Expanding a business is always a challenge even for the most passionate entrepreneur. While one can have boundless commitment to the business, financial capital may be short to start the expansion. Sometimes, limited financing also prevents entrepreneurs from hiring much-needed staff to ramp up production or pave way for upgrades demanded by customers or clients.
However, entrepreneurs with their mindset focused on growth are not afraid of financing challenges. One such entrepreneur is a young lady named Celine who was fresh out of college and had a dream of putting up her own pastry business. With nothing but her dream and a capital of Php 1,000, she mustered enough courage to start her journey as an entrepreneur. After buying the materials needed from a local supplier, she went back to her small home kitchen to work on her baked creations.
After fourteen months of patience and hardwork, her pastries are now being sold in several malls and bazaars across the city. With her daily sales ranging from Php 2,500 to Php 8,000, orders for her products are definitely getting larger by the day.
How did she do it? How did this young entrepreneur expand her business from her small kitchen to upscale malls and restaurants in just a little over a year of doing business? What did she do to convert her passion for baking and Php 1,000 capital to produce a three or four-fold profit?
After meeting with a purchaser from a high-end restaurant, she dealt with the challenge of making more pastries than what she was accustomed to. During the early months of the business, it was really a one-person job. Celine did all the work – from buying the materials, to baking the pastries, up to the marketing and distribution of her products. When her pastries became a big hit, she knew she had to expand her production and her business, as a whole.
With her parent’s financial support, she was able to buy more materials and ingredients needed for her pastry business. However, this was not enough to expand her business to the scale she deemed fit.
In one of her delivery runs, she saw a pawnshop and money remittance shop that had a sign saying, “Lucky Loans.” The staff of the pawnshop explained the basics of making a loan amounting from Php 20,000 to as high as Php 150,000. Armed with this information, she excitedly prepared all the requirements to make a loan for her much-needed expansion capital.
The money she got from loan allowed her to hire more staff and upgrade her products’ packaging. She was also able to buy more ingredients, making the increase in her production volume possible.
Finally, Celine was able to meet the delivery quotas requested by the high-end restaurant. Satisfied customers and their reviews of her products made Celine’s pastries popular. Not too long after, she was making deliveries in other restaurants who needed delicious pastries as desserts. With her “Lucky Loans,” Celine was able to elevate her business beyond what she had earlier dreamed of.
To learn more about financing to expand your business, click on www.cebuanalhuliier.com for more information.