Every Filipino knows what sari-sari stores are. They’re the mini-me versions of retail stores that you can be easily found everywhere in the Philippines. You can easily find one in any neighborhood, any street corners, and even in a gated subdivision. Sari-sari store is the Filipinos’ version of 7-eleven.
Why some Filipinos goes into the business of sari-sari store?
One, they’re easy to set up. Most sari-sari stores are renovated part of the owners’ house. They spend little to none renovation to create an easy access to the storage facilities inside their house. The start-up inventory of goods which is worth a week may start as low as Php 10,000. Basically, it has a low start-up capital.
Second, it’s a cash business. It’s straight direct money exchange with no debit card, checks or credit card payments. It brings money every day.
And lastly, Convenience. It’s perfect for any stay-at-home people with anaks and apos to take care of.
Any legal business can be a good source of income in managed properly, and owners of sari-sari store were able to give their children a good education from the earnings of the sari-sari store.
But sadly, many sari-sari stores closes because of poor management because if the owners have lived for a very long time in the community they established their sari-sari store, your customers are the people you have lived within that community for a long time, your business a victim to use and abuse.
So you still want to start a sari-sari store. Then here are some tips to become a successful sari-sari store owner.
Tips to remember when managing a sari-sari store.
Tip 1. Your sari-sari store is not a community fridge!
A lot of sari-sari store goes fails because the community it is in thinks that it is their fridge where they can just help themselves to what they want. And because of traditional beliefs on family ties, allows himself to be victimized and abused over and over again until his inventory diminished, not because of sales but because of blatant robbery!
When owning a sari-sari store, or any business for that matter, you must always make it clear to the community and to the people close to you that your sari-sari store is not their fridge. It’s your source of livelihood and they should respect that.
Tip 2. Book Recording
Every successful business owners need to be organized when it comes to their records. Your records let you see if whether or not your business is earning money or losing money. Now you don’t have to be an accountant to track your business expenses and income. Even a basic expenses and income record will do and take the time to update the records daily. Maintaining records also help you organize and manage the business properly. So start recording daily.
Tip 3. Variety of your sales
Every sari-sari store has the standard item of:
- Instant products (noodles, coffee, milk, etc.)
- Canned good
- Basic cooking needs (cooking oil, basic spices, and flavorings)
- Snacks and soft drinks
Try to experiment with different items that are not commonly found on other typical sari-sari stores. Examples are school supplies during the start of school year, umbrellas on the rainy season, and all other ideas that can be based on the time of the month. Always be observant on what the other sari-sari stores provide and what they don’t to give you some ideas on what to provide to your customers.
Tip 4. Good Quality Products
Everyone wants something that is in good quality. So always provide products that are in top quality. Here are some few tips on how to provide good quality products.
- Do not use thumb tacks or staples to display items because it will punch a hole to the sealed product.
- Do not expose product that can be spoiled by heat under direct sunlight. Especially chips and noodles because direct sunlight will ruin their crispiness.
- If you have rice, store them in air-tight containers and elevated from ground to avoid pests infestation
- Clean the bottled drinks before putting them inside the refrigerator
- Always use FIFO method or the “First In First Out” method. FIFO is where you sell the products that you got first before selling the ones that you got recently.
- And lastly, always maintain the cleanliness of your store and around the vicinity of your store.
Tip 5. Always have stocks
You don’t want customers to spend on other competition, right? Then you should never run out of stocks. That is why you must perform a daily inventory of your store items. Track fast moving items and make sure that these items are always replenished. If you don’t have anything to provide, then you’re not a retail store.
Sari-sari store is the Filipino’s version of 7 – Eleven
It is everywhere, it can provide us the essentials that we need, and they’re convenient. Sari-sari store can become a profitable business but only when it’s managed professionally like a retail establishment.
The only limits that can change your humble sari-sari store to another level are your creativity, imagination and drive to further improve your business. So start a sari-sari store now!