What are the things you need to do to start a business in the Philippines?
Are you an entrepreneur looking to start your own business or build your own start-up here in the Philippines? Here are some simple yet basic tips to inspire and guide you on your start-up business.
1. Start with the right business idea
Building a business always starts with an IDEA – a sort of “light bulb moment”. Whether it is to fulfill a need, provide an alternative option to an existing solution or service or even following one’s passion. You can have a lot of potential business ideas which you need to carefully filter out those you think will not work. You need to do this until only one idea is left.
2. Create a solid business plan/strategy
Having a great business idea is just the beginning of the hard work. Creating a solid business plan is one of the ways to ensure that your business can succeed. Without a plan or a strategy, it will be extremely hard to succeed as a business owner. It is essential to define your target market and build your business strategy around them. Creating your business’ vision and mission, setting goals and objectives, courses of actions, marketing plan and financial projections are also crucial. They may sound like a lot but a major determination of your business success will be in the strength of your business plan.
3. Register your business
Once you have your business plan ready, then it’s time to have your business registered. The basics are:
- DTI registration if for Sole Proprietor or partnership and SEC for Corporation
- BIR Registration
- Barangay clearance
- Local government permits
It is best to secure all these business documents and permit before you start with your business operations to avoid complications or penalties while conducting your business.
4. Create a Killer Website
Nowadays, having a website is the norm. A website is your digital storefront and not having one is like having a business that does not exist, at least in the digital world. However, what can set you apart from other business is to have a killer website that has customer-focus as its center. Your website must be optimized and have only the functions and features that is relevant to your business. Getting a web design company to build your business website is recommended to ensure that you get the most out of your website.
5. Market and promote your business
Finally, always work to market and promote your business. Following your marketing strategy will ensure that you create new customers while keeping your loyal ones. Currently, the internet is the most significant force in the world of marketing and business. Regardless if you have a brick and mortar store, the bulk of your marketing and promotion should be targeted towards digital marketing strategies. Your strategy can focus on search engine optimization, social media, content marketing and email marketing.
The hardest part of having a business is starting it. However, once it gains traction, it gets easier. If you have a great business idea, a sound business plan and a great marketing strategy, then success is almost a guarantee. In time and with consistency, you can shift your focus towards expanding your business and scaling it up.