Sari-sari stores are a popular business idea in the Philippines. Almost everywhere you go, there is bound to be at least one of them in the area. Despite being a popular business to start, very few people find success in it. If you’re planning to start or are already managing a sari-sari store, here are a few tips on how to succeed as a sari-sari store owner:
1. Have a plan in mind
To some people, this may seem unnecessary, but having a vision for where your business should go will help in the long run. Key details like a summary of your business and marketing strategies will help keep you on track, and give you direction.
2. Get a business permit
This is another thing that most sari-sari store owners overlook. It may seem like getting a permit is just additional work, but the benefits of getting one are worth it. For one, this will make your business look more legitimate, and you can get help from the government to grow your business.
3. Manage your money
You can start with separating your personal and business expenses, and as simple as taking note of your revenue. As a sari-sari store owner, you have to know the inflow and outflow of your money. Seeing where every single peso goes will help you manage your store better.
4. Reinvest your profits
Earning at first may tempt you to reward yourself, but think about what would be better in the long run. Reinvesting your profits into expanding your business, adding more products, getting a storekeeper, etc., is something that you will thank yourself for in the future.
5. Choosing your products
Every sari-sari store has to have items for our basic needs. If you are just starting out, this is a great way to start. But as you expand your business, consider adding more items to your store. These items may be optimized according to your store’s location. For example, if you are near a school, why not sell school supplies? Seasonal items are also something that you should consider, like selling iced candy during the summer.
6. Manage your inventory
Monitor your inventory especially for perishable goods to prevent any spoilage. Don’t let your potential profit transform into pesky expenses just because you can’t seem to keep everything in order!
7. Say it’s “Out of stock”
When a customer asks you about a certain product and you don’t have it, you should avoid saying that you don’t sell it. Instead, say that it’s out of stock, and then buy it later. Noticing what products your customers are looking for is a surefire way to know what products you should sell to increase your profit.
8. No to credits
We have a culture of saying “Palista na lang muna” to sari-sari stores. And this is one of the mistakes that most sari-sari stores make. Collecting debt is hard, and some may even hold a grudge against you for it. In addition to this, if they don’t pay soon, you will have less money for restocking, which will surely hurt your day-to-day operations.
Do not treat your sari-sari store as if it’s a pantry. This is another mistake that most sari-sari store owners make. Be strict in making sure that your inventory is untouchable, make sure that you separate your own groceries from the store goods.
10. Be friendly
Greet your customers and talk to them. This will make a good impact on your customers, making them feel good will make them more likely to come back to your store. So, don’t forget to smile!
Image source: Dreamstime