Sari-sari stores have been a part of the Filipino culture. It is one of the most common businesses in the Philippines and is known as the local and simple convenient store which are just usually attached to a Filipino dwelling.While this may be a small business to start, it is still important that you know how to operate and manage it in order to be successful.
There are a lot of sari-sari stores that close or fail after a certain period of time, and you don’t want yours to fail either.If you want success and growth for your sari-sari store, here are some tips you may want to consider.
1. Choose the right location. Most of the sari-sari stores in the country are just situated outside the houses of their owners, and this is also a wise decision because you won’t have to spend for the rent. However, you will also have to observe if you have a good market from where you live, otherwise, you may want to consider having your sari-sari store in another location.
2. Say no to credit. Even if it is the nature of Filipinos to be generous, if you want to be successful in your sari-sari store, you should never allow credit. Once you allow credit, you will only be compromising your cash flow and you are going to start losing control of your income. You will not be able to immediately buy everything you need especially when the time comes when you need to refill your stocks. The worse thing is that many customers also do not pay on time.
3. Keep your store organized. In order for you to easily find the stuff you need, make sure you have plenty of shelves so that you have ample space for all your stocks. Group your goods together for easier identification.
4. Place price tags on your stocks. Putting price tags on your merchandise will not only be helpful for you but for your customer as well. You will be able to save your time as well as your customer’s time because they won’t have to keep on waiting as you figure out the price of the commodity they are purchasing.
5. Buy from wholesalers. If you want to increase your profitability, it is better to buy from wholesalers because they price is relatively cheaper.