand pesos (P3,000.00) capital must register with the Securities and Exchange Commission (SEC).
Corporation (C)
A business structure owned by at least five (5) individuals, usually more. The owners are called shareholders and they all have liabilities limited to the amount of their share capital. Like partnerships, a corporation is treated legally as a personality separate and distinct from that of its shareholders.
A corporation can either be stock or non-stock. A stock corporation has a capital divided into shares which are distributed to the investors, who in turn, receives dividends and allotments of the surplus profits according to the number of shares they hold.
On the other hand, a non-stock corporation is an entity organized for public purposes such as charitable, educational, cultural or similar purposes. It does not issue shares of stock to its members.
Here in the Philippines, corporations are regulated by the Securities and Exchange Commission (SEC). Its minimum paid up capital must be five thousand pesos (P5,000.00).
What are the factors you should consider when choosing a business structure? In general, these are:
1. The degree of control you want to have over the business.
o S – full control
o P & C – control is shared with partners and shareholders
2. The degree of formal organization you need.
o S – very simple, least formal
o P – moderately complex, can be quite formal
o C – most complex, very formal
3. The need to protect against liability for business actions.
o S – full liability, there is risk to lose personal assets
o GP – liability is shared with partners, there is risk to lose personal assets
o LP – liability is shared with partners, no risk to personal assets
o C – liability is shared with shareholders, no risk to personal assets
4. The ability to attract investors.
o S – quite hard to attract investors
o P – moderately easy to attact investors
o C – easy to attract and incorporate new investors
5. Legal and tax requirements.
o S – simple and usually straightforward, but pays the most taxes among the three
o P – quite complex, reasonable tax dues
o C – most complex and can be quite tedious, but relatively pays the least amount of taxes
I suggest that you give yourself enough time to study these business structures, specially the legal and tax requirements, before deciding on what to apply for.
However, based from experience, a sole proprietorship offers the best business structure for start-ups. Simply because it is the easiest to process and accomplish, which in return, gives you (and your partners) more time to focus on developing and establishing the business.
If you’re doing this strategy, do make sure that you have an internal agreement that explicitly obliges the assigned proprietor an obligation to share the profits to the partners and shareholders. But more importantly, when the business becomes stable and starts to steadily grow, be sure to migrate to a partnership or a corporation to make everyone a legal owner of the business.
In general, always consider starting with the most simple business structure that is appropriate for your venture. And then adopt more complicated structures only when there is a necessity, such as to answer concerns with authority, control and liabilities or when there is a specific legal or tax advantage.
Step 8:
Write A Business Plan
How To Write A Business Plan: The Essential Parts and A Free Sample Template
To be an entrepreneur, one of the basic things you have to learn is how to write a business plan. This is a very important task which you need to do specially if you’re thinking of putting up a new business.
In a simple sense, a business plan serves as your road map that will guide your business to success.
The Philippine Department of Trade and Industry defines a business plan as a written outline that evaluates all aspects of the economic viability of your business, including a description and analysis of your prospects. Thus, writing a business plan is really an essential step for any prudent entrepreneur to take, regardless of the size of the business.
Having a business plan lowers your financial risk. It happened several times in my life already when I had to forego or delay a particular venture because the business plan showed that my current resources were not enough to make it successful. In a way, I was able to save money, time and energy by being diligent in writing a business plan.
“The most intelligent man (or woman) living cannot succeed in accumulating money–nor in any other undertaking–without plans which are practical and workable” – Napoleon Hill, Think and Grow Rich, page 83
Business plans come in many forms, mostly depending on where it will be used. It can just be a two-page pitch for a venture capitalist or a 20-page feasibility study for yourself and your potential investors. However, regardless of the intended purpose, a business plan usually has these common and essential elements:
Mission, Vision and Values Statements
These define the philosophy and purpose of your business. It states your ultimate goals and describes how you want your business to be regarded by your target market. For guidance regarding this matter, you may refer to my previous article entitled, Mission, Vision and Values: Defining The Purpose Of Your Business.
The Executive Summary
This is a concise summary of the plan’s important points. This section gives a synopsis of your entire business plan and is often intended to give readers a clear idea of what the business is all about. Although placed at the beginning of the document, it is actually written last, after the entire business plan is completed.
Business Description
This section will explain in greater detail what the business is all about. It will also state the rationale behind the business – it’s importance, target market and profitability. This part also describes the business processes involved in running the venture as well as the business model that will be used. It shall also enumerate the equipments that will be utilized, the space requirements and other operating necessities.
The Business Organization
This portion lists the key positions in the business organization, including the different departments, the required number of personnel and the duties and responsibilities of each person involved. You can also provide a profile description of the management team. Write down the necessary leadership skills, personal resources and required background experience of the people that will run the business.
Products and Marketing Plan
This part will discuss the products and services of the business. What are you offering? Who is your target market? How big is your audience? What is the current situation of the industry? Along with your demographics and market analysis, provide the strategies that will be used to influence sales. This means defining your edge and showing how you plan to compete against existing brands.
Financial Strategies
If you’re pitching your business plan to potential investors, then you must make this part as comprehensive as you can. This section describes how the money will flow in and out of your business. Include a breakdown of capitalization expenses, a detailed budget for operating costs, sales and profit projections, a breakeven analysis, the expected duration for return of investment (ROI) and other performance statistics. Your financial strategy must show investors that your business will be profitable; but more importantly, it should provide you with a realistic view of how the business is expected to perform.
The internet is full of resources and useful information on how to write an effective business plan. Some of them will provide you with a more detailed guide on each section and teach you how to design a business plan for specific needs. Nevertheless, I would like to share with you a business plan sample template which you can use. Just click the free tool to download this Microsoft Word file.
FREE TOOL: Business Plan Sample Template
Step 9:
Plan Your Production System
Planning A Business Production System
Production is an integral part of a business, specially for retail ventures. Even if you have a great product, if you cannot meet the demands of your market, then your business will not enjoy optimal profits.
This is why having an efficient business production system is important. It ensures that you’re producing quality goods that can serve your customers’ needs.
Let’s say that you have a dim sum cart food stall inside a mall. At present, you’re just buying ready-to-cook siomai in the grocery. With this setup, your profit margin may be low despite a good volume in sales.
To increase your profits, you decided that you’ll just make your own siomai at home. Hopefully by doing so, you’ll have lower product expenses and have a chance to further increase your profits by venturing into distribution of your home made siomai to other client markets (such as other dimsum food cart sellers).
However, making this transition from “buying and selling” products to “producing your own” products is not as simple as setting up a production system at home. You need to carefully plan and make sure that the production processes you decide upon will meet the demands of the business, as well as your customers.
Here are the things you should consider when planning your business production system:
Human Resource
It may be ideal to just do everything yourself but it’s never good to always do so. Plan the manpower you’ll need. Determine the tasks needed to produce your goods and learn to delegate them into specific roles.
In the case of my example, some of the manpower needed may be – the one who’ll buy the raw ingredients in the market, the one who’ll make the siomai, the one who’ll do the storage and inventory of the products and the one assigned for store deliveries. You may be able to do all these at first. But what happens when the demand goes up or worse, you get sick?
Raw Materials
Since you’re now producing your own goods, there is now a need to find suppliers for your raw materials. You may want to read my previous article on where to find suppliers for your business to help you on this.
So from the supermarket grocery, you’ll now go to direct suppliers of meat and vegetables for your siomai production. At this point, you’ll have to list down all the ingredients of your siomai and determine primary and secondary suppliers for each one. In addition, you may have to also consider plastic suppliers for your packaging, among other things.
Equipment and Machinery
An essential part of any production system is the equipment and machinery. It may be easy to do it manually or with existing equipment at the start, but when the demand significantly increases, you’ll need the help of additional or better machinery to meet the production requirements.
Back to your siomai production, let’s say your current steamer at home allows you to produce 500 pieces a day, which is just enough to supply your food cart business.
Then one day, an office canteen concessionaire decides to get you as a supplier for raw dim sum, requesting that you deliver 1000 pieces every week. Before you celebrate and make a deal, determine first how this will affect your production. You may need to buy a larger or additional steamers (among other equipment) to meet the incoming production demand.
Human resource, raw materials, equipment and machinery – these are just the first few things you need to consider when planning the production system of your business.
So far, we’ve discussed human resource, raw materials, and equipment and machinery. These are our primary considerations when planning for a business production system.
In this second part, we’ll talk about the integration of these “basic ingredients” and learn what makes up an efficient production system.
The last four things we need to consider if we want to produce our own goods are cash flow, time, processes and management. Let’s examine these further:
Cash Flow
Cash is king. Every decision you make for your business must consider how it will affect cash flow. Setting up a production system requires financial investment not only on equipment and machinery but also in space and manpower. Larger ventures should also consider the cost of permits for setting up a production plant. Make sure you can cover everything.
Remember our siomai production? If your kitchen at home is small, then you might need to do some renovations or transform your dining area to accommodate your production. You should also consider the salary of the additional personnel you’ll be hiring.
Time
Time means doing a balancing act between supply and demand. Study the production volume capacity of your setup and determine if it will meet your requirements. Also be careful not to overproduce, specially if your goods are perishable. Moreover, remember that having too much inventory could also affect cash flow.
How many dimsum can you make in a day? Can this meet your daily requirements? Up to how much demand can your planned production setup handle? Where will you store the excess goods? How much inventory can you afford to keep and for how long?
Processes
A production system is made up of processes, from acquiring your raw materials until the delivery of your goods. Make sure that each step is well-documented and carried out without any deviation nor modification. Quality standards should also be in place to make sure that your products remain consistent.
For your siomai production, this means having quality control over your ingredients, a detailed recipe with proper preparation and cooking procedure, instructions for correct handling, packaging and delivery of your finished goods. Likewise, there is a need for a clear definition of the duties and responsibilities of each staff position.
Management
Management is the glue that holds everything together. Most business owners would handle this responsibility but hiring managers should be considered specially for large production systems. In the simple terms, management checks and rechecks everything and ensures that your production is working like a well-oiled machine.
So again, that’s human resource, raw materials, equipment and machinery, cashflow, time, processes and management – the essential factors that make up an efficient business production system.
Looks like a lot of work, right? Yes it is but in most cases, the most difficult part is just setting it up. Once you’re able to make everything run smoothly, there will be less worries and more profits and opportunities for your business.
Step 10:
Determine How Much Startup Capital You Need
How Much Business Startup Capital Do You Really Need?
When you’re planning to start a business, these questions are probably the first things that cross your mind.
How much startup capital do I need? Do I have enough money? Can I afford to put up this business?
If you want to calculate the amount of startup capital needed for your business, you simply have to focus on two areas. The first one is the pre-operation expenses and second, the monthly operational expenses.
Having a reasonable assumption of these financial costs will give you a good estimate on how much startup capital you really need to turn your business idea into a reality.
Let’s now look into these in greater detail:
Pre-Operational Expenses
These are the typical considerations for your pre-operational expenses. It’s important to note that writing a business plan will really help you in coming up with a more accurate estimate of these figures:
• Rent. Most lessors in the Philippines ask for 2 months advance and 2 months deposit.
• Equipment. The cost of the machinery you need for the business such as manufacturing equipment and vehicles.
• Appliances. Office equipment such as computers, fax machines, printers and photocopiers.
• Furnishings. These are the tables, cabinets, chairs and other office furnitures.
• Leasehold Improvements. Remodeling costs for your desired location such as carpentry and plumbing costs.
• Licenses, Permits and Insurance. The fees you need to pay to legalize or register your business. This includes the software licenses for computer applications and insurance fees.
• Subscription fees. Application and installation costs of your telephone line, internet connection and other utility bills.
• Supplies. Initial inventory of consumable items such as paper, pens, cleaning supplies, etc.
• Product Inventory. The cost of buying or manufacturing your initial stock.
• Employee Training. Expenses for the skills acquisition of your staff such as seminars they have to attend or cost of employee manuals.
• Advertising. Expenses you’ll incur in promoting the business such as signages, media coverage and other marketing costs.
• Opening expenses. Costs during the official launching or ribbon cutting ceremony, just in case you plan to hold one.
• Miscellaneous. Always have a little extra for unexpected expenses.
Monthly Operational Expenses
You should not expect to break even on your first month of operation. Businesses take time before they start to earn enough to cover overhead costs. Always include these expenses in your startup capital:
• Lease payments
• Business loan payments
• Costs for replenishment of supplies and other inventory materials
• Advertising and marketing expenses
• Staff salary, including government fees such as taxes and social security payments
• Utility bills
• Depreciation costs and expense budget for repair and maintenance
• Income taxes
• Royalty fees
• Other miscellaneous operating costs relevant to your business
The typical formula is to calculate your pre-operational expenses and add three months worth of your estimated monthly expenses to get your required startup capital. Take note however that depending on the nature of your business, the number of months of operational costs you need to consider could be more than just three. Other businesses may require six months to a year’s worth of monthly expenses as part of their startup costs.
Moreover, avoid starting a business without enough capital and hoping you’ll get more funding as you go along or when the business officially launch. During startup, it’s important to avoid such unnecessary financial stress and focus more on building your business concept and ensuring that it will comply to your vision.
Once you have a pretty good idea of your needed startup capital, you can now put together a plan to acquire the money you need. You may already have the savings to start or you can begin drafting the business proposal you’ll pitch to an investor.
On the other hand, if your estimates show that you’re unlikely to be able to afford such a business, then you can try to down size the concept or simply find another business opportunity that will suit your budget.
Step 11:
Raise The Needed Startup Capital
10 Ways To Raise Capital For Your Business
How do you raise the start-up capital for your business?
This question is probably the biggest problem faced by those who want to become an entrepreneur.
Personally, I’ve heard friends say that if only they had enough capital, they would really quit their jobs and put up their own businesses. Admittedly, I was also burdened by this obstacle years ago when I was still working as an employee.
Through the years and some businesses later, I’ve found out that there are actually many ways to do this. Some are easy and some are not. Some are quite obvious while some takes a little creativity and a bit of due diligence to make it work.
So if you’ve always wished that you had enough funds to start your own business venture, then I hope that these ten ways can help you raise the capital you need to become an entrepreneur.
1. Your Own Savings
The most obvious way to get your start-up capital is to save money. Be frugal, live below your means and pay yourself first. The advantage of this method is that if your business fails, then you owe nothing to anybody and you have no financial burdens to worry about.
However, although this may seem ideal to some, it could take a long time before you finally have enough money saved to start. Recommended for those who are not in a hurry to start a business and those with very low risk tolerance. If you plan to do it this way, then please check out some of the money saving tips I’ve written.
2. Liquidate Assets
Aside from digging into your savings account, you can also sell some of your assets. My father’s friend sold their old family car to put up a small photocopying center. Depending on the amount of capital you need, you could simply look around the house and sell whatever you have such as those tech gadgets, your jewelries and even some of your furniture or appliances.
If you have portfolio investments, you can ask your broker if you can liquidate some of your paper assets or withdraw from your mutual fund or time deposits.
3. Work For Extra Income
We often look for ways to earn extra income only when we are in financial need. What many people don’t realize is that, finding a second job or working on a sideline is a great way to raise capital for your dream business. Assuming that your current employment can cover all your financial requirements, then the profits from your extra ventures can all go straight to your start-up funds.
Going this route can be time consuming and exhausting but it’s relatively faster than just doing the two previous methods. Do check out the different income opportunities.
4. Take Out A Personal Loan
A personal loan is something you can leverage on especially if you are employed. Depending on your credit history and employment status, some banks and almost all credit card companies are willing to offer these types of loan without much hassle and without collateral. Additionally, these salary loans are available in the Philippines through the Government Service Insurance System (GSIS) and Social Security System (SSS).
Microfinance institutions can also provide non-collateral personal loans to those who can present to them a sound business plan. You can inquire from Philippine government agencies such as the Department of Trade and Industry (DTI), Small Business Corp (SBC) and the National Anti-Poverty Commission (NAPC) about these micro-financiers.
5. Apply For A Bank Loan
Bank loans are also a viable option to raise capital for your business. Although the interests are much higher than personal loans, the financial strength of banking institutions allows them to provide you with a larger loan amount for your medium scale business ventures. Be ready to give them a good business plan and a collateral for the loan.
Ask your bank if they offer business loans. A brief research shows that some of the SME-friendly banks in the Philippines are Planters Development Bank, Bank of the Philippine Islands (BPI), Development Bank of the Philippines (DBP) and Land Bank of the Philippines.
There are many ways to raise capital for your business. So far, five methods have been discussed.
The first three were by using your own money in your savings account, by selling some of the things you own or liquidating your assets and the third was by working for extra income. The last two suggestions that was mentioned were through loans, specifically personal loans and business loans.
Here now are five more ways you can raise startup funds for your business.
6. Use Credit Cards
Credit cards can easily be used to gain some business capital. Avail a cash advance or make the necessary purchases for your startup venture. If you always pay your credit card bills in full every month, your credit limit could go as high as P250,000 in a couple of years – which is usually high enough to leverage on and start a business with.
A few reminders if you plan to do this method. First is to remember your cut-off date and do your purchases right after so you’ll have more time to save up. Second is to remember your due date. When you become so busy and engaged with your business, you might forget to pay your bills. And lastly, since you’ll be paying around 3.5% interest per month on your credit balance, it’s essential that your business generates enough income to cover for the payments and these charges. Again, having a thorough business plan plays an important role in this situation.
7. Check Rediscounting
Lenders that offer check rediscounting are not difficult to find. This method requires you to issue post-dated checks in exchange for its amount in cash less the interest. For example, at 5% interest, you’ll receive P19,000 if you issue a check worth P20,000. Rates and length of payment dates vary for different lenders.
Although less advantageous than using credit cards, it is still a good option for short-term business cashflow needs and small business capital requirements. Again, make sure that you’ll be able to generate enough money to clear the check on time. It’s also good practice to have backup plans just in case you don’t earn enough money to cover the check amount. You can prepare frozen assets for selling or ask friends if they could help just in case the worst happens.
8. Borrow Money From Family and Friends
Another good option to raise capital for your business is to borrow money from family and friends. One great advantage of doing this is that most of them are usually willing to lend you money without or very little interest. You can also enjoy more flexibility on your payment terms. Remember though that if you go for this method, you are putting your reputation on the line. So do your best to pay on time and if your business earned more income than expected, give back a little extra as gratitude for their trust.
When talking to them, be straightforward and honest with your intentions. Do it professionally and present to them a business plan. Furthermore, produce a contract stating the agreed terms between you and your friend. Lastly, be clear that you’re merely borrowing money from them and they will not legally own part of the business. Some people might think that just because they lent you money for the startup, they instantly become investors and can actively participate in the business. Occasional help and a few suggestions can be entertained but draw the line and state that executive decisions will solely come from you.
9. Form A Joint Venture
Instead of borrowing money from family and friends, you can also consider making them a real part of the business. It’s very common nowadays for friends to pool their money and resources to put up a business. There are actually ventures that succeed faster through partnerships. Make a team whose strengths and expertise complement each other. For example, one partner can have good accounting skills, while another is proficient in sales and marketing and one is a legal expert.
Unfortunately, many friendships have also been strained when things go wrong or become difficult. It’s important that from the very start, each one understands the amount of work that needs to be done and is willing to go the extra mile to make the business successful. Also, be sure to clearly define the responsibilities, boundaries and jurisdiction of each partner in the business. Lastly, write everything on paper including the options and terms if ever one partner chooses to leave the business.
10. Seek A Venture Capitalist
Venture capitalists are also called angel investors. These are people or companies who are willing to pay for your startup in exchange for part ownership or royalty fees from your business. Guy Kawasaki is an example of such people. One major advantage of doing this is that you could further tap the VC’s extensive network of partners to help enhance your business. However, do remember that most likely, you’ll lose free rein over running your business because certain decisions will need to be consulted to the VC before they can be implemented.
Looking for a venture capitalist can be quite difficult in the Philippines but they do exist. Always have an elevator pitch ready just in case you bump into one. You can also seek them out in online forums and websites such as the Brain Gain Network (BGN) or Philippines Venture Capital Investment Group(PVCIG), where Filipino VC’s and technopreneurs are some of the active members.
That’s it! I hope I was able to help and give you an idea on how you can raise capital for your business. If you know any other method, do share them below as a comment.
Lastly, remember that whichever way you choose among these ten, having a good business plan is always an essential tool. It will help you ensure that your business will be able to pay your creditors on time and more importantly, convince investors to join your venture.
Step 12:
Find The Right Location For Your Business
8 Tips To Finding The Right Location For Your Business
It’s often said that the three most important things to consider when buying a home is location, location, location.
I believe it’s the same when you’re looking for a place to put up your business. Specially for retail stores, restaurants and many other enterprises, finding the right location is a crucial step to ensure immediate profits and initial success.
So how do you find that most suitable place to put up your business? Do you simply look for a commercial area with a lot of people? What role does competition play when choosing your business location?
Here are eight tips that can help you check if that space available for lease that you’re considering is the right one for your business.
1. Study the demographics of the area
There are two things to bear in mind when studying the demographics of a potential location. First is your target market and second is your manpower requirements. Your location should be able to provide you not only with customers but also employees as well.
The second factor is not as important as the first, but employing people from the area will greatly help in your marketing efforts. Do some due diligence and study the communities within and around your prospective location.
2. Determine the sources of foot traffic
Foot traffic or the number of people who pass by the area is important if your business will mostly rely on walk-in customers. You can do a physical count during different times and days to come up with an estimate of the foot traffic.
But in addition, you should also consider the sources and quality of this traffic. Where are they coming from and where are they going to? This will help you determine the mindset of the crowd and check if your business can catch their attention or if they’ll just ignore and pass you by.
3. Evaluate the security and accessibility of the location
There are three groups you should think about when studying the security and accessibility of an area – your employees, your customers and your suppliers.
Some of the questions you should ask yourself are: Is it safe to do your planned business in the area? Is it accessible to you and your employees? Will it be easy for your customers to find you? Is there ample parking for customers who have cars? Are there accessible suppliers in the area?
4. Analyze the competition
Who will be and where are your competitors? How is their business doing? If these establishments are already having a hard time keeping themselves afloat, then putting up a similar business in the locality is close to suicide.
However, if you believe that the business is indeed profitable and you want to penetrate the existing market, then the best place to put your business is as close to your competition as possible. Why? Because by doing so, you are likewise making yourself closer and more available to your target market.
5. Get to know your neighbors
Always consider what businesses are operating near your planned location. These can affect the image of your business and may give wrong impressions to your potential customers.
For example, a laundry shop will probably not do well if it’s located beside a vulcanizing shop because these establishments give conflicting images of cleanliness. However, a coffee shop may be able to drive customers in if it’s located near a video rental shop because both businesses usually have the same target market.
6. Check it against your space, facility and utility requirements
Will the area be enough for your business? It may be tempting to lease out an area because it’s in a good location or because the rent is cheap, but always make sure that it can also satisfy your space requirements and has all the facilities you need.
Additionally, check your utility service providers if the place is within their coverage area. A friend of mine almost rented a place to put up an internet cafe but he canceled his plans when he found out that there is no broadband internet service available for the area.
7. Be aware of the local ordinances and zoning policies
Don’t jeopardize your business by operating illegally. Make sure that your business location will not break any city ordinance or zoning policy. For example, adult entertainment establishments are normally banned from operating within a certain distance from schools.
Furthermore, you should also be aware of other local regulations that could affect your business operations. For example, most homeowners’ associations ask for monthly fees to operate a business inside their subdivision. You should become aware of this and include it in your initial capitalization and list of overhead costs.
8. Consider possible plans for expansion
This may not be an immediate concern, but optimistically thinking about business expansion helps in determining the potential of your desired location. Moving your business to another location is not an easy task. That’s why you have to consider the options available if ever your business would grow and require more space.
If it’s not possible to rent out the adjacent lots or do a reconstruction of the place, then at least go around the area to see if there are bigger and better spaces you can move into when the time comes.
Step 13:
Register Your Business
How To Register Your Business In The Philippines
What are the Philippine government agencies that you need to register with when starting a business?
Remember that it is important to register your business to avoid any legal problems once business operations start. Furthermore, it’s common practice for competitors to check on you if you have all the necessary registrations completed because if not, this will be an opportunity for them to disrupt and delay your operations by notifying the proper authorities.
Below are the government agencies that you have to contact in order to give your business a legal personality.
Depending on the structure of your business, your first step is to get a certificate of registration for your business name in one of these agencies:
• Department of Trade and Industry (DTI) – for single proprietorship
• Securities and Exchange Commission (SEC) – for partnerships or corporations
• Cooperative Development Authority (CDA) – for cooperatives
After getting your certificate of registration, you will need to visit the following offices:
• Homeowners Association – for businesses inside villages and subdivisions, you need to get a homeowner’s clearance
• Barangay Hall – secure a barangay clearance to operate your business
• Local Government Unit (LGU) – visit the municipality or city hall office and process your business permit
• Bureau of Internal Revenue (BIR) – apply for a business taxpayer identification number (TIN), register your books of accounts, point-of-sales (POS) machines and receipts
At this point, you may now legally start your business operations, but you’ll need to then register your employees (which may include yourself) to the following agencies:
• Social Security System (SSS) – secure an SSS number for yourself and your employees
• Department of Labor and Employment (DOLE) – for businesses with five workers or more, register your business with DOLE
• Home Development Mutual Fund (HDMF) – as required by RA 7742, SSS members earning at least P4,000 a month must be registered with HDMF. This agency administers the Pag-Ibig Fund.
• Philippine Health Insurance Corp. (PhilHealth) – all employers of are required to register their employees to this agency as stated in the New National Health Insurance Act (RA 7875 / RA 9241). PhilHealth manages and administers the government health care system.
Furthermore, there are certain businesses that are required to secure a special clearance, permit or license from selected government agencies. Check if your business falls under any of the categories below and note the document that you need to secure and where to get it.
• Animals, animal products, animal facilities, veterinary drugs: registration certificate from the Bureau of Animal Industry
• Aquatic animals, importation, fishpond lease agreement: permit from the Bureau of Fisheries and Aquatic Resources (DA-BFAR)
• Fertilizer products, pesticide products: registration certificate from the Fertilizer and Pesticide Authority (DA-FPA)
• Fiber, fiber products processing and trading: registration certificate and commodity clearance from the Fiber Development Authority (DA-FIDA)
• Film and television production and distribution: registration certificate from the Movie & Television Review and Classification Board (MTRCB)
• Firearms, ammunition and explosives: permit from the Firearms and Explosives Division of the Philippine National Police (FED-PNP)
• Food, chemicals, health related business: registration certificate from the Bureau of Food and Drugs, Department of Health (DoH-BFAD)
• Flour, corn and grains related business: operations and license from the National Food Authority (DA-NFA)
• Pawnshop, lending and finance related businesses: registration certificate from the Central Bank of the Philippines, Department of Finance (DoF-BSP)
• Plants and plant products: nursery accreditation, registration, seed and phytosanitary certificates from the Bureau of Plant Industry (DA-BPI)
• Recruitment or placement agency for foreign employment: registration certificate from the Philippine Overseas Employment Administration, Department of Labor (DOLE-POEA)
• Recruitment or placement agency for local employment: registration certificate from the Bureau of Local Employment (DOLE-BLE)
• Schools, technical-vocational and other educational institutions: registration, accreditation and permits from the Department of Education (DepEd), Commission on Higher Education (CHEd) or from the Technical Education Skills Development Authority (DOLE-TESDA)
• Security agency business: permit from the Philippine National Police, Department of Interior & Local Government (DILG-PNP)
• Meat plant and slaughterhouse operations: accreditation and registration certificate from the National Meat Inspection Commission (DA-NMIC)
• Mining, quarrying, logging, waste management and related businesses: permit from the Department of Environment and Natural Resources (DENR)
• Motor vehicles, automotive & heavy equipment, engineering, electronics, electrical, office & data equipments, medical & industrial equipment, appliances & devices: accreditation license from the Bureau of Trade Regulation and Consumer Protection (DTI-BTRCP)
• Real estate projects: register with the Housing and Land Use Regulatory Board (HLRUB)
• Sugar, muscovado, sugar-based products and related businesses: registration certificate from the Sugar Regulatory Administration (DA-SRA)
• Telecom business: license from the National Telecommunication Commission, Department of Transportation & Communication (DOTC-NTC)
• Tourism-related projects: registration and accreditation certificate from the Department of Tourism (DOT)
• Transportation: permits from the Land Transport Franchise & Regulatory Board (DOTC-LTFRB) or Maritime Industry Authority (DOTC-MARINA)
• Video production, sales and rental: accreditation from the Optical Media Board, Office of the President (OPOMB)
• There may be other special registrations needed for other businesses that were not mentioned above. It’s best to ask the Department of Trade and Industry for any specific inquiries regarding this matter.
Registering your business legally in the Philippines is not a difficult task. It may seem confusing at first but there are always help desks and assistance available in these agencies in case you get lost in the process.
Step 14:
Launch Your Business
How To Plan An Effective Business Grand Opening
After months of research, preparation and hard work, it’s finally here – the grand opening for your business.
It’s the day when you formally open your doors to customers and start making money.
But what else do you need to do on this day aside from cutting that ribbon with those over-sized scissors?
The grand opening for your business is more than just a day for celebration. It is also a chance for you to make the best impression to the community, to get people talking about your business, and to drive customers into your new store.
In short, it is your first marketing plan.
So how do you effectively hold a business grand opening? Here are some things you should keep in mind when planning for your business debut.
Soft-Opening
Some entrepreneurs like doing a soft-opening to ensure that all systems in the business are running smoothly before going on full operation. If you plan to do this, then hold a simple soft opening party and invite your family, friends and close business contacts. This will build anticipation in them for the grand opening and create initial buzz among your social circle.
Announcements
Announce the exact date of your grand opening a week or two before. Display visually interesting signs and banners that catch attention. This will gain the interest of the public and hopefully, some local press. Print out flyers and distribute them to the community. If you have the budget, advertise in your local newspaper or lease a billboard in your area.
Invitations
Send out invitations not only to friends, but more importantly to your business contacts, specially suppliers and potential clients. This is great in establishing a good professional relationship with them and encouraging initial transactions and sales.
Media
Send out a press release. Invite local newspapers and magazines to do a feature article on your new business. The same goes if you have local radio and television channels. Give them a reason why your grand opening is newsworthy and why your business is a good feature topic. However, if budget is a constraint, you can always opt for social media and invite bloggers to attend your launch.
Grand Opening Activities
If you’ve done your homework, then you can expect a lot of people coming to your business groundbreaking. Now it’s time to make sure that they’ll enjoy their time during the event. Aside from food and entertainment, make a short program that will introduce your business to the guests, tell the inspiration of the business, it’s mission and vision, and relate to them why they should support your products and services.
Souvenirs
It’s optional but highly recommended that you provide your guests something to take home with them. These can be press kits, business profile and product lists and some free goodies which can be gift certificates or discount coupons. The objective here is not only to make the event more memorable but also to encourage them to return to your business no longer as a guest, but as a customer.
It doesn’t matter if your business is an office inside a corporate building or a retail shop at the mall, a grand opening is an important part of starting a business. And it doesn’t have to be as grand as it says nor as elaborate as it sounds.
It can just be a simple gathering if you really want it that way – for in the end, a business launch is really more than just a marketing strategy – it’s actually your first symbolic pat on the back, for a job well done.
IMPROVING THE IMAGE OF YOUR BUSINESS
BAn important aspect of a successful business is creating an image that attracts customers and clients. These articles help you do the most basic to the more challenging strategies to enhance the way people see your business.
How To Come Up With Good Business Name
Choosing an effective name is one of the first and most vital steps in putting up a business… it is the first thing that people will see and the impression they get from your name will influence how they will initially react towards your business. A good business name will establish marketing recall and build early equity.
Charity Makes Business Sense
According to research, 57% of consumers said that they are more loyal to socially responsible companies and 52% are more likely to talk to friends and family about those corporations, products and services. Aside from the favorable publicity and tax deductions, supporting a cause adds another dimension to your brand and business and more importantly, provide a sense of meaning and fulfillment to you and your employees.
How To Come Up With A Good Business Logo
A visual impression can sometimes be more powerful than your business name… consumers may not always remember your business name after seeing it the first time but the colors and the design of your logo should give them a more vivid memory of your business. These are just a few reasons why you should invest on a good, effective and memorable design for your business logo.
Spellcheck Your Business
There is a simple lesson to be learned here. Always check the spelling (and grammar) of your business signs. Proofread them before you submit the design to your printer and ensure that it’s still correct when you receive it. Doing so will save you time, money and dignity.
Using Color Psychology For Effective Business Marketing
Through the years, market researchers, brand managers and product designers have used this information to effectively solicit favorable business perceptions and influence initial product engagement. Just look around and you’ll definitely see evidence of this marketing strategy – fastfood restaurants are usually red and orange, banks and financial institutions are often blue, while luxury products are typically packaged in black.
How To Design Your Own Business Cards
A business card is an essential tool for any professional and entrepreneur. Aside from providing contact information, it can also serve as a mini portfolio to showcase your work and products. Moreover, business cards also function as a marketing tool that helps create brand awareness.
Simple Tips For Business Newtwroking Success
Business networking is one of the most effective way to market yourself and your business. By attending such events, you’ll have the chance to meet like-minded individuals from whom you can share and possibly discover and learn new things.
Business Flyer Design Tips and Marketing Strategies
Marketing is an integral part of any business and more importantly, a business should be persistent and consistent with their marketing plan. Thus, it follows that distributing flyers should be done on a regular basis and not just when the business needs a sales boost.
Give Free Offers and Generate Revenue For Your Business
Everyone loves free offers. And most people will not hesitate accepting something that’s being given away for free, right? That’s why giving free offers is something that businesses can leverage on to generate revenue.
How To Come Up With Good Business Name
Choosing an effective name is one of the first and most vital steps in putting up a business… it is the first thing that people will see and the impression they get from your name will influence how they will initially react towards your business. A good business name will establish marketing recall and build early equity.
Charity Makes Business Sense
According to research, 57% of consumers said that they are more loyal to socially responsible companies and 52% are more likely to talk to friends and family about those corporations, products and services. Aside from the favorable publicity and tax deductions, supporting a cause adds another dimension to your brand and business and more importantly, provide a sense of meaning and fulfillment to you and your employees.
How To Come Up With A Good Business Logo
A visual impression can sometimes be more powerful than your business name… consumers may not always remember your business name after seeing it the first time but the colors and the design of your logo should give them a more vivid memory of your business. These are just a few reasons why you should invest on a good, effective and memorable design for your business logo.
Spellcheck Your Business
There is a simple lesson to be learned here. Always check the spelling (and grammar) of your business signs. Proofread them before you submit the design to your printer and ensure that it’s still correct when you receive it. Doing so will save you time, money and dignity.
Using Color Psychology For Effective Business Marketing
Through the years, market researchers, brand managers and product designers have used this information to effectively solicit favorable business perceptions and influence initial product engagement. Just look around and you’ll definitely see evidence of this marketing strategy – fastfood restaurants are usually red and orange, banks and financial institutions are often blue, while luxury products are typically packaged in black.
How To Design Your Own Business Cards
A business card is an essential tool for any professional and entrepreneur. Aside from providing contact information, it can also serve as a mini portfolio to showcase your work and products. Moreover, business cards also function as a marketing tool that helps create brand awareness.
Simple Tips For Business Newtwroking Success
Business networking is one of the most effective way to market yourself and your business. By attending such events, you’ll have the chance to meet like-minded individuals from whom you can share and possibly discover and learn new things.
Business Flyer Design Tips and Marketing Strategies
Marketing is an integral part of any business and more importantly, a business should be persistent and consistent with their marketing plan. Thus, it follows that distributing flyers should be done on a regular basis and not just when the business needs a sales boost.
Give Free Offers and Generate Revenue For Your Business
Everyone loves free offers. And most people will not hesitate accepting something that’s being given away for free, right? That’s why giving free offers is something that businesses can leverage on to generate revenue.
Thursday, June 24, 2010
Where to Buy Camera in the Philippines
Here are some stores where you can purchase that latest digicam, parts, accessories and other such items.
You'll find practically everything here. Among the more interesting things:
* Darkroom chemicals and supplies, papers, tanks, trays, and (few)enlargers;
* Enlargers and lenses, albeit few and far between these days;
* Second hand curiosities like Dual Lens Reflex Bronicas, Nikon Fs, the occasional Leica, old Mamiyas and Yashicas? lots of neat stuff, in various states of wear or disrepair;
* Camera repair shops who will clean lenses and fix mechanical;
* All manner of films from the plain (Kodak Gold) to the slightly esoteric (Ilford 3200's), and even a few that defy categorization (lucky, colpan, etc);
* Rechargeable batteries and their accompanying rechargers;
* Bits and pieces–lens caps, body caps, cables, filters;
* Tripods galore, Manfrotto and Slik among others;
* Studio lighting, strobes and bulbs, diffusers, umbrellas, softboxes;
* Camera bags and lots of other accessories;
* Film and digital cameras (and accessories) across all major brands, and, of course;
* Everything Nikon and Canon.
While the selection may be far from complete, it sure beats any mall-based store you can find. And everything is within walking distance.
Avenue Photo Supply
712 R.Hidalgo St., Quiapo, Manila
Phone: 733-2761, 733-5474, 734-3307
Fotohaus
713 R.Hidalgo St., Quiapo, Manila
Phone: 734-4471, 734-3304 to 05, 733-4565, 733-5531
Henry’s Photo Supply
310 P. Gomez St., Quiapo, Manila
Phone: 733-7723, 734-6198
Mayer Photo
111, 113, 115 C. Palanca St., Quiapo, Manila
Phone: 733-7598, 733-7722
Watson Photo Shop
312 P. Gomez St., Quiapo, Manila
Phone: 733-7697
You'll find practically everything here. Among the more interesting things:
* Darkroom chemicals and supplies, papers, tanks, trays, and (few)enlargers;
* Enlargers and lenses, albeit few and far between these days;
* Second hand curiosities like Dual Lens Reflex Bronicas, Nikon Fs, the occasional Leica, old Mamiyas and Yashicas? lots of neat stuff, in various states of wear or disrepair;
* Camera repair shops who will clean lenses and fix mechanical;
* All manner of films from the plain (Kodak Gold) to the slightly esoteric (Ilford 3200's), and even a few that defy categorization (lucky, colpan, etc);
* Rechargeable batteries and their accompanying rechargers;
* Bits and pieces–lens caps, body caps, cables, filters;
* Tripods galore, Manfrotto and Slik among others;
* Studio lighting, strobes and bulbs, diffusers, umbrellas, softboxes;
* Camera bags and lots of other accessories;
* Film and digital cameras (and accessories) across all major brands, and, of course;
* Everything Nikon and Canon.
While the selection may be far from complete, it sure beats any mall-based store you can find. And everything is within walking distance.
Avenue Photo Supply
712 R.Hidalgo St., Quiapo, Manila
Phone: 733-2761, 733-5474, 734-3307
Fotohaus
713 R.Hidalgo St., Quiapo, Manila
Phone: 734-4471, 734-3304 to 05, 733-4565, 733-5531
Henry’s Photo Supply
310 P. Gomez St., Quiapo, Manila
Phone: 733-7723, 734-6198
Mayer Photo
111, 113, 115 C. Palanca St., Quiapo, Manila
Phone: 733-7598, 733-7722
Watson Photo Shop
312 P. Gomez St., Quiapo, Manila
Phone: 733-7697
Friday, May 14, 2010
7 Things to Stop Doing Now on Facebook
Using a Weak Password
Avoid simple names or words you can find in a dictionary, even with numbers tacked on the end. Instead, mix upper- and lower-case letters, numbers, and symbols. A password should have at least eight characters. One good technique is to insert numbers or symbols in the middle of a word, such as this variant on the word "houses": hO27usEs!
Leaving Your Full Birth Date in Your Profile
More from ConsumerReports.org:
• Millions of Users Exposing Personal Information
• Tested: 119 Laptops, Desktops, Netbooks and iPad
• Electronics Reviews
It's an ideal target for identity thieves, who could use it to obtain more information about you and potentially gain access to your bank or credit card account. If you've already entered a birth date, go to your profile page and click on the Info tab, then on Edit Information. Under the Basic Information section, choose to show only the month and day or no birthday at all.
Overlooking Useful Privacy Controls
For almost everything in your Facebook profile, you can limit access to only your friends, friends of friends, or yourself. Restrict access to photos, birth date, religious views, and family information, among other things. You can give only certain people or groups access to items such as photos, or block particular people from seeing them. Consider leaving out contact info, such as phone number and address, since you probably don't want anyone to have access to that information anyway.
Posting Your Child's Name in a Caption
Don't use a child's name in photo tags or captions. If someone else does, delete it by clicking on Remove Tag. If your child isn't on Facebook and someone includes his or her name in a caption, ask that person to remove the name.
Mentioning That You'll Be Away From Home
That's like putting a "no one's home" sign on your door. Wait until you get home to tell everyone how awesome your vacation was and be vague about the date of any trip.
Letting Search Engines Find You
To help prevent strangers from accessing your page, go to the Search section of Facebook's privacy controls and select Only Friends for Facebook search results. Be sure the box for public search results isn't checked.
Permitting Youngsters to Use Facebook Unsupervised
Facebook limits its members to ages 13 and over, but children younger than that do use it. If you have a young child or teenager on Facebook, the best way to provide oversight is to become one of their online friends. Use your e-mail address as the contact for their account so that you receive their notifications and monitor their activities. "What they think is nothing can actually be pretty serious," says Charles Pavelites, a supervisory special agent at the Internet Crime Complaint Center. For example, a child who posts the comment "Mom will be home soon, I need to do the dishes" every day at the same time is revealing too much about the parents' regular comings and goings.
Facebook
Avoid simple names or words you can find in a dictionary, even with numbers tacked on the end. Instead, mix upper- and lower-case letters, numbers, and symbols. A password should have at least eight characters. One good technique is to insert numbers or symbols in the middle of a word, such as this variant on the word "houses": hO27usEs!
Leaving Your Full Birth Date in Your Profile
More from ConsumerReports.org:
• Millions of Users Exposing Personal Information
• Tested: 119 Laptops, Desktops, Netbooks and iPad
• Electronics Reviews
It's an ideal target for identity thieves, who could use it to obtain more information about you and potentially gain access to your bank or credit card account. If you've already entered a birth date, go to your profile page and click on the Info tab, then on Edit Information. Under the Basic Information section, choose to show only the month and day or no birthday at all.
Overlooking Useful Privacy Controls
For almost everything in your Facebook profile, you can limit access to only your friends, friends of friends, or yourself. Restrict access to photos, birth date, religious views, and family information, among other things. You can give only certain people or groups access to items such as photos, or block particular people from seeing them. Consider leaving out contact info, such as phone number and address, since you probably don't want anyone to have access to that information anyway.
Posting Your Child's Name in a Caption
Don't use a child's name in photo tags or captions. If someone else does, delete it by clicking on Remove Tag. If your child isn't on Facebook and someone includes his or her name in a caption, ask that person to remove the name.
Mentioning That You'll Be Away From Home
That's like putting a "no one's home" sign on your door. Wait until you get home to tell everyone how awesome your vacation was and be vague about the date of any trip.
Letting Search Engines Find You
To help prevent strangers from accessing your page, go to the Search section of Facebook's privacy controls and select Only Friends for Facebook search results. Be sure the box for public search results isn't checked.
Permitting Youngsters to Use Facebook Unsupervised
Facebook limits its members to ages 13 and over, but children younger than that do use it. If you have a young child or teenager on Facebook, the best way to provide oversight is to become one of their online friends. Use your e-mail address as the contact for their account so that you receive their notifications and monitor their activities. "What they think is nothing can actually be pretty serious," says Charles Pavelites, a supervisory special agent at the Internet Crime Complaint Center. For example, a child who posts the comment "Mom will be home soon, I need to do the dishes" every day at the same time is revealing too much about the parents' regular comings and goings.
Saturday, May 8, 2010
10 Places You're Guaranteed to Meet Men
Striking out? Up your date night chances with these tips by dating expert Carly Spindel.
Top 10 Dating Mistakes Women Make
Meeting the opposite sex isn't the easiest feat – especially when you work in femme-heavy fashion – but here's a compilation of some handy and perhaps unexpected tips to cross paths with Mr. Right.
1. Eat Out
Busy, single men don’t have time to cook. This is why they need a girlfriend! Just kidding. However, when they are tired and hungry after work, they dine out at restaurants. So if you want to meet a new man, try a new restaurant at least once a week.
2. Join a Gym
Gyms are places where all body conscious men go to let off some steam. If you meet a man at the gym you can see what he really looks like when he’s all sweaty. If he looks good in gym clothes, he’ll look great in real clothes. People who work out are also much happier (translation: a better partner to be with).
3. Pay Attention To Your Pet
The sun is out and love is in the air. People are outside enjoying the weather. Take the opportunity to give your dog some extra attention and go to the park. If you don’t have a dog, borrow one. Many men think of dogs as soul mates (who else better understands their zest for the simple things in life?) and will often frequent dog runs. If a man sees a woman walking a cute dog, he will most likely start talking to her.
A Guy Dishes: Dating Tips He Learned from His Sisters
4. Fix Things
To me, Home Depot is the worst place in the world. I would rather sit in an icebox and freeze than go to an oversized tool shed. But, guys consider it their inner handyman Mecca. Men love fixing and building things, so Home Depot (or Lowes) stores are always filled with an array of manly men.
5. Start To Love Toys
Men love toys. The bigger the boat and the faster the engine, the more powerful the guy will be. The same way women love fashion shows, guys love toy shows. Car and boat shows are places where single men are like a flock to a shepherd. If you attend a car or boat show, pick up on the finer things in life (um, Ferraris anyone?), while meeting a man to drive it.
6. Wash Your Car
Speaking of cars, most men love their four-wheelers and they like them to appear brand new. It could be a rut (pun intended), but I’ve always dated men who are car freaks and I’ve been taken to car washes much too often. But while I'm there (bored to death), I’ve noticed that they were usually filled with men, and pretty hot ones sometimes. Head to a car wash and remember, your car can never be too shiny.
7. Be Tech-Friendly
True or false? Men are into electronics. All the men I’ve dated (or known for that matter) have proved this statement to be true. Men love technology and are always looking for new phones. If you want to meet a tech-friendly type of guy, frequent a Verizon, Sprint, or AT&T store.
8. Pick Up a Sport
Do you like tennis or golf? Well, start to love them both! Being active will boost your confidence and help you stay fit. Golf courses and tennis clubs are places that men go to with their friends. If you join one, you can better your game and meet new people.
The Best Date Moments in Cinematic History
9. Start Reading
Reading is a great way to escape your day-to-day troubles. Go to a bookstore and kill two birds with one stone – find a book and a brand new man. Some men love to learn and are always looking for reading material. If you’re browsing the same aisle, then you know you have something in common.
10. Get Cultured
Experience a typical New York moment by going to a museum. There are new exhibits opening all the time. If you meet a man at a museum, chances are he is interesting and cultured. You can also brush up on some art history while looking for that prospective boyfriend or husband.
What do you think of the advice above? Any other places our dating expert missed? Let us know in a comment
Meet Men
Top 10 Dating Mistakes Women Make
Meeting the opposite sex isn't the easiest feat – especially when you work in femme-heavy fashion – but here's a compilation of some handy and perhaps unexpected tips to cross paths with Mr. Right.
1. Eat Out
Busy, single men don’t have time to cook. This is why they need a girlfriend! Just kidding. However, when they are tired and hungry after work, they dine out at restaurants. So if you want to meet a new man, try a new restaurant at least once a week.
2. Join a Gym
Gyms are places where all body conscious men go to let off some steam. If you meet a man at the gym you can see what he really looks like when he’s all sweaty. If he looks good in gym clothes, he’ll look great in real clothes. People who work out are also much happier (translation: a better partner to be with).
3. Pay Attention To Your Pet
The sun is out and love is in the air. People are outside enjoying the weather. Take the opportunity to give your dog some extra attention and go to the park. If you don’t have a dog, borrow one. Many men think of dogs as soul mates (who else better understands their zest for the simple things in life?) and will often frequent dog runs. If a man sees a woman walking a cute dog, he will most likely start talking to her.
A Guy Dishes: Dating Tips He Learned from His Sisters
4. Fix Things
To me, Home Depot is the worst place in the world. I would rather sit in an icebox and freeze than go to an oversized tool shed. But, guys consider it their inner handyman Mecca. Men love fixing and building things, so Home Depot (or Lowes) stores are always filled with an array of manly men.
5. Start To Love Toys
Men love toys. The bigger the boat and the faster the engine, the more powerful the guy will be. The same way women love fashion shows, guys love toy shows. Car and boat shows are places where single men are like a flock to a shepherd. If you attend a car or boat show, pick up on the finer things in life (um, Ferraris anyone?), while meeting a man to drive it.
6. Wash Your Car
Speaking of cars, most men love their four-wheelers and they like them to appear brand new. It could be a rut (pun intended), but I’ve always dated men who are car freaks and I’ve been taken to car washes much too often. But while I'm there (bored to death), I’ve noticed that they were usually filled with men, and pretty hot ones sometimes. Head to a car wash and remember, your car can never be too shiny.
7. Be Tech-Friendly
True or false? Men are into electronics. All the men I’ve dated (or known for that matter) have proved this statement to be true. Men love technology and are always looking for new phones. If you want to meet a tech-friendly type of guy, frequent a Verizon, Sprint, or AT&T store.
8. Pick Up a Sport
Do you like tennis or golf? Well, start to love them both! Being active will boost your confidence and help you stay fit. Golf courses and tennis clubs are places that men go to with their friends. If you join one, you can better your game and meet new people.
The Best Date Moments in Cinematic History
9. Start Reading
Reading is a great way to escape your day-to-day troubles. Go to a bookstore and kill two birds with one stone – find a book and a brand new man. Some men love to learn and are always looking for reading material. If you’re browsing the same aisle, then you know you have something in common.
10. Get Cultured
Experience a typical New York moment by going to a museum. There are new exhibits opening all the time. If you meet a man at a museum, chances are he is interesting and cultured. You can also brush up on some art history while looking for that prospective boyfriend or husband.
What do you think of the advice above? Any other places our dating expert missed? Let us know in a comment
Meet Men
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