Sheryl had a promising career in banking but she knew her calling was in the world of businesses. She packed her things one day and decided to help out in the family business which was a hardware store. From there the learned the ropes and later on decided to focus on one product alone: paints. Now that her paint supply business is a money maker, she’s glad to share some insights.
“The first thing I learned was that having your own business is not an easy task to do. Before I only used to worry about my credit card payments, but now, I have payables reaching up to six digits,” she quips.
As Sheryl further relates, “In this business, it is important to have a good location. Your store must be located in an area where you can cater to both residential owners and commercial establishments. Then, as I pointed out earlier, you have to do some marketing work to be able to have a stable pool of clients all year round.”
She also points out the importance of prudent finance management. “You see, people don’t buy paint everyday. So your money is tied up to your inventory for quite sometime. You will have to find the means to be able to maintain a sound working capital.”
Looking back, Sheryl is proud to have survived the initial year and is looking forward to more years in this business “It is tough at first but it can eventually be a stable source of income in the long run. Just imagine, our family has been in this business for more than two decades already. It only takes a lot of guts to start out and be able to maintain loyal clients.”
Encouraging Small Enterprises
It also helps small entrepreneurs like Sheryl that there is a law like the Baranggay Enterprises). The law is aimed to exempt micro-business enterprises from income tax and the minimum wage law and reduce or exempt the “babes” from local taxes and fees and charges.
To qualify under this scheme, a business enterprise must have no more than P3 million in total assets including loans availed, excluding the value of the land used in the said venture.
The law also calls for the establishment of “special credit windows” to be set up by the Land Bank of the Philippines, Development Bank of the Philippines, the Small Business Guarantee and Finance Corporation and the People’s Credit and Finance Corporation.
Under the bill, the Social Security System and the Government Service Insurance System shall likewise extend additional to its members who wish to establish a small enterprise.