Pandemic spawns small businesses that are here to stay

ENTREPRENEURSHIP DIVE Four out of 10 Filipino respondents started new businesses during lockdowns, and half are still thriving in the wake of the pandemic. — Manulife Philippines

“I did not plan to put up a business during the pandemic because from my point of view, it was really very risky,” recalls Donatella Chua, a foodie whose brand and moniker as the “The Croissant Lady” came full circle during the pandemic.

Figuratively baked in the fire of the health crisis, Chua’s croissant business came about in April of 2021 as mere happenstance, beginning with her sweet craving for a Viennoiserie sweet roll she had tasted in prepandemic times.

“I was recalling the best pain au chocolat I’ve ever had in my life. It was in a hotel breakfast during my business travel in Ireland last 2019,” she reminisces of its taste. She couldn’t find a local supplier who could make these delicious pastries so she decided to try her hand at making them.

Today, she bakes anywhere from 200 to 300 pieces of her artisanal pastries daily, including her widely sought-after “croissaymada”—a buttery, sugary and cheesy combination of a croissant and an ensaymada. She sells baked goods, but she also offers ready-to-bake croissants to those who want to bake them in their ovens.

Although her treats are usually delivered, her success has enabled her to open a private, cozy kitchen in Makati, a space behind Chef Works, her older venture. Here, she also offers small-group croissant-themed tasting meals. Her unique creations include croissants made with croissants. Dinuguan Also available with cheese and kimchi fillings

She intends to make her brand available for franchising in future.

This story of “The Croissant Lady” is among the multitude of people whose businesses were able to take form and take off during one of the most tumultuous times in history.

CROISSANT LADY Donatella Chua hosting a tasting menu —FILE PHOTO

In times of crisis, there is still opportunity

According to research conducted by Manulife Financial Corp.’s Philippine unit, approximately four out of 10 Filipinos opened new businesses during the COVID-19 Pandemic Lockdowns.

The study, titled “Filipino entrepreneurship and the bayanihan spirit: The resurgence of micro and small businesses in the Philippines,” surveyed 500 people nationwide aged 18 to 55 in May of 2022. It provides insights into the inspiring world that has seen micro, small, and medium businesses (MSMEs), thrive during the pandemic.

Manulife Philippines found that 41% of respondents had started businesses in the pandemic. More than 50% said they were very likely to continue operations in the new normal.

43% of these people start a business to make income. 34% do it to keep their finances stable. 8 percent to provide convenience and access to others.

The study also considered the type of businesses established during the pandemic. The largest proportion of the respondents went into food processing. Thirty percent also started retail businesses. 24 percent were involved in the delivery and purchase of essential goods.

Manulife also found that Filipinos have patronized these businesses with 65 percent saying they have used services and products from these MSMEs. Bayanihan, also known as community spirit, has been cited as a powerful motivator.

51 percent of this group say that they are very probable to continue their patronage.

Protection and security are what you want

Manulife Philippines reports that new business owners have shown increased interest in insurance products during the recent health crisis because of the new businesses they have created and the dynamic caused by the pandemic.

“This study’s findings coincide with our previous studies that show how the pandemic spurred significant behavioral shifts among Filipinos, including business owners, regarding their finances,” says Melissa Henson, chief marketing officer of Manulife Philippines.

“The socioeconomic disruptions Filipinos experienced in the past two years drove increased interest in purchasing life insurance as a financial safety net. Manulife aims to respond to this growing demand by offering relevant and affordable solutions that can give them the protection and financial security that they deserve,” she adds.

Manulife Philippines reveals that life insurance was cited as the best financial product by 40% of the respondents.

Next is non-life insurance, which has 17 percent and medical, accident, or health insurance that covers 36 percent.

41 percent of respondents also stated that they plan to purchase life insurance within the next 12 month. INQ

Continue reading

Keep up-to-date with the latest news and information.