Starting a business is one of the life goals of many. Being your own boss. Owning your time. Building up your success. Finding the “tipping point” to finally turn that dream into reality, just like Benjamin Liuson, President of The Generics Pharmacy, takes a little bit of inspiration and buckets of perspiration.
For 7 years, The Generics Pharmacy has been established as one of the trusted and successful brands in the Philippine pharmaceutical industry. From its humble beginnings as a small pharmaceutical company, The Generics Pharmacy focused on generic medicines offering Filipinos an affordable alternative to branded medicines that brought it to its present stature of being one of the well-known companies today.
Like Mr. Liuson, you too can start your own business and strive to be successful. Below are some pointers to get you galloping on the road to business success in 2014:
1. Have an enterprising mindset. Starting a business is a full-time commitment. Unlike noodles and coffee, getting your groove on to be an entrepreneur is not instant. It takes practice and self-discipline. Successful entrepreneurs share powerful traits such as optimism, passion, and perseverance. Building on these traits can spell the difference between simply realizing a dream and starting a business that works over time. Of course, there may be stumbling blocks along the way, but the right mindset will fuel you to push forward.
2. Consider your interest. Like what Confucius said in finding a job, “Choose a job you love, and you will never have to work a day in your life.” Same applies to putting up your own business. Challenges and difficulties will not hinder you from succeeding if you love what you are doing. In fact, these will shape your business and set the stage for ideas and creativity to flow.
3. Decide on a business model: Start on your own or Open a Franchise. Weighing the pros and cons of picking a business model that is suitable to your taste and personality can be a tricky process. The reward of starting something from scratch and seeing your vision grow into a successful business is priceless. Of
course, it may come with stumbling blocks along the way, but turning your big idea into a profitable business – and knowing that it sells – can make any starting up entrepreneur smile from ear to ear. On the other hand, you can invest in a franchise business – one with an established brand, a business model that works, and a loyal market that patronizes the products and services. While it comes with a commensurate franchise fee, seasoned franchisors provide their franchisees with ample training, operations and marketing support, and a network of suppliers so you get less headaches and more focus on making your franchise work. No matter what business model you choose, always remember to stick to it.
4. Get to know your business – by heart. Practicing the enterprising mindset and choosing your business model according to what suits you is just the beginning. Brush up on your product know-how. Gather the necessary information and be updated on industry statistics. Observe the operations of similar and successful business models. Enroll yourself in short but experiential training courses, if you must. These will equip you with the relevant information and practices necessary in running your business in tiptop shape.
5. Choose your partners well. No man is an island. In the beginning, doing things on your own may seem like the most comfortable set-up. However, partnership with tried-and-tested suppliers, a supportive entrepreneur network, and a solid bank partner can help you maximize your profit and focus on what you do best. Take the case of The Generics Pharmacy, to ensure success in its franchising venture, it has teamed up with a trusted partner like BPI Family Ka-Negosyo.
If you are on the look-out for a possible business to start, BPI Family Ka-Negosyo has made available the “Franchise Finder,” a Franchise Directory found on its interactive website, bpiloans.com. “Franchise Finder” provides a catalogue of comprehensive franchise information of various brands including available packages, updated contact details, and an option to inquire online.
BPI Family Ka-Negosyo offers you a wide array of choices from the bank’s roster of Best list Brands, which is a line-up of the most promising franchise brands in the country today. The Generics Pharmacy is one of BPI Family's accredited Best List franchise brands.
To find out more about the offerings of BPI Family Ka-Negosyo and Ka-Negosyo Franchise Finder, log-on to www.bpiloans.com. You may also call 754-NEGO, email kanegosyo@bpi.com.ph, text 0917-852NEGO or 0922-869NEGO, or visit any of the 800 BPI and BPI Family branches nationwide.
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