Do you want to start a business but do not know how to begin? Are you stuck choosing which market to sell to? Would you like to be able to travel any time you want to with an income source that can support your dream lifestyle?
Like most people, you probably have an idea for a business rattling around in your head. But how do you know if it's actually a good idea? That's where Jungie and Airon come in. They can help you validate your business idea so you can be confident that it will be successful before you invest any time or money into it.
Don't waste another day wondering if your business is a good idea or not. Let them help you figure it out and get started on the right foot. You won't regret it.
Listen to this episode to learn more about how they can help you find and validate your business ideas in their new series called How to Start a Business which can help you turn your ideas into sales.
What you’ll learn in this episode?
- Learn the 4 tips that will help you come up with business ideas
- Find out the 3 ways to test or validate your product
- Discover the counterintuitive approach to finding business ideas
Key Takeaways
“Hindi naman sa manggagaya or mangongopya tayo ng business. Ma-inspire lang tayo sa mga businesses na ‘yun and see how we can apply it to our own business.” - Jungie Gumiran
“Counter-intuitive ‘yang mindset na ‘yan na titignan mo muna kung sino ‘yung mga nag-succeed na kasi ‘yung usual na mindset is bago ‘to or invention mentality.” - Airon dela Cruz
“Para ka’ng nagbebenta talaga d’un sa market na may iniindang sakit or iniindang pain. Bibili ka ba ng multivitamins, painkiller, or toothpaste kung masakit ngipin mo?” - Jungie Gumiran
Connect with Airon dela Cruz
Connect with Jungie Gumiran
Connect with Wala Kang Benta - The Podcast
This is our series on How to Start a Business. If you want us to continue making episodes for this series, let us know at hello@walakangbenta.com.
- Tell us what your business ideas are
- Share what resonated with you
- Tag us in your business ideas
The four tips that will help you come up with business ideas
1. Look at the opportunity size
- Aspiring entrepreneurs get stuck choosing who to sell to between general or niche markets. Example: Sell skincare to all OR target either a specific demographic or help treat specific skin conditions.
- There is no right answer since there are people who choose one from the other and still end up with a profitable business.
- The best opportunities for products are those that will allow you to sell repeatedly like anything consumable with the opportunity for you to cross-sell or upsell.
- An example of cross-selling is when someone buys a toothbrush and sells toothpaste to go with it.
- An example of upselling is when they buy a toothbrush from you, you can sell five more toothbrushes at a lower price.
- Whether it’s a niche or general market, as long as you can offer the product repeatedly or get recurring purchases and sell a higher order value.
- You can start with a market you’re a part of because you yourself experience the problem and can help others with the same struggles as you.
- Do not underestimate the passionate Market like travelers and cosplayers. The market may be small, but they spend a lot because they’re passionate about their field.
2. Choose a trending or growing market
NOTE: There is nothing wrong with any of these markets. You choose the right one that will serve your need or goal.
- There are three markets where your business idea may fall into.
- Trending, Fad, or Stable Market
- Know and understand where the market is going because it’s important to choose a market that is gaining interest/trending or growing
- To check, ask yourself this: Is it just a fad or a trend? A fad is temporary while a trend shows stable growth
- Pet supplies, laundry shops, and online courses fall under the Trending Market
- Pandemic-related products like face shields/masks and indoor plants are in Fad Market. NOTE: Fad markets should only be done if you want quick cash because they usually would not stay for long.
- Consumables like food or anything personal care, maintenance, and health-related are in Stable Market
3. Consider your competition
- Having a lot of competitors is a good sign that the market or industry is established
- It ensures that there is demand or market in that industry
- No need to be a unique business; you can choose a competitive market as long as you change your offer apart from theirs.
- Example: Automotive market. How can you set your market apart? Sell to either a richer or a younger demographic.
- Some businesses also sell to educate like how slimming products also sell information on how to be slim.
4. Consider the restrictions and regulations of your product
NOTE: This last tip only applies if you plan to pass the business down to future generations. In other words, leave it to your family as a legacy
- Products such as food and medicine are regulated. FDA oversees its standards and qualifications. This should only be considered by those who want to pass it down to their family because anyone can put up a food or supplement business and not have it registered. Also, apart from the safety risk to your consumers, it is not a business you can fully expand if you’re not compliant with regulations and restrictions
- If you want to market and sell your product easily, it is better to start with a non-regulated or non-restricted product. Avoid firearms, fireworks, and illegal drugs/products. Choose those that are easier to promote online.
- Why can't Jungie sell sleeping supplements? His supplier is from Taiwan. Even though it is legal in the Philippines to sell melatonin, it’s difficult to produce a product in a country where it’s illegal.
