Your salary overseas may be bigger than your usual salary in the Philippines. Still, let’s face it: it doesn’t seem enough. This is why you take side jobs to make ends meet and yet, your family’s needs – and wants – back home are just too much for your pocket to handle.
This is why you and your family decided to start a buy and sell business to help augment financial needs. Plus, it is among the easiest business you can do since the qualifications are not restricted to large capital and a business degree.
Don’t be too complacent. A lot of people are in this field so you need to be smart in starting this business. The question now is how.
Here’s how to start your buy and sell business:
Step 1: Know Your Market.
It’s not enough that you have a brilliant idea or a product that will make people’s lives easier. To succeed, you also need to know who your market is.
Who are the people most likely to buy your product? What needs are you trying to fulfill through the product you are selling?
Aside from this, you also need to know who your competitors are. This is essential because it will help you in your market strategies. At the same time, you also need to check whether the market is already saturated. Competition is good but if there’s too many already, then you need to come up with a plan on how to set you apart from the rest.
Step 2: Establish Your Capital.
Now that you know your market, it’s time to establish how much money you will use for your new business. Consequently, you need to know where you will get your capital.
You can use your savings for your starting capital. On the other hand, you can also borrow money if you don’t want to use your savings.
Balikbayad offers up to P500,000 to help OFWs finance their needs.
Step 3: Source Your Products.
You know what to sell and how to sell it. You have sufficient money for capital, thereby making you capable of buying what you need. The next thing you need to do is to source your products.
The truth is you can sell anything you want. If you want to succeed in this arena, then you need to go for a product that will not only help Filipinos but also something new and relevant in the market.
You can start with products where you can buy wholesale for a cheaper price in areas like Divisoria, Tutuban, or Taytay. Make sure you canvass properly and find suppliers that will give you the most competitive price.
You can also get products from where you’re working and send it back home. Who knows, this could lead to exclusive distributorship where you can kiss your OFW life goodbye.
Step 4: Set Up Your Store
There are two ways to set up your store: physical store or online.
If you plan a physical store, then you need to look for a place with high foot traffic. This way, you will be able to reach more potential customers. That being said, you need to prepare yourself to pay for the rent, which must be declared as part of your expenses.
If you want to save yourself from paying the rent, then consider an online store. You will be able to use the funds for your marketing campaigns instead of paying it for rent. The best part is there are free sites that allow you to set up an online store such as Facebook and Instagram. Maximize on that. When your online store is picking up, you can put up your own website.
Step 5: Register Your Business
Many online stores don’t have the necessary permits and business registration. While this is okay, you might be asked to process the legitimacy of your business when you decide to open a physical store or rent a commercial space. Online retailer giants like Lazada and Shopee also require business documents before you are allowed to sell on their website.
It may be a hassle, but at least you are registered, right?
Step 6: Start Selling.
Now that you have your products, your business is registered, and you secured the necessary permits needed, it’s time to start selling.
Don’t wait for next week or next month. You might be foregoing opportunities if you delay. Go for it.