Tammy : Hi Everyone, this is another episode for business, so calling all small business owners or even those planning to open a small business as their start-up business, because this topic is for you! Hi Ray!
Ray : Hi Tammy! Today’s topic is very interesting, as a lot of people are doing small business, and I heard especially there in the Philippines?
Tammy : That’s right, Ray! A lot of Filipino are having online business now, and they do have different reasons, like some got laid off, some incomes are not enough to support their family, or lucky to those who are just bored and have nothing to do at home, so instead of sitting on the sofa, they maximize their time.
Ray : Yes, business is not so good these days. Economics are fluctuating every now and then. And opening a small business might be a good idea too.
Tammy : I believe so too, even if you have a little savings, that can go a long way.
Ray : And before we start discussing this, I would like to throw some questions first to ask our listeners and write down questions they have before opening a small business. (1) Are you a Business minded person? (2) Do you want to be a successful entrepreneur? (3) What are your strengths and weaknesses, and lastly (4) For how long do you think you can run a business?
Tammy : Wow! That’s a nice question to ask for oneself. If it’s me, that I will ask myself, my answer would probably be Yes, I am a business minded person, however, too scared to take risk, and I believe that if you do business, you should take the risk, like gambling, maybe?
Ray : Maybe.
Tammy : And of course, I want to be a successful entrepreneur, who doesn’t want to right! And it is important to know your strengths and weaknesses, like are you going to open a bake shop if you yourself doesn’t even know how to bake? Maybe something like that?
Ray : That’s definitely a good example, that’s why you have to know your strengths and weaknesses. And don’t forget to ask yourself for how long are you going to run your business? Why am I asking this question? Simple because it’s nature that people often get lazy or tired running a business. Especially if there is no excitement anymore, like they already achieve or reach success, or they think that the business is not working. Planning plays a big role here.
Tammy : That’s why it is important to learn new things and grow your business everyday, because let’s face it, there are a lot of competitors in the world, or even in your country. Do you want to get left behind by just being a mediocre type of businessman? That should be a big no no!
Ray : Let’s go to your country, the Philippines. Are small businesses common in your country?
Tammy : Yes, yes. It’s really common here, like you can see them left and right on the street. And now that given the situation, they are like mushrooms that grow so fast everywhere, besides the small businesses that are only online businesses. Infact, online businesses here grow rapidly. Like they sell anything under the sun.
Ray : Do you think entering Philippine market is a good idea? Despite the growth of small businesses there?
Tammy : Yes, I think it’s still okay to enter Philippine market. You target the right market and sell the products like beauty, gadgets or even food! I actually encourage people to enter the Philippines market, as a lot of potential online shoppers here. Including me!
Ray : I believe that it’s really a good idea to enter Philippine market now since people are just staying at home and doing the shopping at home as you mentioned before.
Tammy : Yes! Even people do groceries in the apps. They just pay for the delivery fee, prices of the products are just the same in the supermarket.
Ray : That’s cool, and very convenient!
Tammy : Yes it is! People are encouraged to just stay at home so online businesses are really encouraged here.
Ray : That’s what I think so too! But what are the challenges small businesses have in your county?
Tammy : Well, Okay, of course there are challenges businesses are facing daily, whether it’s big or small, they will encounter it everyday. And upon gathering information here in the Philippines, there are challenges like the Cash flow issues.
Ray : Right! Cash problems are amongst the more common issues faced by growing businesses, maybe one of the reasons is entrepreneurs may find it challenging to balance their business and personal finances, as well as learning how to budget.
Tammy : Yes, Cash is the most important in the business. Another challenge will be the challenges in exporting or importing, of course if you are from the other country entering Philippine market, it is important to know how to do this to avoid draining your funds.
Ray : Well! yes I agree with you, any business looking at expanding their market will face many challenges. Before you decide to expand in another country, make sure that you understand international trading regulations.
Tammy : And of course, finding the right talent. Like hiring staff do your marketing, only if you are not good at that, or your hands are full to do that. I mean, business owners cannot do everything for the business, they need help to keep going.
Ray : Well, Yes, for small businesses that could be very helpful too, the marketing strategy, because that is how you get your customers, you have to invest in that, because as you scale your business, more headcount challenges you will encounter.
Tammy : Yes, Like important tasks such as filing business taxes and managing your finances could be a challenge when you do not have the right resources to help you.
Ray : Find the right finance and accounting partner who can help with your business.
Tammy : We at Unipro Consulting Limited Hong Kong are here to make your journey less complicated. You may check our website for the services you need for your business, you can find them at the end of this podcast.
Ray : Okay, so after we discuss the challenges of the small business in the Philippines, do you have any suggestions to your co-filipino or business owners who are planning to enter the Philippines market, on how to make your business successful?
Tammy : Oh, okay. So I’m not a businesswoman here, but I have experience in small business. So I’ll just give tips, that only that This passion is the key, you have the patience – because you need to understand that not every small business is positioned for immediate success. And when you encounter challenges or hardship, remember that don’t give up because it is the road of improving your chances for success.
Ray : Yes, to make your business or yourself stronger and successful, take the challenges as positive one instead of the negative. Listen to business podcasts or read books about business. Or even talk to your successful entrepreneurs friends to get some tips.
Tammy : For sure, it will really help you grow your business! Passion and Patience, remember the two P’s!
Ray : That’s right, so before we end our podcast today, I would like to ask our listeners, if you will have a small business? Whether it’s a buy and sell or services, What would it be?
Tammy : Oh! That’s a nice question! I don’t have in mind right now! But if you guys have in your mind now, comment down below and tell us why do you like that business!
Ray : Yes, so that’s for today, Tammy! See you again next week!
Tammy : Thanks Ray, see you again!
Ray : Bye!