2021’s declassified small business survival guide

Mantra for the days to come: My business WILL thrive

So you’ve finished binge-watching “Start-Up,” and aside from picking between Nam Joo Hyuk and Kim Seon Ho’s characters, you also encountered the interesting idea of starting your own business. Or maybe you already have one, and the series greatly inspired you to step up your game even more. 

But as the hit Korean drama showed, venturing into entrepreneurship isn’t a walk in the park. It’s difficult enough to compete with big companies, so how on earth can your budding business succeed with so many other people setting up their startups as well?

Always keep your gadgets by your side

Nano Laptop from Lenovo

Since operating online is the new business setting for most entrepreneurs, arming yourself with your own gadget is crucial.  Always have a laptop or phone at your beck and call—you need it for taking photos of your products, posting about your business online, and even making inventories and tracking expenses. 

Utilize the internet’s power

As someone who constantly ends up buying things from Facebook and Instagram shops that turn up on my feed, I can tell you that social media is a very effective way to entice and gather customers. Marketing experts also often advise using targeted social media advertising for small businesses. 

This—plus social media also being a way for customers to contact you—gives you all the more reason to stay connected to the internet as much as possible. It’s not that hard; just ask the millennials. All you need is a broadband plan, prepaid WiFi or a solid 4G connection, which you can easily get from Globe.

Be as responsive as possible

You also never know when a customer would inquire about your product, and being unprepared for this can be your business’ pitfall. For some potential buyers, the waiting time for a seller’s response determines whether or not they will push through with their purchase. After all, why would you buy from someone who takes ages to reply? 

To avoid this situation, make sure that your line of communication is always open. Always have enough load (or even enroll in unli promos from your telco providers like Smart) so that you can respond promptly to text messages or calls from buyers. 

Follow what your customers like

A successful business is always open to innovations, and one way to get with it is to know what your target audience is interested in. It’s easy to do this with social media. You can also check which of your own products sell best.

This may even lead you to discover potential brands to collaborate with, which can increase your reach and gather a new audience for your business. Or better yet, you can see how your competitors are moving and catching people’s interest, which can help you figure out how to step up your game even more.

Have online payment channels ready

Studies show that convenience is one of the main reasons customers are more inclined to shop online, especially these days when mobility is limited. Instead of making your buyers head outdoors and wait in line, offer digital payment. All you’d have to do is enroll your BDO account online and you’re good to go.

Know the best shipping service for your items

After payment, the next important thing in an online business is figuring out how to bring your products to your customers’ doorstep. If you have a car and only take orders from people in your neighborhood, you can easily drive around and personally deliver your products—which is very advisable for those who sell food. 

But if you don’t own a vehicle or your customers are out of your area, the best you can do is find a reliable delivery company to entrust your items to. Of course, door-to-door delivery is always the best and most convenient option for you and your customers—it saves everyone the hassle of going to the post office, after all. Yes, that includes you, especially if you give DHL a call and ask them to pick up the items from your home instead. 

For your buyers who are hesitant to use their credit card for online transactions, LBC also offers cash on delivery service for shipments. With this service, you can easily and securely send your products and collect customers’ payment anywhere in the country—and you can even track your shipments online.

Take care of your employees

A business’s success depends on its employees. This is true for corporations and small businesses alike. And during a pandemic that has affected the economy and posed mental health repercussions, it’s all the more important to mind the welfare of your workers in every aspect. Don’t know where to start? Cocolife has insurance packages—including healthcare programs, which are very, very important right now—that can help you respond to the needs of your employees.

Get these products without leaving home. Download the SM Malls Online app on Google Play or App Store to enjoy hassle-free shopping.

Header photo by Burst from Pexels


BDO Unibank

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