According to the Philippine E-Commerce Association (PECA), with the Philippines making strides in the digital age, it is an opportune moment for aspiring entrepreneurs to enter the digital market, take advantage of its numerous opportunities, and minimize risks through well-informed strategies.
During a virtual interview with BusinessWorld on Monday, Kyle Matthew C. Jarque, communications director at PECA, stated that e-commerce presents great potential for starting a business.
According to him, starting with a small amount of money is not the only advantage. You also do not have to worry about making changes to the property, building permanent structures, or hiring employees. In other words, you can utilize the people already available in your household.
When acquiring resources, business owners may choose to prioritize fulfilling orders before buying from suppliers. This can save on capital when the business expands.
According to him, using e-commerce allows you to sell a product before purchasing it. You can inform your supplier that you will sell the product first and then buy it once you have customers.
Selling products solely through visual means is limited to the realm of e-commerce. The speaker suggested that business owners could choose to do this themselves for no cost using available online resources such as Canva, but enlisting the help of a skilled graphic designer to produce a product mockup would provide an advantage over rivals.
He stated that you are ahead of others because you are seeking help from an expert instead of doing it yourself.
One aspect of advertising involves creating online engagement for the merchandise on social media sites.
According to Mr. Jarque, even with just P10,000, you can begin your online business. All that’s necessary is your product and a social media page. Some communication skills may also be helpful. Simply by consistently posting on social media, you can successfully generate sales and prove the value of your offer.
According to the speaker, although P10,000 may suffice as initial capital, having P30,000 would provide the business with a larger safety net for potential setbacks and opportunities.
“For instance, if you are interested in creating your own brand, a budget of P30,000 would likely be more suitable. With P10,000, you have the option of buying pre-made items or becoming a distributor for established brands. All you would need to do is focus on sales,” he explained.
According to him, there are various fields for resale or distribution that only require a starting budget of P10,000, including skin care, food, and supplements.
Ultimately, the most important aspect is taking the first step in launching your own business, as it is through this experience that you will gain the knowledge and skills necessary to succeed in the business world. – Aaron Michael C. Sy