Our first family business was a sari-sari store, then an ukay-ukay store. Our first two businesses were a flap mainly because we were too eager to start. After a year of hiatus, we again ventured into something different. Something that we are good at and something we really love.

My brother opened his own welding shop. After a year, we opened Country Diner, our family restaurant. Then come our LPG delivery business.

Thankfully, all our three business are doing well. Except our eldest sister, all of us siblings are working full time managing our businesses.

But before we finally gambled our hard-earned money, we went through different dilemmas before we finally said, “Let’s do this!” Allow me to share some few tips on choosing a business that worked for us. I believe these will also work for you.

1. Identify the need. Before we opened our LPG delivery business, I went around our community and studied what is missing that needs to be addressed. I found out that many (if not most) of the LPG sold in the stores are underfilled.

Though sold at a lower cost, I feel that the customers deserve something better. After analyzing the market, I finally decided to invest in the business. Today, I supply LPG to different stores and restaurants. (I’ll talk more about opening an LPG Delivery business in my next post).

2. Take a risk. My aunt always ask us, “Is it a sure business?” She is right that a business should make money but we can never be sure unless we try. Business is a gamble and we have to be wise as to where we bet our money on. You can never start if you are afraid.

3. Study the competition. I conform to the notion that a potential business exists if competition exists. Going back to our LPG delivery business, we are not the only one running such. We have seven competitors but why did we manage to penetrate the market? We simply innovate and add value to our service. (I’ll write more about this in my upcoming posts).

4. Have a solid plan. Don’t undermine the importance of a business plan. Big or small, sit and write a short description of your business and how you are going to sell your product or service. A business plan will allow to fully understand what you really want.

5. Talk to People. Aside from reading, talk to individuals who have excelled in the business you plan to put up. With their first-hand experience, they are sure to give you valuable insights you can consider as you build your own.

Prior to opening our LPG Delivery business, I joined and interacted in online forums about LPG business. I talked to plant managers and other individuals involved in the business. Finally, my network has grown and got valuable insights I applied in my own business.

 Fear has no place in entrepreneurship. Arm yourself with knowledge. As I have pointed earlier, we failed in our first attempts because we were too eager to start. Read and understand the industry first.

I’ll be adding more tips in my next post. I hope these first five tips in choosing a business will help you in our own venture. All the best, fellow entrepreneur.

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