LESSON 1: Introduction to the Business World
What Is Business? Know the Basic Terms
A business is an organized entity engaged in economic activities. Its primary purpose is generating profit through the production, distribution, or provision of goods, services, or both, in response to market demand.
It involves various operations such as management, marketing, finance, and production, and is subject to legal, regulatory, and economic considerations within its operating environment.
Basically, a business is like a puzzle where people work together to create, sell, or provide something that others need or want. It’s a way to make things or offer services to make money and help people.
Here are other common terms you’ll commonly see and use:
Revenue: The total income generated from sales of goods or services before deducting any expenses.
Expenses: The costs incurred by a business in its operations, including salaries, rent, utilities, and materials.
Profit: The difference between total revenue and total expenses. It’s the financial gain a business makes after deducting all costs.
Loss: When total expenses exceed total revenue, resulting in a negative financial outcome.
Gross Profit: The profit earned after subtracting the cost of goods sold from total revenue.
Net Profit: Also known as the bottom line, it’s the profit remaining after deducting all expenses, including COGS, operating expenses, taxes, and interest.
Assets: Resources owned by a business, such as cash, equipment, inventory, and property.
Liabilities: Debts and obligations a business owes to external parties, including loans, accounts payable, and accrued expenses.
Equity: The residual interest in the assets of a business after deducting liabilities. It represents ownership interest and is calculated as assets minus liabilities.
Your Business Blueprint: Discovering Your Niche
A niche is a specialized segment of a broader market. It’s the place where your expertise meets the needs of a specific group of customers. Unlike casting a wide net, focusing on a niche allows you to tailor your offerings, messaging, and solutions to a more defined audience.
Self-Reflection and Passion
Start by considering all your interests, strengths, and passions. What topics or industries resonate deeply with you? Your genuine interest will be a driving force to get you started.
Market Research
Study the market trends, competition, and gaps. Look for underserved areas where your unique approach can make a difference and be noticed. This could involve analyzing customer pain points, unmet needs, or emerging trends.
Audience Identification
Who are your potential customers? Define your target audience’s characteristics, preferences, and problems. Tailoring your products or services to address their specific needs enhances your appeal and makes them resonate with your products more easily.
Leveraging Your Expertise
Identify your strengths and skills. Consider how you can leverage these abilities to create value within your chosen niche. Your expertise will set you apart and build your credibility. It will also save you a lot of time and research.
From Idea to Reality: Turning Your Spark into a Business Concept
Once you’ve chosen your niche, it’s time to start creating a business concept aligned with it. Here are some of the things you’ll need to create in order to build a strong business concept:
Value Proposition:
Develop a compelling value proposition that outlines the unique benefits your business offers. Clearly articulate why your niche solution is superior to existing options.
Business Model:
Determine your revenue streams, such as product sales, subscriptions, or service fees. Define your pricing strategy based on your value, costs, and market expectations.
Minimum Viable Product (MVP):
Create a basic version of your product or service that addresses the core need of your target audience. Test your MVP with a small group of potential customers to gather feedback and refine your concept.
Branding and Identity:
Develop a brand identity that resonates with your niche and target audience. Design a logo, choose brand colors, and create a consistent visual and verbal style.
LESSON 2: Business Foundation
The Power of Planning: Business Model Canvas
The Business Model Canvas is a visual template for describing, assessing, and changing an organization’s business model. It is a strategic management tool that helps you better understand your business model and how it creates, delivers, and captures value.
The Business Model Canvas is made up of nine building blocks:
Customer Segments: Who are your target customers?
Value Proposition: What value do you offer to your customers?
Channels: How do you reach your customers?
Customer Relationships: How do you interact with your customers?
Revenue Streams: How do you make money?
Key Resources: What resources do you need to operate your business?
Key Activities: What activities do you need to do to deliver your value proposition?
Key Partnerships: Who are your key partners?
Cost Structure: What are your major costs?
To use the Business Model Canvas, start by filling in the nine building blocks for your business. You can do this by brainstorming with your team, interviewing customers, or conducting market research. Once you have filled in the canvas, you can start to analyze your business model and identify areas for improvement.
Navigating Business Licenses, Permits, and Regulations
It can be quite daunting to get started if you’re unaware of the permits and regulations needed so we’re here to give you a quick rundown on the steps necessary to make your business legal in the Philippines.
Register your business with the Securities and Exchange Commission (SEC).
This is the first step in establishing a legal business entity in the Philippines. The SEC will review your business name, articles of incorporation, and bylaws to ensure that they meet the legal requirements.
Obtain a business permit from the local government.
This is required for all businesses, regardless of size or type. The business permit will allow you to operate your business legally within the jurisdiction of the local government.
Register with the Bureau of Internal Revenue (BIR).
This is required for all businesses that will be earning income in the Philippines. The BIR will assign your business a taxpayer identification number (TIN) and collect taxes on your income.
Obtain other necessary licenses and permits.
Depending on the nature of your business, you may need to obtain additional licenses and permits from other government agencies. For example, if you are operating a food business, you will need to obtain a permit from the Food and Drug Administration (FDA)
Basic Financial Management for Startups
While it’s easy to get lost in the production and operational side of the business, it’s important to develop good financial habits from the start. This will allow you to make good money decisions so here are some basic ones to get your started.
Create a budget and stick to it
This is the most important financial management tip for any business, but it is especially important for new businesses. Your budget should outline your expected income and expenses for a specific period of time, such as a month or a year.
Track your cash flow
Cash flow is the movement of money into and out of your business. It is important to track your cash flow so that you can see where your money is going and identify any potential problems. There are a number of ways to track cash flow, such as using a spreadsheet or a cash flow management software.
Pay your bills on time
This is one of the easiest ways to improve your credit score and build a good reputation with your creditors. Paying your bills late can result in late fees, interest charges, and even legal action.
Avoid debt
Debt can be a major drain on your finances, especially for startups. If you do need to borrow money, make sure to do so at a reasonable interest rate and repay it as quickly as possible.
Invest in your business
Don’t just focus on generating revenue. Make sure to invest in your business so that it can grow and succeed. This could include investing in marketing, product development, or employee training.
Here are some additional tips that are specific to startups in the Philippines:
Take advantage of government programs. There are a number of government programs available to help startups, such as tax breaks, grants, and loans. Do some research to see what programs you may be eligible for.
Network with other entrepreneurs
Networking is a great way to learn from other entrepreneurs and get advice on financial management. There are a number of networking events and organizations available for startups in the Philippines.
Stay up-to-date on the latest trends. The business landscape is constantly changing, so it is important to stay up-to-date on the latest trends. This includes financial trends, such as new investment opportunities or changes in tax laws.
LESSON 3: Business Essentials: Channels, Branding and Tools
Branding 101: The Value of Logos and Identity Design
Identity branding helps new businesses create a unique and memorable identity that sets them apart from the competition.
Why is it important to build a strong brand identity:
To create a strong first impression
When customers first encounter your business, they will form an impression based on your branding. A good brand will make a positive impression and make customers more likely to remember you and do business with you.
To differentiate yourself from the competition
There are many businesses in the Philippines, so it is important to find a way to differentiate yourself from the competition. A good brand can help you do this by creating a unique identity for your business.
To build trust and credibility
A good brand can help you build trust and credibility with customers. When customers see that you have a strong brand, they will be more likely to trust you and do business with you.
To build a community around your brand
A good brand can help you build a community around your brand. When customers feel connected to your brand, they are more likely to be loyal to you.
Online or Offline? Weighing the Pros and Cons of Different Business Channels
A business channel is a way for a business to reach its target market and deliver its products or services. There are many different business channels available, and the best channel for a particular business will depend on a number of factors, such as the target market, the products or services offered, the budget, and the goals of the business.
Some of the most common business channels include:
Direct Sales
This is a channel where businesses sell their products or services directly to customers, without the use of intermediaries. This can be done through a company’s website, through a call center, or through door-to-door sales. Direct sales can be a very effective way to build relationships with customers and to control the customer experience.
Indirect Sales
This is a channel where businesses sell their products or services through intermediaries, such as wholesalers or retailers. This can be a more cost-effective way to reach a wider audience, but it can also be more difficult to control the customer experience.
Online channels
This includes a variety of channels, such as search engines, social media, and e-commerce platforms. Online channels can be a very effective way to reach a global audience and to build brand awareness.
Offline channels
This includes a variety of channels, such as print advertising, television advertising, and direct mail. Offline channels can be a more effective way to reach a local audience and to build trust with customers.
Partnerships
This is a channel where businesses collaborate with other businesses to reach a wider audience or to offer a wider range of products or services. Partnerships can be a very effective way to reach new customers and to grow a business.
Tech Talk: Essential Tools and Software for Smooth Business Operations
Businesses need a variety of tools and software to operate effectively. These tools can help businesses with tasks such as communication, project management, customer relationship management (CRM), accounting, word processing, presentation, spreadsheet, design, website building, and email marketing.
The specific tools and software that a business needs will depend on its size, industry, and specific needs. However, there are some basic tools and software that are essential for all businesses.
Here are some of the most important basic tools and software for businesses:
Communication Tools
These tools help businesses communicate with each other and with customers. Some popular communication tools include email, instant messaging, and video conferencing.
Project management Tools
These tools help businesses track and manage their projects. Some popular project management tools include Asana, Trello, and Jira.
Customer relationship management (CRM) Software
This software helps businesses manage their customer relationships. Some popular CRM software include Salesforce, HubSpot, and Zoho CRM.
Accounting Software
This software helps businesses track their finances. Some popular accounting software include QuickBooks, Wave, and Xero.
LESSON 4: Value Proposition and Customer Relationships
Crafting the Perfect Pitch: Developing Unique Products and Service
A unique value proposition (UVP) is a statement that summarizes the unique benefits of your product or service and how it solves a customer’s problem. It is a key part of your marketing and sales efforts, as it helps you to communicate the value of your offering to potential customers.
Here are some tips for creating a strong UVP:
Focus on the customer: Your UVP should be focused on the customer and how your product or service can solve their problems.
Be specific: Don’t be vague about the benefits of your product or service. Be specific about what it can do for the customer.
Be unique: Your UVP should be unique to your product or service. Don’t just copy the UVP of your competitors.
Be persuasive: Your UVP should be persuasive. It should make customers want to learn more about your product or service.
Here are some examples of strong UVPs:
Netflix: “Watch TV shows and movies the way you want, when you want.”
Apple: “Think different.”
Tesla: “The future of electric cars.”
Nike: “Just do it.”
SM: “We’ve got it all for you”
Customer Connection: Building Relationships and Nurturing Loyalty
Building relationships and customer loyalty is essential for any business, but it is especially important for new businesses. Here are some tips for building relationships and customer loyalty as a new business:
Provide excellent customer service
This is the most important thing you can do to build relationships and customer loyalty. Make sure your customers are happy with the products or services you offer and with the way you treat them.
Be responsive to customer feedback
When customers give you feedback, take it seriously and make an effort to improve your products or services. This shows that you care about what your customers think and that you are committed to providing them with the best possible experience.
Personalize your interactions with customers
Get to know your customers and their needs. This will help you to provide them with a more personalized experience and to build a stronger relationship with them.
Offer rewards and loyalty programs
This is a great way to show your customers that you appreciate their business and to encourage them to come back.
Stay in touch with your customers
Keep in touch with your customers after they make a purchase. This could involve sending them email updates, offering them discounts or promotions, or simply checking in to see how they are doing.
Use social media to connect with customers
Social media is a great way to connect with your customers and build relationships with them. Be sure to interact with your customers on social media and to respond to their comments and questions.
Marketing Magic: Beginner-Friendly Strategies for Promoting Your Business
Marketing is the process of creating awareness and demand for your products or services. It is essential for any business, but it is especially important for new businesses that are trying to reach their target market.
There are many different marketing strategies that you can use, but some of the most common include:
Content Marketing
This involves creating and sharing valuable content that your target market will find interesting and informative. This could include blog posts, articles, infographics, e-books, or videos.
Social Media Marketing
This involves using social media platforms like Facebook, Twitter, Tiktok and Instagram to connect with your target market and promote your products or services. You don’t have to do them all, you can simply begin with the one that is most used by your target audience.
Search engine optimization (SEO)
This involves optimizing your website so that it appears higher in search engine results pages (SERPs). This will help more people find your website when they search for products or services like yours.
Pay-per-click (PPC) Advertising
This involves paying a fee whenever someone clicks on your ad. This can be a good way to reach a large audience quickly, but it can also be expensive.
Email Marketing
This involves collecting email addresses from your target market and sending them regular emails with updates about your products or services. This is a great way to stay in touch with your customers and promote new products or services.
Storytelling for Success: How Your Business Narrative Can Captivate Audiences
Storytelling is a powerful tool that can be used to connect with customers, build relationships, and drive sales. When done well, stories can be memorable, engaging, and persuasive.
Here are some of the benefits of using storytelling in business:
Connect with customers
Stories can help businesses connect with customers on a personal level. When customers can relate to a story, they are more likely to be interested in the product or service being offered.
Build relationship
Stories can help businesses build relationships with customers by creating a sense of trust and rapport. When customers feel like they know a business on a personal level, they are more likely to do business with them.
Drive sales
Stories can be used to drive sales by creating a sense of urgency or excitement. When customers are engaged in a story, they are more likely to be persuaded to take action.
Educate customers
Stories can be used to educate customers about a product or service. When customers are able to understand the benefits of a product or service, they are more likely to buy it.
Differentiate from the competition
Stories can help businesses differentiate themselves from the competition by creating a unique and memorable brand.
Build brand awareness
Stories can help businesses build brand awareness by getting people talking about them. When people share stories about a business, it helps to spread the word about the brand.
Here are some tips for using storytelling in business:
Be authentic: Stories are most effective when they are authentic and relatable. Don’t try to force a story or make it too salesy.
Be concise: Stories should be short and to the point. People have short attention spans, so you need to get to the point quickly.
Be relevant: Stories should be relevant to your target audience. Make sure the story is something that they will be interested in and able to relate to.
Be consistent: Use storytelling consistently throughout your marketing materials. This will help to create a cohesive brand message.
LESSON 5: Operations and Growth
Money Matters: Budgeting, Pricing, and Managing Cash Flow
Pricing, budgeting, and cash flow are all essential aspects of running a business. Pricing refers to the amount you charge for your products or services, budgeting refers to the process of planning and managing your finances, and cash flow refers to the inflow and outflow of money in your business.
Pricing
When pricing your products or services, you need to consider a number of factors, including your costs, your target market, and your competition. You also need to decide whether you want to use a cost-plus pricing, value-based pricing, or competitive pricing strategy.
Cost-plus pricing
A pricing strategy where you add a markup to your costs. This is a simple pricing strategy, but it can be difficult to determine the appropriate markup.
Value-based pricing
A pricing strategy where you price your products or services based on the value they provide to your customers. This can be a more difficult pricing strategy, but it can be more profitable.
Competitive pricing
A pricing strategy where you price your products or services based on the prices of your competitors. This can be a good way to stay competitive, but it can also lead to price wars.
Budgeting
Budgeting is the process of planning and managing your finances. It involves setting financial goals, tracking your income and expenses, and making adjustments as needed.
When budgeting for a new business, you need to consider a number of factors, including your startup costs, your ongoing expenses, and your revenue goals. You also need to decide how you will track your finances and make adjustments to your budget as needed.
Cash Flow
Cash flow is the inflow and outflow of money in your business. It is important to manage your cash flow effectively in order to avoid running out of money.
There are a number of things you can do to manage your cash flow, including:
Track your income and expenses: It is important to track your income and expenses so that you can see where your money is going.
Set up a budget: Having a budget will help you to plan your spending and make sure that you are not overspending.
Avoid impulse purchases: It is important to avoid impulse purchases and only buy things that you need.
Pay your bills on time: Paying your bills on time will help to improve your credit score and make it easier to get loans in the future.
Get a line of credit: A line of credit can be a helpful way to access cash when you need it.
By following these tips, you can manage your cash flow effectively and avoid running out of money.
Here are some additional tips for pricing, budgeting, and managing cash flow as a new business:
Be flexible: Your pricing, budgeting, and cash flow needs may change as your business grows. Be prepared to make adjustments as needed.
Get help from experts: If you are not comfortable with pricing, budgeting, or cash flow management, you can get help from experts. There are a number of resources available to help new businesses, including accountants, financial advisors, and business consultants.
Scaling Smart: Exploring Growth Opportunities and Expansion Strategies
Expansion strategies are the plans that a business can use to grow and expand its operations. There are many different expansion strategies that a business can use, depending on its size, industry, and goals.
Some of the most common expansion strategies include:
Market penetration: This strategy involves increasing sales in existing markets. This can be done by increasing advertising, expanding into new geographic areas, or developing new products or services for existing customers.
Market development: This strategy involves entering new markets with existing products or services. This can be done by expanding into new geographic areas, targeting new customer segments, or selling through new channels.
Product development: This strategy involves developing new products or services for existing markets. This can be done by innovating existing products or services, or by developing completely new products or services.
Diversification: This strategy involves entering new markets with new products or services. This can be a risky strategy, but it can also be a very rewarding one.
Growth opportunities are the potential for a business to grow and expand its operations. There are many different growth opportunities that a business can pursue, depending on its size, industry, and goals.
Some of the most common growth opportunities include:
Acquisitions: This involves buying another business. This can be a good way to expand into new markets, acquire new customers, or gain access to new technology.
Joint ventures: This involves partnering with another business. This can be a good way to share resources, pool expertise, or enter new markets.
Strategic alliances: This involves forming a formal alliance with another business. This can be a good way to share resources, pool expertise, or enter new markets.
Franchising: This involves selling the rights to operate a business to another party. This can be a good way to expand quickly and reach new markets.
The best expansion strategy or growth opportunity for a business will depend on its specific situation. There is no one-size-fits-all answer.
Building Your Team: Hiring, Onboarding, and Fostering a Positive Workplace Culture
Hiring the right people is essential for any business, but it is especially important for new businesses. When you are hiring for a new business, you need to find people who are passionate about your company’s mission and who are willing to work hard. You also need to find people who are a good fit for your company culture.
Building a healthy work environment is also essential for new businesses. A healthy work environment is one where employees feel valued, respected, and supported. It is also a place where employees feel comfortable being themselves and where they can be productive.
Here are some tips for hiring, building, and creating a healthy work environment for new businesses:
Hiring:
Be clear about your company’s mission and values: When you are hiring, make sure that you are clear about your company’s mission and values. This will help you to attract the right people to your company.
Create a strong job description: Your job description should be clear and concise. It should also be specific about the skills and experience that you are looking for.
Do your research: Before you interview a candidate, do your research. This will help you to ask informed questions and to make a better decision.
Be selective: Don’t just hire the first person who comes along. Take your time and find the right person for the job.
Building and Creating a Healthy Work Environment:
Set clear expectations: When you are building a healthy work environment, it is important to set clear expectations. This includes expectations about work hours, deadlines, and behavior.
Be transparent: Be transparent with your employees about the company’s goals and plans. This will help them to feel more invested in the company’s success.
Provide feedback: Provide regular feedback to your employees. This will help them to improve their performance and to feel valued.
Encourage communication: Encourage communication between employees and managers. This will help to create a more open and supportive environment.
Be flexible: Be flexible with your employees. This includes understanding that things don’t always go according to plan and that sometimes employees need to take time off.
By following these tips, you can hire, build, and create a healthy work environment for your new business.
LESSON 6: Early Obstacles and Evaluation
Pivot and Persevere: Navigating Obstacles and Overcoming Setbacks
Every business will face setbacks and obstacles at some point. It is how you deal with them that will determine your success. Here are some tips for navigating setbacks and obstacles as a new business:
Stay calm and positive: It is easy to get discouraged when things go wrong, but it is important to stay calm and positive. Remember that every setback is an opportunity to learn and grow.
Be flexible: Things don’t always go according to plan, so it is important to be flexible. Be willing to change your plans if necessary.
Ask for help: Don’t be afraid to ask for help when you need it. There are many people who are willing to help new businesses succeed. You can reach out to previous mentors and other people in the community that can help you as you pivot your brand.
Learn from your mistakes: Every mistake is an opportunity to learn. Take the time to figure out what went wrong and how you can avoid making the same mistake in the future.
Celebrate your successes: It is important to celebrate your successes, no matter how small they may seem. This will help you to stay motivated and keep moving forward.
Success Milestones: Creating and Achieving KPIs
KPIs, or Key Performance Indicators, are measurable values that track the progress of a business towards its goals. They can be used to measure anything from sales to customer satisfaction to employee productivity.
Creating KPIs for a new business can be challenging, but it is essential for tracking your progress and ensuring that you are on the right track. Here are some tips for creating KPIs for a new business:
Start with your goals: What do you want to achieve with your business? Once you know your goals, you can start to develop KPIs that will measure your progress towards those goals.
Make sure your KPIs are SMART (Specific, Measurable, Achievable, Relevant, and Time-bound): KPIs should be specific enough to be meaningful, but not so specific that they are difficult to measure. They should also be feasible, relevant to your goals, and time-bound.
Track your KPIs regularly: Once you have created your KPIs, you need to track them regularly to see how you are doing. This will help you to identify areas where you need to improve and to make necessary adjustments. You can have quarterly evaluations with the team to make sure you are on track.
Use your KPIs to make decisions: Your KPIs should be used to make decisions about your business. For example, if you see that your sales are declining, you may need to change your marketing strategy.
Review your KPIs annually: As your business grows and changes, you may need to review your KPIs. This will ensure that they are still relevant and that they are helping you to achieve your goals.
Achieving KPIs takes time and effort, but it is essential for the success of any business. By following these tips, you can create and achieve KPIs that will help your business grow and succeed.
Here are some additional tips for achieving KPIs:
Set realistic goals: Your goals should be challenging, but they should also be realistic. If your goals are too ambitious, you will be more likely to give up.
Break down your goals into smaller steps: Breaking down your goals into smaller steps will make them seem less daunting and more achievable.
Value of Partnerships: Utilizing Social Media, Collaborations and Features
Social media, collaborations, and partnerships are all powerful tools that can be used to grow a new business. Here are some tips for utilizing social media, collaborations, and partnerships to grow a new business.
Social Media
Social media is a valuable tool that businesses can use to connect with customers, build relationships, and promote their products or services.
Choose the right platforms: Not all social media platforms are created equal. Choose the platforms that your target audience is most likely to use.
Create high-quality content: Your content should be informative, engaging, and visually appealing.
Be consistent: Post regularly and on a schedule that works for you.
Interact with your audience: Respond to comments and questions, and participate in conversations.
Use social media analytics: Use social media analytics to track your progress and see what’s working.
Collaborations:
Collaborations can help businesses to reach a wider audience, gain exposure, and grow their business.
Find the right partners: Look for partners who have a similar target audience and who offer complementary products or services.
Be clear about your goals: What do you hope to achieve by collaborating with this partner?
Set clear expectations: Agree on what each party will contribute to the collaboration.
Communicate regularly: Keep in touch with your partner throughout the collaboration.
Be flexible: Things don’t always go according to plan, so be prepared to be flexible.
Partnerships
Partnerships can help businesses to grow and achieve their goals by sharing resources, expertise, and knowledge.
Find the right partners: Look for partners who share your values and who are committed to the success of the partnership.
Be clear about your goals: What do you hope to achieve by partnering with this partner?
Set clear expectations: Agree on what each party will contribute to the partnership.
Communicate regularly: Keep in touch with your partner throughout the partnership.
Be willing to compromise: Partnerships require compromise. Be willing to give and take in order to make the partnership successful.
Final Thoughts
Get ready to embark on an exciting and informative adventure in the world of business. This course is designed to provide you with a solid foundation, no matter where you’re starting from. Let’s make your business dreams a reality!
