Establishing your own business can be an exciting and rewarding experience. It can offer many benefits, such as setting your own schedule, being your own boss, and doing something you enjoy. Having your own business can mean a larger, more stable income. Economic crises, however, make it more difficult for people with limited finances. Still, doing business in the Philippines is a good investment to generate stable funds and financial growth.
Here are some ways to achieve your goals and establish your own venture.
Know the Nature of your Business
Starting a business involves careful preparation. There are many things to think about, such as the market, budget, and business registration in the Philippines. For beginners in the industry, the first thing to do is to determine the nature of the business. Think of your skills and where you can use them.
Afterwards, evaluate your finances. Make sure that the business is achievable. Search for possible resources you can use for building and operations. Once you have secured the funds, decide on the company structure.
Determine the Business Type
There are many types of business structures. If you want to manage the business alone, sole-proprietorship gives you the full control on the assets and profits. You are responsible for managing the business from conceptualization, to registration and operation. One of the benefits of sole proprietorship is you can enjoy and manage the income. Sole proprietorship is advisable for small businesses and retail. It can also become complicated to handle everything alone, especially during the downturns of the business.
Think about a partnership structure if you cannot manage the business alone. Partnerships are for two or more persons who want to go into business. For complex operations, there are companies that may help you with the finances. Look for reliable partners who can help you in management. Company structures determine the business ownership with its legal and business limitations. Check with business consultants before the company registration for guidance.
Nail Down the Legal Aspects: Registration
Business registration in the Philippines places your business under the rules and limitations of law and society. This is the most demanding part, as it entails many visits to government and business offices. Registration gives you the security and tells you of your obligations to the community.
During business registration, you have to present the name of your business, your name as the owner, and other legal documents. Obtain the necessary permits and certificates, which include SSS, Phil Health, and BIR. Many entrepreneurs seek the services of business consultants to help them in acquiring every registration license.
Once you have secured the permits, start the conceptualization and initial planning. Even when you’re going for a sole proprietorship, a part-time accountant should audit your business expenses.
Plan the advertising strategies and produce the necessary promotional materials. The preparation depends on the nature of your business. If you find it difficult to do it yourself, look for a business consultancy provider to help you start your own business.