Many Filipinos want to start a small business on their own. With the economic uncertainty happening nowadays, it pays to have multiple sources of income. Starting a small business seems so easy but it requires more than determination, industriousness, patience, and knowledge. Actually, there is no definite blueprint for success. Nonetheless, there are still rules that an aspiring and newbie business person can make as a guideline. Here are eight golden rules on how to start a small business in the Philippines.
1. Create a New Market and a Point of Reference
Don’t be a copycat! Be original, inventive, or experimental. Offer something in the market that is new. Come up with a product or service that is top-drawer. Make sure that it satisfies the needs or provides an answer for your target consumers. Observe how others do their business and design something that is better.
2. Substantiate Your Small Business Plan
Try to verify if your planned business will have the chance to succeed. Do research. Check if the product or service you are planning to offer to the public is a need that people are willing and able to pay for. Also, look over the business establishments in your area if they are offering the same or similar products or services. Study the competition if you can have a slice of the market pie or not then, innovate from thereon.
3. Make a Thorough Plan for Your Business Money
When you start an enterprise in the Philippines, even if it is a microbusiness, it will require some capital. You need financing for supplies, materials, equipment, and other necessities. Set aside money too to cover ongoing expenses for the next six to 12 months or even a bit longer before you make some profit.
Record all your required expenses for starting your business. One section is for one-time startup costs like licenses and business permits, first inventory, market research, branding, and the grand opening event. The second section is for your ongoing costs such as rent, employees’ salaries, taxes, and utilities.
4. Employ Competent and Trustworthy People
Employing the right people is important. They must fit the job description that you need. Aside from being hardworking, honest, and talented, your employees must be dedicated to make your business a success since your success is theirs too as they will be benefited in the long run.
You have the right to test your employees if they are indeed capable of the job. Some workers lose their interest in working and quit after a few days or some might not actually possess the skill they claim to have which will only result in a loss of money and manpower on your part.
In the case where you plan to operate your business on your own, there are instances when you need help. Your family, friends, or other businesspersons can extend a helping hand or give advice when the need arises.
5. A Business Name Can Make or Break Your Business
Make sure to pick a name that is not hard to spell and has an easy recall among customers. The name should specifically describe your business and does not limit your business to a particular product, consumer, or place.
After you came up with a name for your business, verify if another business is using it or if it is trademarked already. Then register your business name with the Department of Trade and Industry (DTI) if you are a single proprietor.
6. Time to Apply for Licenses and Permits
All businesses regardless of size are required to apply for licenses and permits in the Philippines. Failure to do so would result in heavy penalties, closures, and other problems.
After your DTI business registration, get your permits from the barangay office for barangay clearance, municipal or city office for mayor’s permit/business permit, and BIR for tax identification number and registration documents. As an employer and for employees register at SSS, PhilHealth, and PAG-IBIG and get special permits depending on the nature of your business such as registration with the Food and Drug Administration for food business and with the Bangko Sentral ng Pilipinas for pawnshops, remittance center, and other financial institutions.
7. Use Social Media and Free Website Builders to Your Advantage
Know where your potential clients are and make known your presence there. Research on the various social media suggestions on how to spread the word about your business. Avoid paying when you could advertise for free.
8. Go with The Times
Do not allow setbacks to stop you. As a newbie in the business arena, expect several hindrances along the way. This should serve as a challenge and not a cause for discouragement. Learn flexibility in making decisions and solutions to any difficulties that you might encounter in your business. Calamities such as the COVID-19 pandemic may come unexpectedly but it should never be a reason to fold up and surrender. Starting a business is a science. Research before taking any action. Never leave anything by chance.
If you urgently need money for your small business, apply at Robocash. You can use the personal loan for travel to pay your rent or purchase goods for resale. All you need is to present one valid government ID and a mobile phone number that is not blocked, provided you are 21 to 70 years of age, Filipino citizen, and employed or in a certain profession.
All transactions are fully automated. A client can make a loan on the Robocash website, in the mobile application, and at offline offices. When applying through the website, just register and create an account. Access the section where you can upload your ID and phone number. Then select the amount you want to borrow. You can borrow from Php1,000 to Php 25,000. New clients are allowed to borrow up to Php 10,000. The repayment period is up to thirty days. Remember, a short term business loan must always be paid on time and this method should only be used for emergency cases.