Are you getting tired of being a corporate slave? Do your days at the office feel like a boring routine? Do you wish you can change your situation but still earn money? do you want to start a successful small business in the Philippines?
You definitely can, and that’s by being your own boss. Instead of being an ordinary worker who follows others, you can be an entrepreneur who runs your own business. With a little capital, time and effort, you can start a successful small business in the Philippines.
How to Start a Small Business in the Philippines
Starting a small business in the Philippines is not a sudden process. It requires assessing which small business is best to put up based on your skills and capital, how to stand out, and a lot of government paper work. It is advisable that you take time studying you can thrive in the business you will choose to open. Here are some steps on how to start a small business in the Philippines.
1. Brainstorm Business Ideas
When you’re planning to set up the best business to start in the Philippines, the first thing to do is of course enumerate all your business ideas. It might help to list down all your ideas on what small business you want to have in the Philippines. Cross out those you think won’t work, and ponder deeply on those unique ideas that you think are realistic and exciting. Before you know it, you already have one idea that stands out the most.
2. Conduct a Project Study
The next step on how to start a small business in the Philippines is to test your idea through a project study. This study involves whether there is a market for the goods or services you want to provide. You should also determine if you can connect to the target market, and if the small business idea is indeed viable given your resources. Don’t be afraid to take your time in this step. It will spell out if your small business idea in the Philippines will succeed or not.
3. Prepare a Business Plan
As they say, if you fail to plan, you plan to fail. That is why it’s important to create a business plan if you want to set up the best business to start in the Philippines. The business plan will contain the nitty-gritty of your business idea, assessing its strengths, weaknesses, opportunities and threats. Also identify your business goals and framework, and more importantly, project your finances.
4. Get your Funding
This is an important step on how to start a small business in the Philippines because you’re essentially securing the lifeblood of your business idea. You can choose to fund your business idea in the Philippines through your own savings, or through business loans from banks, or you can find an investor. Also identify your capital and pre-operating expenses.
5. Be Clear with your Business Identity
This step on how to start a small business in the Philippines is important because you have to register with the Securities and Exchange Commission. You have three options with your business identity: sole proprietorship, partnership or corporation, which requires higher costs and more paperwork compared to the latter two.
Address: Securities And Exchange Commission, Edsa, Mandaluyong, 1556 Metro Manila, Philippines
Phone: +63 2 584 0923
6. Choose a Business Name
It’s a basic step on how to start a small business in the Philippines, but its impact on your business is profound. The name of your business drives your branding, so you should carefully choose one. The business name should be simple and easy to spell, yet catchy and has recall.
7. File your Papers
This is perhaps the most time-consuming phase on how to start a small business in the Philippines, so you better prepare your patience. You have to file articles of incorporation before the Securities and Exchange Commission. You also have to get clearances from your barangay and the Bureau of Internal Revenue. A mayor’s permit is also required for you to be able to start your business.
8. Hire People
A small business idea in the Philippines, no matter how good it is, will not be able to succeed without a reliable manpower. Screen the people you will hire for your business, and make sure you can trust them and work with them.
9. Market your Business
Before opening up, it’s important to make the people know your small business in the Philippines. These days, it is important to have presence in the Internet and social media, but of course, traditional advertising methods like flyers and posters still work.
After all the planning, the next and final step on how to start a successful business in the Philippines is to execute your plan. Always think of your venture as the best small business idea in the Philippines, and work hard to ensure that every moving part of your business is working well.
These steps on how to start a successful business in the Philippines are easier read than done. Being an entrepreneur requires hard work, so be sure to dedicate your sweat and blood for your brainchild. We guarantee you, all the hard work will pay off.
Related Article: Business Ideas in the Philippines
Feature image credit: Steve Schroeder