Many people believe that opening and starting a sari-sari store is an easy thing to do. But have you asked yourself a question why many sari-sari stores struggle to survive and eventually closed after a few months of opening? Many of us think that all we need is a capital in starting a sari-sari store. But honestly, money is not only we need. There are many things we have to consider in starting a sari-sari store and manage it successfully. If we run it well a sari-sari store is a good additional source of income for a family.
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If you are planning to open a sari-sari store, consider this 10 things that may help you in running your store successfully. If you already have a sari-sari store but struggling on it, this tips may also help you.
1. Your Store Location!
This is very important in all types of business. When starting a sari-sari store, consider first your location. Opening a sari-sari store next to or in front of your house is a good idea since you can save from paying rent. But make sure this place is located in a busy neighborhood that can give you more potential customers. Also consider opening a sari-sari store in a place that is near in school vicinity, town plaza, public terminals o boarding houses.
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2. Start Selling With Basic Items
When starting a sari-sari store, even a mini one, start with the basic items depending on your location. If it is in front of the school, you may sell school supplies together with snacks, candies, soft drinks and varieties of chichiria. If your store is located in the middle of a residential area, you may sell, cellphone load, laundry powder, canned milk, and condiments.
Many sari-sari stores start with a small capital, so the target here is to sell your product fast to roll your capital faster. In this way, you can grow your business easily and you can quickly establish a connection with your customers.
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3. Set out your price carefully
Compared to supermarkets, the price of sari-sari store products is a little bit higher. To maintain your customer, try not to set a too high-price on your goods especially if you are competing with existing store nearby. With reasonable prices, your customer will be loyal to you and patronage your business in the long run.
4. Treat the sari-sari store as if it is not yours
Even if it is yours, but as the one who manages, you should be very careful and honest with the inventory, the cash flows, and earnings. You have to make sure that cash on hand matches the items sold for the day. You and your family members must pay for whatever items they take or consume from the store.
Read: 5 Most Common Reasons Why OFWs' Business Fails
Consuming your goods without paying for them will not only diminish your display, but it will also shrink your capital. Remember this is business and you have to implement such things to make sure you have an income to buy supplies you need for your store.
Consuming your goods without paying for them will not only diminish your display, but it will also shrink your capital. Remember this is business and you have to implement such things to make sure you have an income to buy supplies you need for your store.
5. Take only the profit
Almost all the sari-sari store starts with a humble beginning. But if you want to grow your mini-store, take only the profit on your earnings. Know the "rule of thumb". Set aside the 10 percent of day's earning. For example, in a day, you sold P500 worth of goods, take away P50 as your profit. Taking only the profit ensures the rest of your capital in the inventory. With this, you can also realize how big or small is your profit is and be more motivated in slowly growing your business.
Watch out if you are selling perishable goods or fresh products such as vegetable or meat. Make sure they are not expired, rotten or damage when you sell it to your customers. You won't like it when a customer is asking for a refund while returning a rotten egg or decaying vegetables.
Cookies, chips, and biscuits should be displayed away from direct sunlight. Check for ant infestations on noodles, candies and chocolates and other products that may attract ants. Discard rotten vegetables that are unpleasant for the customer's eyes.
7. Watch out for seasonal items
There are products that are sold quickly during a certain period of the year so you have to take note of these items. For example, during the school opening, you have to stock-up school supplies if needed. Beer and a lot of alcoholic drinks, soft drinks, ingredients for spaghetti or macaroni salad during fiesta or Christmas season. Candles and matches during All Souls Day and so on.
Take note also for products for the rainy season such as noodles, champurrado, and coffee while juice drinks, and ice candy, lemonade, and other refreshments on summer days.
If you want your sari-sari store to survive and grow, you have to impose "No Credit Policy". Many people may not like this idea but, without money, you cannot buy new goods to sell. Credit is also one of the many reasons why many sari-sari stores in the country do not prosper or eventually closed down. All you need here is to explain to your customer that every peso counts on your daily profit and you need the money to roll out your capital.
In a sari-sari store, your neighbors are your most common customers. They can be loyal customers if you treat them warmly. Smile even you are tired and be ready to serve them, regardless of the number of goods they buy from you. Say thank you and make sure they get the right products and give the exact change.
Registering your sari-sari store makes your small business more credible and more trustworthy. Those business certificates will tell your customers that you are complying with the laws. Good luck with your sari-sari store business!
This article is filed under small business, small capital, livelihood, store business, grocery store business, and extra income.
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