The Philippines needs more entrepreneurs. Our country needs entrepreneurial people to start an economic revolution. So if you are planning to start a business or build a start-up company in the Philippines, here are some simple yet important and inspiring tips to guide you on your start-up business.
#1 Plan for a successful business.
Don’t just dream to have your own business, but plan to have a successful business. If you only dream to have a business, then what will you do next if your dream to have your own business comes true? Don’t be clueless of the real thing!
#2 Start the right business idea.
Choose a business idea not because it’s what’s hot right now but because it’s what will make you fire up for a long time. Be creative and unique!
#3 Get yourself trained.
Attend training, workshops or seminars about how to start your chosen business. This will help you learn from experienced business coaches and industry experts. Check out Business Coach monthly schedule of business seminars.
#4 Learn how to save money first.
Don’t jump to start a business to make money, but save enough money first to make a business that can stand for at least 3 years without worrying about your cash flow. If you don’t know how to save money, it will be difficult for you to earn money.
#5 Get ready for taxes.
Be financially prepared to cover your early expenses, particularly rent, salaries and taxes. Take note that tax rates in the Philippines are one of the highest in ASEAN. However, don’t make it an excuse to defy our tax laws. Be a good taxpayer and have a good night’s sleep.
#6 Consult with a tax professional.
Seek the advice of an accountant or tax professional to know how you can save taxes and avoid future tax penalties while doing business in the Philippines. Tax is a burden, but don’t be reactive — be proactive!
#7 Go to Go Negosyo Center.
Visit the nearest DTI Go Negosyo Center in your area to check if your small business is eligible to be registered as a Barangay Micro-Business Enterprise (BMBE) to avail benefits, such as income tax exemption and financial assistance.
#8 Register with SEC or DTI.
Start registering your business with the Securities and Exchange Commission (SEC) if it is a corporation or partnership. If it’s a sole proprietorship, register your trade name with the Department of Trade and Industry (DTI).
#9 Register with the BIR.
Register your business with the Bureau of Internal Revenue (BIR). Attend a BIR briefing to know your tax duties and obligations.
#11 Comply with DOLE.
Register your business with the Department of Labor and Employment (DOLE). This is mandatory for businesses with at least 10 employees.
#12 Get your secondary business license.
Get a secondary business license if your business is required to do so. For example, if your business is about manufacturing food, you have to secure a Food and Drug Administration (FDA) registration.
#13 Join associations.
Join industry-related associations to get benefits, such as technical and marketing support from the association. You will also learn many important things from its members.
#14 Get a Facebook Page for your small business.
Creating a Facebook business page is free. So grab it! With a Facebook page, you can create and run affordable advertising to increase your followers, engagements, brand awareness, customers and sales.
#15 Invest in a company website.
With a budget of P20,000 or less, your company can already hire a web developer to build a professional and powerful website for your business. A website is vital to implementing your online marketing campaigns. It’s also a great strategy to reach more customers and provide extra services to them. Contact us at Optixor, Inc. if you are interested to have a website for your business.
#16 Hire a salesperson.
If you’re not good at persuading potential customers to buy products from you, consider hiring a business development manager or sales associate. A business start-up needs to generate sales as much as possible. Thus, find someone who can do that sales talk.
#17 Give importance to your inbound marketing.
No matter how great your salespeople are if you do not provide real value, your business will not be built to last. Therefore, focus on the quality of your product and provide that extra services to make your customer happy and loyal to your business. Remember that the best marketers or salespeople you could have are your satisfied customers.
#18 Make your employees happy.
Without a valuable product, your sales talk will falter. Without productive workers, you won’t have quality products. Hence, never ignore the welfare and development of your workers or employees. Being a small business is not an excuse to look down on any worker. Hence, make sure that every worker will become an integral part of your business so that as they grow, the whole business also grow, and vice versa.
#19 Get rid of the clutter.
Simplicity, minimalism and good housekeeping will not only save your office space but will also save your money and time. Buy only the important things you need to save money and space. Invest time to organize your stuff to avoid losing more time in the future looking for things which are difficult to find because of your clutter.
#20 Be a survivor.
Doing business in the first three years is tough. There are many good expectations that you will not surely meet. There are also unexpected predicaments that will come along your way. But all of them are just normal. They key to succeed in your business is to be a survivor. As time will pass, you will gain more skills, knowledge, wisdom and experiences which will make you a better entrepreneur. So keep inspiring and motivating yourself as you keep on inspiring your customers and workers.
I hope you get some useful insights on the random tips I’ve given above. If you have questions and comments, feel free to share them on the comments below.