With the ongoing pandemic, entrepreneurs including Sari-Sari Store owners are wearing many hats in order to sustain their business.
Some business owners have made an online shift from their usual traditional and retail business, realizing that keeping their game in the same arena will soon enough kill their business.
The good news is that there are many ways for your business to survive in these trying times. You just have to have the willingness to pivot and embrace the change.
Here are some practical tips to have an additional income as a sari-sari store owner.
1. Prioritize selling essentials items
From rubbing alcohol, face mask, sanitizer, to canned goods, your Sari-Sari Store should have enough stocks for essential items which are currently in high demand.
In this way, you can efficiently roll out your cash flow to sustain your business. If you only have a small capital, you should select items that you can easily sell in your area. Aside from the essential products, you can also consider selling basic items like rice, oils, noodles, and vegetables. Why not also consider selling prepaid load as it’s now considered essential as many people are in need of internet data for their work or online class.
These fast moving items can help you in replenishing your inventory on time. And with more stocks, you can generate more income for your store.
But what if your cash is limited to stock essential items? RFC can help you with this through its Inventory Loan. By only showing your daily sales logbook and inventory receipts, you can already apply for an RFC Inventory Loan. You no longer need to worry for lengthy documents like bank statements to apply!
2. Make your business visible online
As we are advised to stay at home, some of your customers might be hesitant to go outside of their house, so you have to be creative and innovative in order to meet their needs. You can start setting up your own Facebook page where your customers can reach out to you and share their orders.
3. Offer self-pickup or free delivery within your neighborhood
Once you set up your online page, you should also consider the logistics. To remain strategic, you can offer free delivery within your neighborhood or something within your reach. You can also prepare their order ahead so they can just pick up the products in your store to lessen the contact with people when they decide to go outside.
4. Maximize foot traffic to generate additional income
How can you take advantage of the strategic location of your Sari-Sari Store? One of the practical ways is to partner with RFC as a Loan Information Center. With this set up, people near you can now apply for RFC loans in your Sari-Sari Store instead of going to an RFC branch. You can get as much as 2-3% commission for every successful loan referral.
Partner with RFC to have an additional income this pandemic
RFC is dedicated to helping micro entrepreneurs like you in the Philippines to survive this challenging time. If you are interested in earning additional income and becoming a Loan Information Center, you can email us at firstname.lastname@example.org or call us at 0961 136 1661.