How to develop your business skills during the pandemic
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How do you grow a business in a pandemic?
As Filipinos continue to adapt to the new normal, more enterprising individuals are finding new ways to earn money.
The current pandemic challenged even the most established businesses in adapting to changes amid the new normal way of doing business. E-commerce is currently getting the most business and entrepreneurs are turning to the internet to make some extra cash.
For business owner Princess San Diego, she has to tweak her products in order to keep up with the current situation. Her food business called What's Your FLAN?, sells flavored leche flan packaged in tin cans.
“The main adjustment that we had to work around with would be the availability of ingredients and had to put some products on hold,” Princess explained.
The country's food industry is far from normal and productions are still on hold. Keeping customers enticed is even more challenging because many Filipinos lost their jobs. The recent calamities have also redirected cashflow elsewhere.
As a graduate of Center for Culinary Arts, Manila (CCA Manila), learning the art of cooking and business helped her in managing her small online shop. One tip Princess suggests to help boost sales is to highlight a product's uniqueness.
”Taste is subjective so as a food entrepreneur, you must be able to come up with a 'flavor' or product that would satisfy everyone, or at least the majority of the customer's palate,” she said.
Princess is not the only one taking advantage of the internet in her business because even celebrities are putting up their own businesses.
An advantage for celebrities is that they already have a captured market--their followers. Having thousands of followers almost always guarantee a sale. Social media influencers take advantage of this aspect by selling their own merchandise as well.
But, it still depends on the end product. If your product is good then people will buy it no matter how small or big your following.
Kapuso stars such as Edgar Allan (EA) Guzman, Aiai delas Alas, Aiko Melendez, Wendell Ramos, and Gladys Guevarra, just to name a few, have likewise ventured into managing their own businesses.
EA launched his own Adobong Tuyo and clothing apparel business, Aiai bakes homemade desserts for Martina's Pastries, Aiko sells cookies online called Cookie Marthens, Wendell launched his frozen meat products called WenDeli, while Gladys makes traditional Pinoy desserts like palitaw.
Choosing to sell something familiar is also a good business idea. People buy products they are familiar with.
LEARN FROM AN EXPERT
A lot of people are still apprehensive about starting a new business because it can be intimidating. So it is best to learn from experts.
There are many books in the market that provide vital information about starting a business. One of the most highly recommended books in the industry is the The Lean Startup by Eric Ries. This book contains strategies in managing a startup.
Then there's Business Adventures by John Brooks. Brooks, was a business and finance journalist, and his book is an insight to the world of business and finance. Probably its best selling point is Bill Gates tags this book as the "best business book" he has ever read.
Locally, there's a book that was written specifically for the current business climate. The Creative Innovation Launchpad by serial tech mogul Mario Domingo gives tips on how to revamp a business to make it profitable during the new normal.
The economic impact of COVID-19 has disheartened many in reaching their business goals this year, but all hope is not lost according to Mario, who urges Pinoys to think ahead and look forward to how to prepare their businesses and themselves for more re-openings in 2021.
The tips Mario provides in his book are not only for business owners but for students as well, who are about to face working in the real world. Mario provides the full life cycle of building a business, starting from financing your own ventures, taking calculated risks, leadership skills, and learning from success stories of others.
For more news, check out GMA's Lifestyle page.
