Business Pinoy Podcast with Mommy Negosyo

Do you need clarification about which advice to follow when starting a business? Today's generation is lucky that there are lots of resources for them to get the answers they need and mentors to guide their way. When I started Business #2, my husband became jobless and my salary wasn't enough to pay for my baby's milk. So, despite having no capital, I started a sideline or side hustle of selling anything and everything to my co-teachers.

When my husband and I were struggling financially, we didn't have a business mentor to guide us to do the right things. This is also why I am now your Mommy Negosyo. It was then that when I gave it all up to God I finally discovered my life purpose.  Listen to my tips for you to become successful!

“The best guide you can have in starting a business is a mentor who has made mistakes, failed, and finally was able to make businesses work.”

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New business owners often make the same business mistakes when they're just starting out. In fact, most professional businesses at one time or another have gone through some growing pains which caused them to fall flat. Rather than sharing mistakes that can be easily avoided, I want to share with you the most common business mistakes which will help you better educate yourself in a variety of areas.

It's a part of life, whether we like it or not. Sure, maybe you can't always learn. But if you want to improve yourself and your situation, then you need to be teachable (at least in my opinion).

“The knowledge you gain might just be what you need to help you grow in the moment.”

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You’ve been thinking about starting your own business for a long time and you think now is the time. So, how do you know when you’re ready to actually dive into the world of entrepreneurship?

It took me a while, but I figured out that there is a UNIQUE Business Calling for me and for every person on this planet. Do not let anyone tell you otherwise. They may have given up on their own unique calling, or are simply too afraid to find theirs, and are projecting that fear onto you. In fact, most of us have found our unique calling long ago but we have forgotten it.

“Even if the business was best for others, their success doesn’t guarantee yours.”

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Do you think friends and relatives are the best employees because they can be trusted?

Employing someone to help out in our business means we have to provide an income source for them. This is why I decided to hire someone close to me.

Many of us working in small businesses may have considered hiring our friends or family members. Many of us have also had to deal with the aftermath of that choice. Is hiring a friend or family member a good idea? I think it can be — but there are some big caveats involved when you consider doing anything in your business that involves having personal relationships with other people.

Today, let me share with you my proven and tested practices for hiring employees.

“A stranger can become one of your most trusted and loyal employees.”

Highlights of the episode:

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Are you thinking that it's best to have many different businesses or sell many products? You've been working hard on building your authority site. It's been a while since you released a new product and you're ready to get back into the swing of things by selling more services or products, right? This is great! Having multiple sources of income is always best because it means you aren't tied to one source of income. It also means that you need to pay more people which can make things complicated. Setting up multiple businesses or bringing in additional products requires plenty of tidying up before they work properly.

Having different businesses means you need to pay more people with different competencies.  

Let’s discuss more about it in this episode!

“We cannot please everybody and we cannot have all the products that everybody needs. “

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Think of your customers first before you think of your product. When you lower your price, others are forced to lower their price as well to sell their products. This is why all of you could end up getting hurt and losing your business if you don't start with your product first. People aren't always conscious about their capabilities, talents, experiences, and the people they know who can support them.

May these words from Jezz Bezos inspire you to do the right thing: "Taking an idea successfully all the way to the market and turning it into a real product that people care about and that really improves people's lives is a lot of hard work."

“Anyone who desires to have a business has a calling”

Highlights of this Episode:

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In my online courses, I always ask my students, "What's the importance of basic bookkeeping and accounting?". They'll answer: for BIR compliance. "But why is it so important Mommy N?" they ask. Tony Robbins said: "If you have the right numbers and you know what they mean, you can make better decisions". Olive Negosyo's friend, let's call her Olive, is a CPA- a Certified Public Accountant.

Olive didn't use her profession to her advantage by running the business only with her checkbook. She didn't factor in a lot of the things she should've known had she done market research in the beginning. For one, at that time, she had to import the ducks from all over and logistics was expensive. Especially for micro business owners, They think that financial statements are only for big companies.  Olive changed the nature of business, but did not change her profession.

She didn't do bookkeeping and accounting. Without financial statements, she's only able to see the problem when it's already full-blown. Olive: Use your profession as an advantage for your business. Olive: As a business owner, you need to analyze and interpret the numbers that  you get from your financial statements. If you are like me, who totally relied on my accountant and good friend, Cel, get her to sit down with you to explain the importance of your numbers.

“As a business owner, you need to analyze and interpret the numbers that  you get from your financial statements.” - Mommy N

Highlights of this Episode:

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From borrowing money to knowing how much you need to sell to start a business, the secret lies in having a business plan. If you're looking to start a business, there are 4 things to do before you touch your capital or borrow money. Know your customers and understand their desires, needs, and pain. Look for the best suppliers for your business - this will help you design your product or service. Knowing how much your business needs and how much you can afford to pay is very important.

By having a business plan, you'll see how much capital you can set aside for quality raw materials. And you'll be able to count how many employees you need versus how many you're able to afford.

“If you already have the capital, that's good. But you still have to be cautious.”

Highlights of this episode:

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Tony Robbins said that People don't buy products. They buy feelings. 

Mommy Negosyo says that business is all about selling your product or service. 

As a business coach and mentor, I teach my mentees how to have an edge on their competitors. 

If you don't know what makes people buy from you, your business will die soon. What do you think your customers will get when they buy your products? What's your business?  I dive deeper with them into their products and services. 

Business is not all about selling your product or service, it's all about being the solution to more problems. Research for unsatisfied needs, wants, and pain. Find out who your competitors are and how they're solving the problem. Focus on creating a solution to that gap which your competitors have failed to fill. When you do this you're not pushing your business to your customer, but they'll run after you.

“Business is not all about selling your product or service. It's all about being the solution to more of your customers’ problems.”

Highlights of the episode:

Connect with Mommy Negosyo:

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Purpose Driven Business Builder Facebook Group

Grow Your Business Pinoy Facebook Group

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Facebook was NOT really meant for business, Mark Zuckerberg created it as a social networking platform. We can use Facebook to get more customers, but there's a catch. Facebook Ads are a marketing strategy for users to see our product on their newsfeed like any other typical post. Girlie Negosyo: Facebook organic used to be the greatest thing in the world, it doesn't exist anymore. It's an AD product. This is what Facebook wants. For us to pay them through boosting or to buy ads. After we pay for the ads, that's when more people will see our product. Now, Facebook Ads don't come cheap. We're not even sure of our return on investment on the Facebook Ads we placed. How do I use Facebook the right way for my business? You can do that with these tips. then you can point out these benefits in your product posts.  When you have a good community, you might not even need to buy Facebook Ads to grow your business. Create a Facebook group for moms and invite them. Focus on creating value in your posts. For every ten posts that you do, only post one that's about your Mango Juice Concentrate.

“Even if people see our Ads, not everyone will trust us right away Because they know that it’s only a Facebook Ad.”

Highlights of the episode:

Connect with Mommy Negosyo:

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Instagram

Facebook

Purpose Driven Business Builder Facebook Group

Grow Your Business Pinoy Facebook Group

YouTube

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