More Filipinos prefer buying basic commodities from the neighborhood sari-sari store than the grocery store at the mall because of a number of reasons, including the ready availability of various goods you can buy at just a few pieces and the mere fact that you don’t really have to take much effort to buy at the sari-sari store than go all the way to the mall.
This is the reason why a sari-sari store is a good type of business to start in the Philippines for just about anyone, whether for OFW or not.Here’s what you should do to start a sari-sari store even with a small capital.
First, learn the ropes. You just can’t start a business without knowing the basics of running one. Of course, you must also know basic computing but this can be easily assisted by a trusty calculator; so make sure to buy one.
To build a sari-sari store, you need to have a place that is easily accessible to customers. Most sari-sari stores are built in with the entrepreneur’s home. You can simply knock off a wall from your house to have a storefront or build an extension at the side of the house.
Next, make sure there is someone who can man the store throughout the day – you or a trusted family member. As the business grows, you can hire a few more hands to help you out.
Plan what goods you want to sell in your store. You might want to start with non-perishable goods, especially when you are first starting out and the neighbors are yet to learn that your store existed in the neighborhood.
Find a supplier. This could be merchandise agents from various brands or a store selling goods at discounted prices. Compare the prices they offer for best profit.
The prices of the commodities in your store should be enough to give you a decent profit without being too high that you just might turn your customers away. It is a good idea to be updated with the prices of goods being sold in the market, in the grocery stores, and in the other sari-sari stores in the area.
Observe the trends and change the products you sell accordingly. If there are items that do not sell well with your customers, stop buying those and find other interesting alternatives. It might be a bit difficult at first but you’ll get the hang of it. Soon, you will be able to predict which items will be a hit with your customers and which ones are likely to stay on the shelf for months.
Even if you start off with a small capital, you can improve your business with hard work and determination. As much as possible, do not use the money you earn from the store to buy things you don’t need (such as gadgets) or even to fund the household budget as you might end up with no funds to buy goods to sell.
Roll the profit/capital. Soon, you will find yourself with much larger profit which you could now easily use for other needs in the home.