Scared and apprehensive about starting your business? That is normal among aspiring entrepreneurs. But overcoming it takes a bit of work.
In their RCBC Boz Sessions, a video series featuring Filipino entrepreneurs, Rissa Mananquil-Trillo, co-founder of skincare and makeup brand Happy Skin, and Cy Ynares of online bakeshop The Bald Baker shared how they were able to shake off their jitters and anxieties about managing their business when they were starting out.
For Rissa Mananquil Trillo, it’s a matter of making the most out of opportunities and addressing a gap in the industry that needed to be filled. Trillo said she created Happy Skin in 2013 when she realized there were no skin-caring makeup brands available in the country specifically made for the Philippine weather and the Filipino skin.
“Instead of waiting for someone to come up with a solution to a personal pain point, I thought, why not create it? “ she said.
“Unlike most people who start a business, I wasn’t really driven by money, a way out of the corporate world, or the desire to have more free time. I was just really passionate and wanted to provide a solution to a problem Filipinas had been facing for years.”
Trillo left Happy Skin in October 2021, but she will always be proud of how the brand paved the way for other local brands to enter the beauty market. “I think that it will always be remembered as the homegrown brand that opened doors for both entrepreneurs and consumers to embrace loving local,” she said.
Meanwhile, Ynares started his online bakeshop in 2014 after his friends encouraged him to open a shop where they can buy his cookies. “At that time, there really weren’t a lot of people offering cooking and online Instagram shops weren’t even a thing yet back then,” he explained. The marketer-turned-baker’s cookies got the attention of bazaars and food journalists, proving to him that there is a market for his product. Hence, The Bald Baker is born.
Here are more tips Trillo and Ynares offered during their RCBC Boz Sessions on how aspiring entrepreneurs can overcome their fears.
Find the right partner
Starting entrepreneurs are bound to feel pressure as they iron out the issues of their new business. Trillo felt this too. “There is this huge pressure for women to be great at both work and home—to combine professional success with commitment to family,” she explained.
“Being able to achieve more as a woman can be as simple as having the right support system,” Trillo shared.“It can come in the form of a partner who shares in the care work at home, or as simple as having the right digital tools to make life easier.”
And this is the case for Ynares. The Bald Baker is a one-man team, but he finds moral support from his life partner and friends who encouraged him to start his cookie business.
Prepare for growth
For Trillo, the biggest mistake a small business can make is to think like a small business. She shared that Happy Skin started operations in 2013 with only five employees. They slowly hired full-time employees as the workload grew. Trillo’s advice? “Don’t wait to grow the team only when you feel too busy. Perhaps while waiting too long, you would’ve saved money, but you would’ve also slowed down the growth of your company.”
But growth does not only mean expanding the business in terms of manpower. In Ynares’ case, he chose to run The Bald Baker as a one-man team because he believes it is the setup that will serve him and his business the best. He slowly leveled up some components of his business, from improving the packaging, upgrading to premium ingredients, to having his own website which he proudly made by himself.
Ynares explained: “But you know, I remember someone telling me, your journey’s different from everyone else. And as cliché as this may sound, it really doesn’t matter how fast you get there. Enjoy the journey, don’t force it, and go at your own pace.”
Learn to work smart
Hard work is important. And it helps for entrepreneurs to be hands on to and know every aspect of their business operations. But Trillo said they should not feel scared or guilty if they feel they cannot do everything themselves.
Trillo said, “Here’s the truth: hard work alone doesn’t always lead to business growth.”
Trillo believes running a successful business is about optimizing, outsourcing, and automating whatever you can. It’s very possible to spend all your time doing things that aren’t actually leading to growth of your company.”
“Productivity isn’t about being busy; it’s about focusing on the right tasks that drive results,” she also said.
Ynares admits he initially thought he had to do everything himself, too. “When I started taking cookie orders, it was fairly easy in the beginning, cause I was just getting about 10 orders a week or so. But when I started getting 50- 100 orders, girl! Naloka ako. I was overwhelmed,” he quipped.
Now, Ynares said those who want to start their own business can take advantage of digital tools and apps like RCBC Boz.
Like a boss
RCBC Boz is a banking app designed to help beginning entrepreneurs manage their RCBC business accounts separately from their personal accounts. To jumpstart their journey, the app now enables users to open their operating business accounts without the need to visit a branch or fill out lengthy paperwork. Once the account is opened, they gain instant access to all of Boz’s features.
To help them manage their funds more efficiently, the app provides an overall financial view of their business performance. By doing so, owners may set their financial targets via the Business Goals function.
The app empowers users to not only accept payments but disburse funds instantly to other local banks. It comes with a payroll feature that can facilitate payouts to employees with different bank accounts or e-wallets. It allows efficient documentation of collection through issuance and sending of invoices.
“With the RCBC Boz App, you can automate payroll tasks, saving time and reducing the risk of errors. No more paperwork headaches or physically going to a bank. The RCBC Boz App streamlines this process, allowing you to focus on more strategic aspects of your business,” Trillo said.
She particularly likes the Business Goals function of the app. “I like that you can set a target date and target amount. This function helps new business owners be more disciplined with their finances, remind them of bigger dreams, and reach their goals like a boss,” Trillo said.
Ynares said, “Now with the RCBC Boz app, seeing an overview of your monthly expenses balanced off with your income is super easy.”
Trillo also said: “The RCBC Boz App empowers entrepreneurs to work smarter, not harder. It’s about leveling up your boss moves and taking your business to the next level.”
Download RCBC Boz app now and tune in to RCBC Boz sessions for more practical tips and insights on managing your own business.
