Setting up your own business can be an exciting but daunting process. There are several ways you can mess up if you aren’t careful, and at the same time, not taking enough risks can mean a missed opportunity to grow. Even if you think you have everything planned out to a tee, some things may simply not go your way. Here are some of the mistakes of aspiring entrepreneurs that you can avoid when starting up a business.
Putting all of your money in one business
We get it, you’re very confident in your concept, but you still have to prepare for the worst. Don’t put all of your eggs in one basket, as they say, because by the time you get to your first obstacle, your resources would have been exhausted.
Undermining the paperwork
Applying for permits in the country could be tedious in the sense that the release of said papers takes quite a bit of time, especially with 16 procedures to put up with (not including the ones for construction purposes). Putting this off wouldn’t be a smart move as you’re automatically jeopardizing the image of your establishment.
Not researching upon entering the industry
Even if you find what you would like to pursue, it’s always important to find out what is already going on in the existing industry in order for you to be successful. Questions like ‘who’s your market?’ and ‘who’s your competition?’ should already be answered before you put up an establishment.
Failing to set yourself apart
According to this Nielsen study, Filipinos tend to be more brand loyal. Attracting attention to your new brand may be a challenge, but once you are able to do so, it should get easier from that point on.
LOCATION LOCATION LOCATION
Honestly, no matter how amazing the execution of your concept is, if you put up a store or restaurant in the wrong place, it wouldn’t matter in the end. You need customers to make your business thrive. It’s traffic EVERYWHERE nowadays, so go for areas that aren’t too hard to get to. Plus points if your store is easy to spot.
Trusting the wrong people
This is a tricky one especially in the Filipino setting. If your business partners are friends, family, or even a significant other, things may either go really well, or equally as bad. The key is to be able to know where the boundary is between personal connection and being professional. If you know that your friend has a past of not being able to come through in their professional endeavors, best not agree to a partnership.
Not listening to customers
You may not actually be your target market, and you have to accept that. What you like may not coincide with what your customers like, but really, whose opinion is more important in the long run? It’s a no brainer.
Not providing excellent customer service
In a business, you need to create connections, people who want to come back for more. Subpar customer service won’t result in regulars. And although Filipino customers tend to be more forgiving of poor service, settling in the norm won’t make your business attractive.
The income from your store will still have to contribute to maintaining said business. Setting up budgets will be your best friend in this aspect of being an entrepreneur.