THE BUSINESS MIND
By Christine Zialcita

Choosing a Business

I was asked recently what I think is a good business venture to get into these days. I believe that there is no simple nor clear-cut answer to this question because the ultimate goal of getting into business is attaining success. To have that, there are a number of factors (both controllable and uncontrollable) that come into play and need to be considered.

I always say that a good place to start the search for ideas is from one’s own personal interests. Why? Because getting into business is not child’s play. There is so much at stake and therefore one’s attention and concentration will definitely have to be in place to be able to make a go of it. And based on experience, nothing ensures that better enjoyment of what one is doing. Isn’t it human nature to want to find out every nitty-gritty information regarding an interest? This will surely cover all the bases with regards to product information.

Another good source for ideas is your circle of friends and/or influence. Go out. Observe and investigate. What are the products and services that people need or want? After all, businesses are born out of finding out the answers to these questions.

Of late, I am hearing more and more about how people started a business because the product was brought to their attention; what they had to do was work on creating market awareness. There is nothing wrong with this option too.

Now, after you have gathered ideas and made your list of what you might be interested in doing, work now on your pricing. This means finding out the following:
· How much are your costs – to produce, to acquire, and to sell?
· What are your fixed and variable costs?
· What is your desired profit margin?

When you have all of these listed out, match them with your possible customers. Can they still afford your product/service? Find the best match and then work on further studing the feasibility of the venture.

The basic principle taught in Marketing 101 class is that one must consider the PRODUCT, PRICE, PEOPLE, and PLACE to successfully launch anything. There is no taking just one or two out of this set. One will have to perfectly blend all these factors and come up with the workable formula to get people to continuously patronize the business and allow it to flourish.

Today’s consumers are smarter and all the wiser. They demand quality products and services and know how to bargain for them. Stay on top of things and keep yourself a step ahead.

[Christine B. Zialcita is a businesswoman and a Placement Consultant of Jobsdb Phils Inc. She is also an instructor and partner of The English Chatroom, an English-language training center for professionals. Christine may be reached at Christine.z@jobsdb.com.ph.]