Filipinos are among the most persistent entrepreneurs in the world, with 70 percent believing they have the capabilities to become entrepreneurs, based on the Philippine Entrepreneurship Report 2015-2016.
This is best seen among microenterprises, which comprise nine in every 10 businesses in the Philippines. A residential block is not complete without at least one sari-sari store. Pop-up tiangge stores are scattered around during fiestas and halo-halo and mais con yelo stalls sprout in every street corner during the hottest months.
“Every summer, we see the Filipino entrepreneur spirit thrive to turn the summer heat into an opportunity. With the right mindset, tools, and ingredients, microentrepreneurs can grow their business and take it to another level,” says Marilou Acuña, Fly Ace Corp. group product manager for Jolly.
Acuña, representing Jolly Corn, provides five tips to ramp up sales this year, beginning with finding the right location. “Due to logistical convenience, microentrepreneurs usually set up their pop-up stalls in front of their homes. However, unless their houses are in front of a school or along a busy street, owners must think carefully about their area’s foot traffic and compare it with the potential sales that could be generated by locating to a more strategic place,” she says.
The second tip is to leverage on influencers. Entrepreneurs should identify who the influencers are within the community, she says. By inviting these key individuals to try the product, entrepreneurs encourage good word of mouth from credible persons within the neighborhood.
Microentrepreneurs can then support this good word of mouth through easy-to-do promotional activities such as community bulletin board, flyers and social media.
Microentrepreneurs are encouraged to sell during community events such as the annual basketball game and Santacruzan. “Another opportunity is catering private groups, such as prayer meetings or the birthday of a neighbor. If all goes well, these events will provide a great platform for referrals and exposure for the business,” she says.
Jolly Corn also also advises microentrepreneurs to avoid too much credit. “Cash is the lifeblood of the business. Microentrepreneurs should avoid allowing too much credit since they still need cash to buy supplies and sustain operations. If offering credit cannot be avoided, microentrepreneurs should find the right balance and understand its limitation,” it says.
Finally, microentrepreneurs should find the right partner to perfect the product, according to Acuña. “Product quality is integral to the success of microenterprises. If the product is excellent, people will follow. Quality also includes the health benefits of the product. These days, even microentrepreneurs venture into the healthy food segment as more people become conscious of what they eat,” she says.
Acuña says in the case of mais con yelo, Jolly Corn provides microentrepreneurs with cream corn packed with the same wholesome sweet goodness of freshly harvested corn.