Business Ventures: Spa

Rising gas prices. Stress from work. Personal problems. No wonder everyone’s so tired lately. But business-minded people need not be stressed for this shows that the market needs some rest and relaxation.

Spas and massage parlors are the go-to places for stressed workers who long for pampering after long days of slaving at the office. They want to treat themselves to massages, manicures, pedicures and facials. Don’t forget that they are willing to spend more than the usual just to experience the ultimate spa service.

Business establishments that offer these personal care services consider weekends and holidays as peak business times. Theirspa should be open during these times so employee management will be harder for people don’t want to work during the holidays. But with good management comes good revenue. The spa and salon industry have survived the economic slump because the more stressed people get, the more income they generate.

There are a few things you have to keep in mind if you want to dip your toes in the spa industry. First, you need to know who your target market is. Who will be your customers? Choose the services and their prices according to your market’s salaries. The spa should be located at a place where it could be easily accessed by your market and it should be open during your market’s free time.

Create a cozy and relaxing ambience for your spa. Light scented candles and try to minimize light. Look for relaxing music. Choose relaxing colors like blue, green or brown. Make sure that your employees are well-trained to add to the customers’ relaxing experience. They should not give the customers stress in any way or you will lose sales.

The next thing you should do is to promote your spa. People in your area should know that your business exists. Encourage them to try out your services by using promos, packages and discounts. Soon enough, you will gain enough loyal customers who will refer your spa to their friends.

Keep track of your spa’s cash flow to see if there are any problems or improvements. List all of the revenues and expenses because every single thing in a financial statement is important. With these tools, you can forecast future cash inflows and outflows.

In order for any business to succeed, the owner’s heart must be in it. If you like making people happy by relieving their stress, this business is for you. Good luck and make money!

source: http://www.articles.88db.com.ph/business-ventures-spa

How to Escape from the Rat Race

Do you want to start your own business and be your own boss? Do you think that you don’t have enough money to start one? Well, this book will definitely change your perspective on entrepreneurship.

Escape from the Rat Race is a book written by Robert T. Kiyosaki, the best-selling author of Rich Dad, Poor Dad; and Sharon L. Lechter, the CEO of Rich Dad’s Organization. The book follows a story about a turtle that wanted to go on a roller coaster ride but couldn’t afford a ticket. His friend, a smart rat, started to teach him the basics of making money based on the principles found in Rich Dad, Poor Dad.

The rat race is basically the norm – getting a job, working, spending income and working again. One of the principles found in the book is how to make money work for you – not to work for money. Investing in stocks and businesses are some of the ways where you could make money without really working for it.

Some may say that investing in a business requires a big capital investment. People would use that as an excuse for not starting one. The truth is you could already start a business even if you have no income at all! You just need to serve a market niche and find unique business opportunities. For example, you could collect old DVDs that you don’t use anymore and put up a small movie rental store.

Most of the time, people think that the only way they are going to earn money is through a job, but they do not see the different business opportunities available to them. They slave to earn money but do not spend it wisely. As the rich dad said; you should work to learn, not to earn. Do not depend on paycheck alone. Your office experiences should serve only as inspiration for business ventures.

Also, this book was written comic book-style so even pre-teens could understand it. They would appreciate the different characters in the story while they are learning about the basics of making money while they’re still not burdened by financial responsibilities like rent, bills, or mortgages.

Eventually, the turtle got to ride the roller coaster – and got to treat his two friends! All because he followed the rat’s advice: Do not work for money, make

 money work for you.

source: http://www.articles.88db.com.ph/how-to-escape-from-the-rat-race-2

How to Start a Franchise

Are you thinking about getting into business but lacking ideas and strategies? Or are you a business owner wanting to expand operations? If you answered yes to one of those questions then franchising is the way for you.

Franchising is a process of conducting business by replicating a firm’s existing business model. The franchisor permits the franchisee to use his trade name and strategies to do business in another location usually with the former’s guidance for a fee. This helps the franchisor expand his brand reach and gain money without working for it. Franchisees also benefit from this for it gives them a business to operate using tried and tested strategies.

If you have started a successful business and you’re thinking of going into franchising, here’s what you have to do:

1. Research about franchising.

Franchising isn’t easy as a walk in the park. Find out if it is beneficial for your company to venture into franchising. Your business should be sustainable and adaptable to ensure franchising success. You also need to read about franchising trends and news for you to know how you should manage your franchise.

2. Search for potential franchisees.

Look for those who would like to put up a franchise of your business. Usually friends and relatives, when they see how successful you have become, want to open a business just like yours. Give them a franchise opportunity. Talk about how they will benefit from it. Just make sure your potential franchisee has enough business experience and budget to manage a franchise.

3. Make a franchise agreement.

Specify how long the franchise agreement will last, the terms for renewal, the grounds for termination, the different fees (royalties, franchise fees, etc.) the franchisee will pay, what part of the profit will go to the franchisor and other details. When the franchisor and franchisee have come to terms, they will sign a contract. This is the beginning of the franchise operations.

4. Guide the franchisee.

Train the franchisee and teach him how to operate the business as well as you do. Help the franchisee manage business operations for at least three months and supervise his performance. If he does well, you can let him have full control of the franchise. As he is carrying the name of your business, it is important to maintain a uniform brand image.

5. Ask periodic reports from the franchisee.

To check the franchise’s performance, ask them to send weekly or monthly reports. Also visit the franchise often to see if it is doing well.

For others who want to be the franchisee, these are the things you have to do to get started:

1. Know your budget

Franchising usually requires a huge capital especially if you are considering those of big companies. Franchising fees can range from 20,000 to 500,000 pesos excluding royalties and other expenses. Don’t worry though; it will be worth the investment.

2. Look for companies that are open to franchising.

Evaluate different franchisors and see if they offer a sustainable franchise opportunity. Also consider if the franchise suits your interests for you have to enjoy what you do. Compare different franchises to see what appeals to you. Lastly, check if the franchise is legitimate as many people have fallen into franchising scams.

3. Sign a franchise agreement.

Read the contract first before signing it to avoid misunderstandings. Try to bargain with the franchisor if there are some fees that you think are too high. Sign the contract after you have reviewed it multiple times.

franchise business

4. Operate the franchise.

A good franchisor will help you manage the business during the first three months so you can learn the various strategies and tactics of business operations. Listen to him as he will guide you to success. After that, you’ll be left on your own to handle the franchise.

5. Give the franchisor periodic reports.

The franchisor has the right to know what’s going on in your business so send him weekly or monthly reports showing how well the franchise is doing.

Related: The Rise of Franchising Industry in the Philippines

source: http://www.articles.88db.com.ph/how-to-start-a-franchise

Why Should Your Business Go Green?

Green is now in. People are now becoming aware of climate change, global warming and other environmental predicaments that they, too, have caused thusgreen products and programs are suddenly increasing. Should your business join the green league? Here’s what going green can do:

1. Cut costs.

Going green need not be expensive. In fact, it can help you save money by cutting costs. The simple switch from incandescent to LED bulbs and plastic to biodegradable paper can lower your water and electricity bill thus reducing utility expenses. The return on investment of switching to eco-friendly resources is very high considering the attrition in expenses and the potential increase in sales as a new market is tapped.2. Uplift brand image.

People find green brands m

3. Add to the company

’s CSR.ore favorable than others. Why? Because they are becoming environmentally responsible. Consumers are now segregating their trash, opting for organic product

s and doing their share to help save the environment.Green businesses also impose that they care for the environment more than their competitors do.

Businesses are slowly realizing the great effect of corporate social responsibility (CSR) programs to the company’s overall image and relationship with the community. Commonly, CS

R programs tend to focus on building a good kinship between the company and the society through solving the community’s problems. Green businesses will not only help the environment but also save the community from further harm caused by pollution, chemicals, etc.

4. Tap a new market.

There is a new market: the green consumers. This market favors environment-friendly products over others and promotes the products’ use to other green consumers. They are aware of the fake and genuine green marketing strategies for they spend time educating themselves on what is really environment-friendly and what is not. Going green will help you tap this new market.

5. Influence others to go green.

No one can save the world alone. By going green, you’ll be setting an example for other businesses to go the eco-friendly route. Who knows, in the future, every single business will go green and problems regarding the environment can be stopped.

source: http://www.articles.88db.com.ph/why-should-your-business-go-green

Businesses Heat Up This Summer

The much-awaited summer season is here. The warm breeze and the scent of sun and sand fill the air. Everyone is in the mood for a vacation and travel agencies are buzzing with hundreds of queries all over the country.

With a lot of people wanting to set off to another place, business owners take this opportunity to reel in customers. Travel agencies compete in offering the best travel deals, for both domestic or international trips.

Travel businesses make use of several marketing strategies to make their deals more compelling. They tie up with known airlines, cruise ships, hotels, resorts, tour agencies, and transport services to make package offerings more attractive. Advertising is also an important tool to attract more clients.

Vacation seekers take this opportunity to get the best possible deals that they can get their hands on,  researching on the Internet for special promos that fit their budget. Finding travel packages online is made easy by the growing number of businesses with online shops.

Mr.  Zenon Cabrera, General Manager of Blue Chips Travel & Tours, is one of those who look forward to summer. “Summer is a peak season and we have numerous inquiries. Many people are travelling locally and internationally. We have promos for local and international tours,” Mr. Cabrera said.

Mr. Cabrera has embraced online advertising and owns an online shop

(http://www.bluechipstravelandtours.com). “The Internet is a powerful tool for every kind of business. When we put up the business, we discussed the necessity of being known in a wide scale. This is possible through the Internet. Online advertising has unlimited opportunities resulting in revenue,” Mr. Cabrera shared.

Ms. Ma. Lourdes Alunan, General Manager of Great Getaways Travel and Tours online shop (http://www.greatgetaways-travel.com/) also makes the most of the summer season and the power of the Internet to reach a wider market.

“Summer break is a peak season.  This is the time when families gather and travel. The demand is great in our country.  Doing good service and helping people find packages that suit their budget are still the great things to do in our business.  We usually tailor fit our packages to the needs and requirements of our clients,” Ms. Alunan shared. “The Internet creates an open market to online consumers and it helps raise more revenue. Anybody could do online marketing but we consider the risks and other factors that go with it. We look for good price and a good company to do our site,” Ms. Alunan said.

Recognizing the importance of online marketing, Ms. Alunan engaged the services of 88DB Philippines in developing her website. “We see the importance of starting good. People in different parts of the globe would usually ask if you’re legitimate and if your website is good. If you start good, business opportunities follow,” Ms. Alunan added.

Ms. Evangeline Espino, General Manager of Greenways Travel and Tours Corporation (http://ph.shop.88db.com/greenwaystravel) also shares her thoughts on taking advantage of this season and the benefits of online marketing.  “We are doing good. Summer is a very busy season for travel agents. A lot of passengers are looking for a good place locally or out of the country to spend their hard-earned money. Promos are always there. You have to take advantage of the early bird rates,” Ms. Espino said.

Summer is not just about personal enjoyment and for travel agencies to make money. It’s also a great time for the country to promote tourism. Through various campaigns, newer tourist spots now share the limelight with the likes of Boracay, Camarines Sur, and Palawan. This makes tourism a crucial component in the entire country’s economic growth.

The summer heat is truly on!

source: http://www.articles.88db.com.ph/businesses-heat-up-this-summer

The Rise of Franchising Industry in the Philippines

Businessmen who are in search of franchise opportunities in the Philippines have greater chances of succeeding than going bust. According to leading news website, Philstar.com, the domestic franchising industry grew by 17% from $9.4 billion in 2010 and $11 billion in sales in 2011.

Franchising in the Philippines poses lower risks than starting an entirely new business for franchisees and franchisors.  The Philippine government implements specific laws on franchising intended to protect both small-scale and large-scale entrepreneurs such as laws on trademark and intellectual property rights (Republic Act No. 8293, Section 147.1).

Franchising opportunities for small and medium enterprises (SMEs)

Depending on the amount of available capital, a potential franchisee can choose from a wide array of franchise opportunities in the country.  For SMEs, investing in a food cart business appears to be the most popular. Other popular ventures are beauty shops, water refilling stations and laundry/dry cleaning services.

The following statistics provided on the website of business website, Entrepreneur.com.ph, show how the sector significantly contributes to economic growth:

• In 2010, franchise businesses in the Philippines accounted for US$9.45 billion, or 30% of total retail output in the country in the previous year.
• More than 1.02 million jobs were generated by the franchise industry.
• There were more than 125,000 outlets of 1,300 brands and concepts being offered. Fifteen years ago, when the concept of franchising was first introduced in the Philippines, there were only about 50 franchisors, 80% of which were foreign brands from the United States like McDonald’s and KFC.

Franchising tips

Many franchisors fail to make it in the market because they give up too soon on crises that are but just normal in running a business. Franchising can be a stellar idea in the early days, but just like venturing in any type of business, one can never get rid of the eventual downers. As such, seeking out franchising tips before venturing in the industry is imperative.

Here are some tips and practical guides to franchising based on articles published by news website, Philstar.com, and business website, 121 Business Consulting.com:

1.       Research. Going into business should not be rushed. Exploring multiple sources of information about a business idea or concept is imperative.

2.       Have a vision. It is very important for one to have a vision and a goal to achieve which will motivate you to succeed in business.

3.       Be hands on. Make sure to guide your staff on the day-to-day operations of the store. Oversee and ensure smooth running of the store. Manage all aspects of store operations in order to ensure maximum sales and profit.

4.       Invest in a proven franchise business. When choosing a franchise business, make sure that it is successful and committed to help and provide continuous support to its franchisees.

5.       Embrace the challenge. Creativity and patience are two important things in business.  If you do not have the patience, your business will ultimately fail. “It is a matter of investing time and effort in  planning and building a successful business. In order to succeed in business, one must be patient, smart-working and strategic,” Wu Fang Ling, General Manager of Eazy Shop (http://ph.shop.88db.com/eazyfashion), said.

Failures should also not hinder an entrepreneur’s passion to succeed. As Ms. Wu puts it: “the best way to be successful in a reselling/franchising business is to have the heart for your resellers/franchisees. Be honest, be patient, and stay reliable. Provide them with highly sale-able items and bring them the best service you can give. If you love your customers and partners, they will love you back in return. Show them that you value them and you’ll get back what you deserve. Like what we always say to our customers, “Let’s grow together.” It’s always better when you see them improve their lives too.”

Aside from patience, one must be able to draw ideas from different experiences to be successful in the business field. “When I was still working in a call center, I was looking for things to sell.  I knew that  most of my colleagues were interested in gadgets so I started getting gadgets from direct importers and sold them to my colleagues. And it sold like hotcakes! So my husband and I decided that we just concentrate on retailing. We then set up an online store,” Aina Tortor, owner of Ira’s Gadgets (http://www.irasgadgets.com/) said.  Ms. Tortor believes that the top three skills needed to be a successful entrepreneur are passion for the trade, desire to get rich, and acknowledging the presence of a higher being.

source: http://www.articles.88db.com.ph/franchising_industry_in_the_philippines

Find your Competitive Advantage

There are hundreds – if not thousands – of businesses doing trade as of this moment. What do you think makes your business stand out among all of them? What does your business offer that would make prospects choose your products or services over others? What is your competitive advantage?

Competitive advantage is something that a business offers that makes customers choose that store over others. It gives your business some kind of superiority over rival establishments. It can be your product or service, a new technology, superior customer service or anything that your competitors don’t have or don’t deliver well.

To determine your competitive advantage, you have to look through the eyes of your target market. What do they prefer? Do they like stores that deliver superior customer service, unique products or low prices? Find what your customers want and deliver it.

business success tips

Let’s take high-end coffee shops as an example. Customers can brew their own coffee to suit their own tastes or run to convenience stores to get their daily cup of Joe but they still go to expensive coffee shops. Why? Because thesebusinesses offer something more valuable than their product alone. Customer-oriented staff and a cozy atmosphere make for a unique coffee drinking experience. Add that to the fact that they have strong brand images that persuade people to purchase their products despite being overpriced.

Another example is Jollibee, the country’s top local fast food chain. What does Jollibee have over McDonald’s, the global giant? They offer almost the same products, deliver fast service and target the same customers. Jollibee banks on its Filipino heritage. Having Filipino food like palabok in their menu far outweighs McDonald’s effort in incorporating rice meals to suit the locals’ taste. Their tag line, Bida ang sarap, captured the hearts of many Filipinos as it is written in Tagalog.

Flaunt your competitive advantage through advertisements and other promotions. Focus on developing that asset like Starbucks and Jollibee did. Make the customers be aware of your strengths and soon they will develop loyalty to your brand.

source: http://www.articles.88db.com.ph/find-your-competitive-advantage