How to grow your backyard business in a hot market this summer
Filipinos are some of the most fascinating and persistent entrepreneurs in the world. They are remarkably optimistic: More than half of the population believes there are business opportunities in the Philippines and nearly 70% say they have the capabilities to become entrepreneurs1. At the heart of their entrepreneurial spirit is creativity, amplified by the drive to build and succeed amid all odds.
This is best seen among microenterprises, which comprise 9 in every 10 businesses in the Philippines2. A residential block is not complete without at least one sari-sari store. Pop-up tiangge stores are scattered around during fiestas. And who will forget about summertime when halo-halo and mais con yelo stalls sprout in every street corner?
“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 Corporation Group Product Manager for Jolly.
How can microenterprises ramp up sales this year? Here are five tips from Jolly Corn:
Location, location, 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.
Leverage on influencers
Entrepreneurs should identify who the influencers are within the community. 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, flyering, and social media.
Sell during community events, cater to groups
Microentrepreneurs can hold pop-up stalls 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.
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.
Find the right partner to perfect the product
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.
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.
1According to the Philippine Entrepreneurship Report 2015-2016: http://www.gemconsortium.org/country-profile/98
2Microenterprises accounted for 89.63% of all businesses in 2016, according to the Department of Trade & Industry and Philippine Statistics Authority
MAIS CON YELO
- 1 425g Jolly Cream Corn, partitioned
- 1 can Jolly Cow Condensada, partitioned
- 6 cups shaved ice, partitioned
- 1 cup corn flakes, partitioned
- Scoop 3 tablespoons Jolly Cream Corn in a tall glass.
- Add 1 ½ cups shaved ice. Leave an empty space on top for the toppings, about half an inch.
- Top shaved ice with 3 tablespoons of Jolly Cream Corn, 2-3 tablespoons condensada, and corn flakes. Serve immediately.