8 Steps to Start a Business in the Philippines

     There are plenty of resources out there with advises about what you are suppose to do if you want to start a business. Find an entrepreneur minded friend or colleague and build your own business exposure in the Philippines to start with. 

    They say: “ If you want to see the future of what you are doing right now, look at someone who's already been there before you." This is written with a Metro Manila, Philippines setting in mind but should be easily replicated elsewhere.”

  • Unleash the Entrepreneur within     
       While they give plenty of external resources on this one, I think it’s missing a point. Money! The only reason entrepreneurs want to start a business is to make money. Of course, money can have different names like work for yourself, being your own boss, pride and recognition, or whatever reason an entrepreneur might have, but the real framework for anything you would like to accomplish is making money.
  • Save at least 3 months worth of living expenses  
       Planning to earn a living from the newly started business in 3 months might be foolish. Unless there are some special conditions which allow you to get customers, deliver and cash money in very short sales cycle, chances are that it will take about a year to get the financial security you need (and that if you are lucky). But yes, you should save money, make a budget and be prepared to say what they say: “I used to buy nice clothes or shoes at least once a month or whenever I eye a sale; since you want to start a business now, discipline yourself and abstain from your wants! Save and learn how to make profit out of your investments.

   
  • Find 1 or 2 partners
     With 1 or 2 partners, I think you could start a business by that time, you should think very well about picking up your partners. Most likely is not very important who your partners are if things don’t work, but it makes all the difference when you and your partner will give your best shot to raise your business. 


   
  •  Register your company
   Interesting to see what it takes to start a business in Philippines. Avoid penalties and illegal matters for you and your family's financial safety .




  • Have a common conducive workplace
    Basically the workplace should be a good enough environment to start a business and to sustain whatever you are doing. Of course I agree with that, but chances are that you might need a year or so to be able to rent a nice place to work. Usually if you start small, an office at home is quite ok. If you surround yourself to people who also likes to have a business you'll see how easy it is when you have peers with common interest, goals and aspirations.


  • Raise funds from your own pocket and from family and friends
    Unless you are in USA, is quite hard to find investors ready to burn money for just an idea. Everywhere else, be prepared to have a 7 figures turnover to get the investors attention. Remember life is a risk. You will also work for your investment and business. Fight for it! But what matters here is: “This is yours” you’ll benefit in time. Now you’re planting seed in the right soil. Keep on nurturing this seed and in time all your family will enjoy its reward. Your own family business.



  • Focus your efforts
    While they have a funny explanation about focusing on the business “I gave up my car and comfortable living at my parents to stay in a cheap condo so I can be near our office.”, most likely one of the early days issues is that because you have bills to pay, you can’t say no to customers or business lines that simply aren’t good enough to make you grow. You know that for this customer you will work more than you should, you know that on the long run, doing job is going to slow you down, but focusing now on your goal will lead you to your business success.

  • Make a business plan!
      Don't just work, work, and work harder! Make a PLAN to build a business. Is absolutely fundamental to see what it takes to pay the bills. What are your expenses, how you are going to cover them and how long till you break even. Well, enough ramblings, you better start now while you can. Make money with your ideas.

 

 You may also like -


No comments:

Post a Comment