MORE women are turning to business in these times of crisis. Some cite a need to augment the family income, while others want to become more financially independent.
Whatever their reason, women entrepreneurs have become a force to reckon with. According to the Global Entrepreneurship Monitor (Philippine Report 2006-2007) more than half or 69 percent of budding business owners, and 51 percent of new business owners are female.
If you?d like to join them, you might want to consider the following tips from the Department of Trade and Industry to help you stay afloat in the sometimes treacherous waters of business.
1. Market Niche. Ask yourself before starting a new venture: is there a group of potential customers who?d be interested in your business? Will there be sufficient demand for the product or service that you?re planning to get into? The key is to find a profitable market that will provide repeat buyers or patrons of the product or service that you?ll be offering.
2. Knowledge of the Venture. Before you invest hard-earned money, try to learn more about the trade that you?re going into. It pays to do some research. Study the industry and ask people who have been in that business for some time. Knowing enough about the business you are planning to enter can save your assets in the long run.
3. Business Location. The location of your business can make or break your venture. Putting up a business in a strategic location could add up to more profits. Consider the following factors when choosing the right location for your business: what are the needs of your business; where are your customers and competitors; how much taxes and rent expenses are involved; what?s the overall environment (the security concerns, the demographics, income level, etc.) of the area?
4. Value-Added Services. These are the products or services that you can offer to your clients, which go beyond what they actually paid for. For instance, if you are planning to open an apparel shop, you can offer free alteration services to your clients to make the purchase a perfect fit. Such a service breeds goodwill among your clients and is a good way to form a closer relationship that could result into repeat business.
5. Promotion. You must think of ways to cleverly promote your products, especially if you are competing in a very tough industry. You might want to offer free lessons related to your product (i.e. cooking lessons if you are in a food business, massage lessons if you are planning to put up a spa). Through this strategy, you are not just promoting your product and/or services, but you are promoting yourself as an ?authority? in that particular field. It is also one way of getting to know your potential clients.
6. After Sales Service. In all businesses, the after sales service is an important part of customer service. Before opening a business, you must consider how you are going to handle customer complaints and what warranties you can provide, among other things.
Get more tips and lessons on going into business at ?Go Negosyo: Babae, Yaman Ka ng Bayan,? the year?s biggest summit for women entrepreneurs. Jointly organized by the National Commission on the Role of Filipino Women (NCRFW) and the Philippine Center for Entrepreneurship (PCE), the summit will be held on March 2 from 9 a.m. to 6 p.m. at the World Trade Center in Pasay City.
The event will feature business basics?the best marketing practices for small enterprises, entrepreneurial financial management, leadership styles, competitiveness in the export market, technology utilization, as well as tips and advice on other concerns that women entrepreneurs face: health and wellness, fitness, family life and work balance. There will also be booths and exhibits that showcase the different products and services geared for women consumers. NCRFW Chair Myrna T. Yao describes the summit as the highlight of Women?s Month.
For inquiries, contact the NCRFW (Tel. 735-4767 local 131 and ird@ncrfw.gov.ph), the PCE Secretariat (Tel. 637-9347) and SelectMedia (Tel. 813-2612). Admission is free.
