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Grow your Business with a Citi Personal Loan

How to start a side business?

For many of us, our day job isn’t the end-all and be-all when it comes to our interests and hobbies. In fact, most of us wish we could capitalize on what we’re truly enthusiastic about. Side hobbies could range from simple activities such as gathering collectibles, blogging or vlogging, or active businesses and commercial ventures that have the potential to generate income. For another article on how to make cash from doing what you love, please visit here. For any of the above scenarios, there are ways to make cash off your true interests. Below are some important steps you can make to capitalize on the opportunities you have, as you start your own side hustle!

Figure Out How To Monetize

First things first: ask yourself if what you want to sell or create would be valuable for someone else. Is what you’re offering worthy of someone’s hard-earned cash? If so, how much would other people be willing to pay for it? After you’ve considered these basic questions, you then need to determine your costs and potential profit margins. Remember to not sell yourself short -- a healthy profit margin is key to a successful venture.

Inventory Planning

If you’re selling tangible products, take note of this paragraph! Assessing demand for your product is the next step. What sort of sales volume are you looking at? It’s wise to provide a range for yourself. Start at the lower end - what is the minimum amount you’re likely going to sell - then look at the higher end, or your best case scenario. You should have the minimum inventory to meet the lower end of your expected sales, with the possibility to scale up and meet a higher demand. Be flexible and plan ahead, so that you won’t be stuck with non-moving inventory, while ensuring that you’ll have enough to satisfy your customers’ demand.

Establish Your Sales Channels

How are you going to reach your customers? There’s plenty of options. Markets, malls, and on-the-ground sales are good options, since you will be able to have a physical touchpoint with your customers. E-commerce platforms are also promising because online shopping numbers are growing year on year, and these platforms offer easy onboarding for new sellers. Keep in mind the logistics that this distribution channel would require, so make sure that you have a reliable way to get your products to your customers on time.


You need to make your customers know you, and give them a good reason to buy from you. What is unique about your product offer that will match what they need or want? It would be good to how your product provides a better solution or value proposition for your customers. Also, keep tabs on what your competitors are doing and offering, so that you can implement promotional offers if needed, to remain competitive. Social media and gorilla marketing are also ways to reach more customers than you might otherwise, so strategize and implement your marketing programs well!

Prioritize Finances and Plan Spending

Launching your business will definitely require some level of investment. To what extent that is, will be determined by your strategy. For some, personal savings will probably cover the start-up expenses. For those with more ambitious goals, or wanting to expand an already ongoing business, a personal loan may be a more viable route to cover investment costs. To know more about starting your business using a personal loan, you can visit our article on that topic here. Investing in production set-up, sourcing materials, marketing, and more will require a substantial amount. If you feel you’re ready to take that step, Citi offers personal loans starting from ₱100,000 up to ₱2,000,000. You can learn more about Citi personal loans or apply for a personal loan here. This might be just what you need to take your passion to the next level!

This product is sold by Union Bank of the Philippines, using certain trademarks temporarily under license from Citigroup Inc. and related group entities.

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