Standing Out in a Crowded Market

Leo's success attracted more competitors, both online and offline. He realized that to maintain his edge, he needed to differentiate his products and services.

Differentiation and Innovation:

Leo explored new packaging options, moving beyond basic plastic bags. He invested in vacuum-sealed packaging to extend shelf life and maintain freshness (5,000 PHP for initial vacuum sealer and packaging supplies). He also developed unique recipe ideas, creating spicy and flavored dried fish varieties.

Recipe Development and New Packaging:

Vacuum Sealer and Packaging: 5,000 PHP (one-time) Recipe Development (ingredients, testing): 1,000 PHP/week

Customer Loyalty and Value-Added Services:

Leo focused on building customer loyalty by offering personalized services. He introduced a loyalty program, offering discounts and exclusive deals to repeat customers. He also started offering free delivery for bulk orders and personalized gift packaging for special occasions.

Pricing Strategies and Promotional Offers:

Leo experimented with different pricing strategies, offering bundled deals and promotional discounts. He also ran limited-time offers and flash sales to attract new customers.

Promotional Expenses:

Loyalty Program Discounts/Offers: 1,500 PHP/week Flash Sale/Promotional Materials: 500 PHP/week

Market Analysis and Competitor Research:

Leo understood the importance of market analysis and competitor research. He started tracking competitor prices, product offerings, and marketing strategies. He also conducted surveys and focus groups to gather customer feedback and identify market trends. He began to explore the possibility of hiring a market research consultant.

Potential Market Research Expenses:

Initial Market Research Consultant Exploration: 1,000 PHP (initial consultations)

Long-Term Business Sustainability:

Leo began to think about the long-term sustainability of his business. He considered potential future challenges, such as rising operating costs, changing consumer preferences, and environmental concerns. He started researching sustainable sourcing practices and eco-friendly packaging options.

Increased Sales and Updated Capital:

Leo's strategies to stand out from the competition led to increased sales and customer loyalty.

Weekly Sales:

Market/Grocery Sales (Manila): 45,000 PHP Online Sales (Manila): 30,000 PHP Market/Grocery Sales (Quezon City): 30,000 PHP Total Weekly Sales: 105,000 PHP

Weekly Expenses:

Accommodation (Manila, 7 nights): 2,100 PHP Food (Manila, 7 days): 1,750 PHP Transportation (Manila, 7 days): 1,050 PHP Phone/Internet (7 days): 350 PHP Employee Wages (Ana): 3,000 PHP Packaging Materials (including vacuum sealed): 2,000 PHP Delivery Costs: 4,500 PHP Shopee/Lazada Fees: 2,500 PHP Social Media Marketing: 100 PHP Storage Space Rental (Quezon City): 3,500 PHP Transportation (Quezon City): 800 PHP Online Advertising: 2,000 PHP Content Creation: 500 PHP Partnership Fees: 1,000 PHP New Product Development: 1,000 PHP Loyalty Program/Promotions: 2,000 PHP Market Research Exploration: 1,000 PHP Total Weekly Expenses: 31,650 PHP

Weekly Profit:

Weekly Profit: 105,000 PHP - 31,650 PHP = 73,350 PHP

Updated Capital:

Previous Capital: 187,750 PHP Vacuum Sealer/Packaging (one time): -5,000 PHP Weekly Profit: 73,350 PHP Remaining Capital: 187,750 PHP - 5,000 PHP + 73,350 PHP = 256,100 PHP

Leo was learning to adapt to the ever-changing market landscape. He was building a resilient business by focusing on differentiation, innovation, and customer loyalty. He was also taking a proactive approach to market analysis and competitor research, ensuring his business remained competitive and sustainable.