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Tips in starting a business in the Philippines

Not everyone started by just doing business and then suddenly just made themselves big, it always takes time, effort, and skills. Some of the biggest entrepreneurs started their businesses small, and with their business strategy and hard work combined, they became what we now know about them. Some started by applying for jobs to companies and eventually got promotions in that company because of their hard work, then started a business all by themselves using the experience they got from their employment. Starting a business isn’t really easy, but there’s always a secret recipe to success, you just have to determine your goals in starting a business, understand the entire business process, get feedback from customers and know how you did or how your products or service are. Here are a few tips you can take on starting a business in the Philippines.

Determine your goals. Starting a business means you’ll be on a long journey with your team/company. You can’t just keep travelling and travelling, you all have to know where to go, when to not go, and when to stop. If one of your team loses themselves on the way, how would they know to catch up with you if they didn’t know where to go in the first place? So, you have to establish a goal for your company. In 5 or so years, do you want to be one of the leading companies in that industry? Do you want to be one of the most well-known companies locally? What do you want your company to be known about? You have to choose which goal you should complete first before going for another one.

Make sure you are passionate about the business you choose to operate. This is really important. Choose something you really, really like to do. This could depend on what your hobby is. You like cooking, then probably a restaurant will work best for you. Do you like tailoring, or designing clothes? Then starting a clothing shop would be great for you. With this, not only you’re working on your business and earning money from it, you also enjoy what you’re doing. When it’s true that working could be exhausting, working on something you really love won’t actually exhaust you and will only keep you craving on doing more of it.

Register your business. This is where it gets real. You have to register your business before doing anything else so that all your transactions will be valid and legal. And what does that mean to you? It means safety and security for your business in the long run. Start all the way by registering your business in DTI – just like choosing a username in a platform, this is to ensure the business name you chose hasn’t been used by anyone else. SEC – to legitimize your business, your receipts, financial assets and be entitled to certain rights for your business. BIR – we all know why we need to register here, but for those who aren’t yet, it’s for taxes. Lastly, business/mayor’s permit – to ensure that your business complies with all the ordinances of the city you operate in. Not all starts are easy and smooth. For some, it could be that case, but definitely not for everyone. You might struggle in the beginning, but this struggle will certainly help you move forward to success. So, if your business seems to be struggling when you’re only getting started, do not give up just yet. Some companies take years and years before they actually generate a decent revenue and get well known in their industry. Do not let yourself get demotivated if you ever reach this stage – once you’re here, it just means it’s just getting started for you.

Treat your employees as family. Behind every successful company is a team that worked together to reach that success. Ensure that your employees are getting along with you and each other because this helps them work together as a team, and not individually. If you take care of your employees, they will take care of your business. Make sure that they are getting the proper treatment in your company, this includes a good working environment, enough rest days, and they must be paid the right wage.

Aim for something that you can solve for a customer. Starting a business is not only about yourself. It’s not just about earning money for your company, but you also have to consider the people that will take a massive part in your journey on establishing a company – your customers. Without them, you won’t be earning revenue and keeping your business without them is obviously pointless. You have to keep a good relationship with your customers or train your people into learning how to properly take good care of them – even if it means going the extra mile.

Need more tips and establishing your business in the digital world? How about a software or platform you need for your business process? Reach out to us and let’s talk about your plans and know what’s next for your company – With Mobius NEXT.

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