but can give you high-yield or results?The answer is: None.
People who want to be their own bosses tend to look for safe businesses to put up. They look at the current trend or fad, source suppliers where they can get the materials or produce at a cheaper price and then sell their products or services cheaper than the competition
. The result is a price-war.Because of the cheaper offering, you may initially get or convert some customers but then your competition will also lower their prices. In the end, due to ever decreasing profit margins, these businesses will eventually shut-down. Furthermore, those who will win in the price war are those with deep pockets and who are the first-movers
.Think of food stalls offering siomai, sisig, siopao and other food varieties. Just walk inside a mall and you will see these concepts often competing for the buyers' attention. Some of them may even be located in the same area.
The entrepreneur losses, the customer wins.Though this is not entirely a bad thing.
Others copy a concept, then improve on it. Think of specialty milk teas. They have been offered in kiosks, stalls and now, a milk-tea bar (Sereni-tea). Obviously, knowing product inside and out and having a big capital would help a lot.
But then when this trend catches up, wait for other milk-tea bars to pop-out in every nook and cranny of the metropolis then the market becomes saturated.
A first-mover advantage will surely help as it usually become the brand synonymous with the product or service; think of McDonalds
.So how can we choose the right business to get into? Honestly, there is no straight answer to this question. Some people would like to say that they ventured into a particular business since it was their passion
. Others would quip that since they were experts in a particular field, they have decided to put-up their own company to make money for themselves.We chose this business because there seems to be a demand for it. Other countries, such as Australia, Thailand, New Zealand, South Korea, are already doing it why not us? We studied the system and saw that it can be tweaked to respond to the Philippine Market
.And to be able to profit from this, we decided to pursue an exclusive distributor/license agreement from the principal. This ensures that we will become the first-mover of a waterless car wash in the Philippines.
