Lovely Abella-Manalo and her husband, Benj Manalo, shared another experience many entrepreneurs could relate to: closing a failed business. Whether your business is big or small, there’s always a chance that it will fail, and you’ll be left with no choice but to close down. However, failure in business is not always a bad thing. It can also provide valuable lessons and insights for entrepreneurs to improve their strategies, products, services, and processes.
On TikTok, Lovely shared a video of her and Benj saying goodbye to their business, Benly Live Studio Mall. In a short story time, Lovely explained that they opened Benly Live Studio Mall last December and, after 5 months, had to close down. Lovely was supposed to sell gold jewelry live in the live studio mall. It should have also been a great venue for other sellers to do their own live selling. Unfortunately, that didn’t happen.
Replying to @mayen hi maam heto po ang nagyari pag may mga questions po kayo, let us know sasagutin natin yan 🙏🏻 #fyp #benlyslivestudio #BenLy
According to her, they fell short of marketing their business. This only goes to show how important marketing is in terms of raising awareness, attracting customers, generating revenue, and building a reputation for your business. To boost your business, research creative marketing strategies to grab your customers’ attention.
“Sa hindi pong inaasahang pangyayari ay medyo hindi po tayo sinwerte dito dahil nagkulang po kami sa marketing, especially po dahil ako po ay nagbuntis,” Lovely explained. [Unexpectedly, we weren’t lucky with this business. We were’t able to market it very well, especially because I got pregnant.]
Lovely explained that closing down this business is a “wise decision” because they pay P100,000 to P130,000 monthly for renting the space and selling clothes isn’t enough to cover that cost.
Lovely shared that they spent over a million on renovations, air conditioning, lighting, and others. In the end, Lovely said it’s all part of the highs and lows of being an entrepreneur. They will continue to persevere despite the failure. “Pero ganoon talaga. Ang ikina-kasaya ko kasi na experience ko ito. So hindi po ibig sabihin na failure na hindi na tayo magtutuloy-tuloy sa buhay,” she explained. [But how it is. Despite it all, I’m glad that I was able to experience owning a physical store. So, it doesn’t mean you have to stop when there’s a failure, you just keep going.]
Earlier, Lovely also shared some lessons and experiences when she traveled to Singapore with her goods. She said that entrepreneurs shouldn’t lose hope when there are challenges along the way.