One-stop business fair

It’s a common problem among would-be entrepreneurs.

"A lot of people want to go into business, especially the overseas Filipino worker. But the common business that they get into is buying a Toyota FX or a jeepney for public transport. Some retirees who also want to invest their retirement money into business are at a loss as to what type of business they want to put up," said Jose Magsaysay, Jr., whose Potato Corner now has 120 outlets nationwide.

To help out fellow entrepreneurs, Magsaysay and his partners at Image Plus Business Solutions, Claire Fontane and Jonas Rivera , have organized next month’s Philippine Business Fair. "Here, they will see a wide variety of business opportunities that will fit their budget and their interests," he said.

With more than 1000 franchises to choose from and other businesses that can be recommended by consultants, the Philippine Business Fair is the big chance for any interested entrepreneur to learn where they can invest their hard-earned cash and how to manage their own businesses.

Also participating are the Department of Trade and Industry and the Securities and Exchange Commission, which will assist those interested in registering their businesses.

Unserved market

Interest is the first thing that Elite Consultancy Services president Emma San Juan recommends for anyone interested in putting up a business. "It has to fit a person’s interests and skills. It also helps that he has a little training on the business that he wants to put up," she said. "Start the business with saved-up capital rather than borrowed money. At most, the loan should be only 20% of your equity."

Equally important to the would-be entrepreneur is a business plan that defines the target market as well as the unserved market.

This is what Biggs Diner, the biggest restaurant chain in Bicol that is now in Manila, focused on.

"We did a cross of both the fast food and the casual dine-in restaurants and came up with a place that has a good ambiance. The food is cooked to order and served on real plates, not styrofoam, at fast food prices," said Biggs managing director Carlo Buenaflor.

Biggs started out in 1983 as a take-out counter called Mang Donalds. The name was then changed to Carl’s because the three incorporators–Teresa Buenaflor, Maricar Manjon, and Consuelo Bichara– all have sons named Carlo. The name Biggs was later adopted to represent the huge servings of the restaurant.

"The business name is very important. This defines your business and gives it its identity. If it is necessary to change the business name, do it gradually," said San Juan. "The business should reinvent itself every five years to give the customers the feeling of dynamism."

Why business fails

The average gestation period of a business is one to two years. " Many entrepreneurs fail because they give up too easily," said San Juan. "Another common mistake is to veer away from original business idea. "

Take the case of Melano Pizzito, which has evolved into one of the most dynamic franchising companies in town with more than 30 outlets after less than half a year in operation. "A lot of people who have tasted our products have been encouraging the owner, Charlie Melano, to come up with a double-size pizza. But if we did that, we would no longer be a pizzito or a small pizza," said franchise director Jenny Dente.