Retail shops or also known as Sari sari store are famous in the Philippines, you are sure to find one on every corner of the street. These are small stores that sell different products from candies, different cooking ingredients, soda, and many more, all in retail. People say that the profit in this type of business is very minimal. However, if you managed it correctly, Sari sari store provides a promising income. There are lots of parents who are able to send their kids to finish school just because of this retail business. The profit might be seem little at first, but as your store grows, your income is sure to follow.
Putting up a sari-sari store is easy but keeping it successful might be a little difficult. It requires patience, knowledge on how the process goes, and of course carefully managed profit.
Here are some tips that help you on how to start a Sari sari store business in the Philippines and keep it up and running:
Catchy store name – Store name greatly impacts your store’s first impression so you need to make sure to come up with a unique, catchy, and easy to remember store name.
Verify location – Location is very important in the success of a Sari sari store business. If you want to save on rental, your house is visible to many people, or located beside the street, and then it is highly advisable to set your store up at the comfort of your own home. However, if the only option for you is to rent a place, make sure that the location has huge target market such as in front of schools, offices, or other busy places.
Capital – Your capital depends on the size of the store that you plan to establish. The larger the space, the higher capital it requires. There are different ways to get starting money if your savings are not enough, you can borrow from lending offices or file a loan to get your targeted amount and start your Sari sari store business.
Add another business to your store – The income of a sari sari store alone might not be enough especially, if it is just a small one. So it is highly advisable to add more businesses like loading, PisoNet, ticketing outlet, and many more to maximize your earning opportunities.
Find the cheapest supplier – There are lots of competitors in this type of business and the most effective way to attract customers is to have the cheapest price and this will only be possible if you have the cheapest supplier. It is recommended to add just 20% on top of the original price.
Sari sari store became one of the most common businesses in the Philippines for a reason. Some of those are it is highly profitable, stable, and easy to manage as long as you know how the profit cycle goes. Correct management and patience are absolutely essential to run a Sari sari store business smoothly and successfully.