Starting a business in the Philippines is not that hard if you’re determined to really have one. You just have to know some important things to prepare yourself for the challenging yet exciting, big responsibilities that await you.
What are the things you must consider, think of, or plan ahead if you want to have a business? These are some of them:
1. Conduct a feasibility study.
The study will provide ample information if the business you’re thinking of setting up will be successful. Make a survey of what the people need and want. Check if the location is ideal or strategic. Determine too if you can have a wide market. Estimate the capital, overhead costs, including rental fees and wages if you’re hiring a person or persons as your employees. If you still can’t afford to hire people, then determine all other expenses you may incur.
You must also consider your line of interest. Are you entering entrepreneurship with products or services you’re passionate about? Are you really interested in this endeavor and with the nature of the trade you’re planning to have? Answer and consider these questions in your planning or preparations.
2. Prepare permits or licenses.
These include government and legal documents (Barangay clearance, BIR and DTI requirements, then business permit) needed in your application. If you’re in the Philippines, you have to apply or register for a business name at the Department of Trade and Industry (DTI). This Department will let you know if your chosen business name is approved or not. then any other concerned institutions will let you know about the requirements you must submit.
3. Get the advice of financial advisers.
Ask for the advice of your friends or colleagues who are now entrepreneurs regarding your business endeavor. Their experiences on managing a business will guide you in starting your own. Your entrepreneur-friends will likewise advise you on the most crucial part, which happens to be about money or the financial aspect. They may also provide you with reliable sources of loans just in case you need to apply for one.
Aside from this, they may give you advice on how to manage employees (for future use if you’re entering into a sole proprietorship as your first step) and their benefits, what are the different taxes and terms of payment on taxes that you need to learn, and so much more.
4. Attend free seminars on starting a micro-business.
There are many free seminars being organized to help you begin your plan. This will also give you the chance to meet other entrepreneurs and contacts whom you can transact business with. The seminars will also help you be more equipped with the techniques and marketing strategies for a newbie like you.
You’ll also learn how to handle customers, obtain loyal clients and keep them interested in your products or services.
The seminars will likewise orient you on how your business can stay alive despite big competitors. That’s how important seminars are for new entrepreneurs.