Gaining the competitive edge
Dear Nanay,
I am a small entrepreneur. I started a business about a year ago selling school supplies, gift items and other merchandise. Just like National Book Store!
I bought the store from my cousin, who was the original owner. She was the one who encouraged me to go on with the business. So, in partnership with my brother, we bought the store. The business is okay and I am enjoying it. But after three months, my cousin’s other business, which is just five doors away, closed. She reopened with the same business as the one I bought from her! Now I am even stuck with all her old stock and her store has all-new stock. And she even lowered the price!
Was it okay for her to do such a thing? What other items can I add? Is it okay to put up just two computers for Internet and printing?
AIDA
Dear Aida,
I can understand why you are upset. But you also have to understand that your cousin may not have had a choice. When her other business did not do so well, she may have been forced by circumstances to go back to what might be the only way she knows how to make money. If that is what happened, wala kang magagawa (there’s nothing you can do about it).
When you go into business, you have to accept that this is a world of competition. If she was not the one who put up the store, then probably someone else might have. There is no difference kung sino ang nagpapatakbo, competition mo iyan (who runs it, they are your competition). So you have to always be prepared for someone to open a competitive business somewhere near your store.
Let it serve as an inspiration for you. Make your business better and use it as an excuse for you to work harder. Labanan mo! Mas pagandahin mo ang tindahan mo at pagbutihin mo ang service mo to your customers. (Fight! Make both your store and your customer service better.) Prove to the clients that they should support your store because you offer better products, better service and better value.
With respect to your question about what else you can sell in your store, only you can answer that. The best way to find out what else you should carry is to talk to your customers. Ask them what else they are looking for. Ask them what they want to buy. And then you can go and add those items to your inventory.
For the computers, observe how many people are using them. Are there always people who are waiting for a computer? Is there always a line? If your answer is yes, then maybe you can try to add one more computer. Kung marami pa ring tao (if there are still a lot of people waiting), then maybe you can add another one until you can find a level that you are comfortable with, where there is not always a line but there are also no computers that are often idle.
Sincerely,
NANAY
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Is it better to rent or buy a home?
DEAR NANAY,
I know that there are advantages and disadvantages to either renting or buying a home. Some people believe I should just rent because it is cheaper. Some people think that I should buy my house in installments. What do you think?
MARCO
DEAR MARCO,
If you ask me, I would buy.
As you said, there are advantages and disadvantages to both. For renting, the biggest advantage is that it is probably going to cost less than buying on a monthly basis. And for some people who need to move around, whether for work or whatever reason, renting is more advantageous because you do not have to be tied down to one location. You are free to move whenever you like.
The biggest advantage to buying — assuming you are buying on installment — is that you get to build “equity”. Ang ibig sabihin lang
The other question you have to ask yourself, if you are renting to save some money, is what are you going to do with the money? If it will just sit in your savings account, maybe it is better that you put it in the property as an investment. That will also become forced savings. But if you have some productive use for the money, for example, a business that needs some extra capital, then maybe it will be better if you put it into the business so that it can grow more instead of spending the extra money on installment payments.
Maybe I am old-fashioned but I really prefer to buy. Parang nasasayangan ako pag nagbabayad ka ng upa at hindi naman napupunta sa iyo yung bahay. (I feel it’s a waste of money to pay rent when the house will never belong to you.) For me, there is still nothing like the security of a roof over your head.
Sincerely,
NANAY
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If you have a question, e-mail us at asknanay@nationalbookstore.com.ph or just drop your letter at drop boxes in all National Book Store branches nationwide.
