A business owner’s dream includes achieving financial freedom and success. The idea of starting a food and beverage business might be overwhelming, but with the right financial planning, your business has every chance at success—just like what happened with Lucky!
With food innovation being at an all-time high, many new concepts and trends are out in the market. From Lucky Sr.’s experience, learning to commit to your business, can protect your business and provide better service to your customers. So, if you’re thinking of starting a food business, here are essential tips to get you started:
1. Create a concept that is needed right now
Do you have an idea right now that no one else has? If you start this tomorrow, is this what people would want/need and sign-up for? Are Filipinos ready for this kind of food today? Ask yourself these questions. This way, you can also see if you are riding on a trend or actually providing a long-term product.
2. Fast and proper timing is key
If you are a pioneer, you get a head start in the market and build your brand right away. The earlier you begin, the better, so if you have an idea, get to work as soon as possible because if you don’t, someone else will.
3. Do your research
Before starting your business, you want to make sure that you did your research diligently. By getting a deeper understanding of the industry landscape, your target market, and the latest trends and competitors, it will help you to achieve your goals and guide you on how to structure, manage, and grow your business in the long run.
4. Make your business official
Now more than ever, being compliant with applicable health and safety codes as well as other food service regulations is important. Register your business with the Department of Trade & Industry—it’s very simple and easy.
You have to register your brand/product name with the Intellectual Property of the Philippines. You can search here for existing brands, see if your product name or idea is still available, and learn how to apply (online & in-person) for trademarks.
5. Secure your business’ financing
Having an insurance plan can help you future-proof your business and life goals. Some insurance plans have an investment feature which allows you to make partial withdrawal for emergencies or business expansion. Just like Lucky Sr., by getting an insurance plan, he was able to use the money to fund expenses in his business. He was even able to use the funds to put Lucky Jr. through school and help expand their business.
When you integrate an insurance into your business strategy, you provide a new level of protection for your company, for many of the unexpected twists that come your way over the years.
Whatever business you will decide to venture in, it is important to partner it with sound financial habits because being disciplined and smart in your spending is the key to the stability of your business.
The fundamentals of running your own business are courage, determination, a great support system, and hard work. It’s not an easy feat to set up your own business but it is not impossible to do this. Let your dream and drive be bigger and brighter. Remember, like Lucky Sr., kaya mo yan! Watch Kulay here.
With Sun Life as your Partner for Life, your financial needs for every stage of your business can be secured. From starting a new venture to preserving the legacy of your family business, Sun Life is here to guide you through your financial journey.
Ready to future-proof your business and personal goals? Talk to a Sun Life advisor!