own business

How to Start Your Own Business

Vincent, 29 Mar 2023

In the Philippines, your own business  can be a reality, regardless of your professional background. Consider what kind of business you would like to start and take the necessary steps towards success. There are several resources available to help you get started, such as consulting services, financial advisors, and online courses.

Steps You Need to Take to Start Your Own Business in the Philippines

1. Magkaroon ng business plan – this is where you define the mission, objectives and strategies for your business. Your business plan should include things like market analysis, pricing strategy, financial projections and marketing plans.

2. Magkaroon ng funding – once you have developed a strong business plan, you can start looking for investors or loan options. Consider applying for a small business loan or seeking venture capital funding.

Own Business
Own Business

3. Piliin ang tamang legal structure – it is important to select the appropriate legal structure for your business in order to protect assets, limit liability and ensure compliance with local regulations.

4. Register your business – once you have chosen the legal structure of your company, the next step is to register your business with the Philippine Securities and Exchange Commission.

5. Magkaroon ng mga kinakailangang permits – depending on the type of business you are setting up, you may need to obtain certain permits or licenses in order for your business to be compliant with local regulations.

6. Mag-hire ng employees and contractors – once you have established all of the legal and financial aspects of your business, you can start hiring employees or contractors to help you run your business.

7. Market your business – once you have all the necessary resources in place, it's time to start marketing your business. Consider online and offline advertising campaigns, as well as content marketing strategies such as blogging and social media activities.

8. Mag-monitor at mag-adjust – it is important to monitor the performance of your business regularly in order to make necessary adjustments. Keep track of customer feedback, industry trends, and profitability to ensure that your business remains successful.

Starting a business in the Philippines can be both rewarding and challenging. Take the time to research potential business ideas, consider your financial resources, and plan for success. With the right strategy and hard work, you can turn your business dream into a reality. 

10 Skills You Need to Start a Business in the Philippines
Your own business is a great way to be your own boss, but there are a few skills that you need in order to succeed. Here are 10 essential skills you need to start and maintain a successful business:

1. Business Acumen – Understanding the ins-and-outs of business is essential for success. Having strong knowledge of accounting principles, market analysis, and legal regulations will help you make informed decisions.

2. Financial Management – You need to have a good understanding of how to manage your company’s finances, including budgeting, taxation, and investment strategies.

3. Strategic Thinking – As a business owner, it is important to be able to think strategically in order to identify potential risks and opportunities.

4. Creative Problem Solving – Being able to think outside the box is essential for coming up with innovative solutions to difficult business problems.

5. Communication – Having strong communication skills will help you to effectively communicate with employees, customers and suppliers.

Own Business
Own Business

6. Leadership – You need to be able to motivate and inspire your team in order to make sure everyone is working towards the same goal.

7. Networking – Networking will help you build relationships with potential partners and customers, as well as staying up-to-date on industry trends.

8. Time Management – Managing your time effectively is important for keeping track of deadlines and ensuring that tasks are completed on schedule.

9. Negotiation – Being able to negotiate effectively will help you get the best possible deals for your business.

10. Self-Promotion – As a business owner, it is important to be able to promote yourself and your company in order to gain visibility and attract potential customers or investors.

12 Common Mistakes When Starting a Business

Starting a business in the Philippines can be both rewarding and challenging. To ensure success, it’s important to avoid common mistakes. Here are 12 of the most common mistakes you should avoid when starting your own business:

1. Ang hindi paggawa ng research – If you don’t take the time to research your market and competition, you won’t know if your business idea is viable.

2. Ang kawalan ng plano – It’s essential to have a detailed plan that outlines your goals, strategies, and milestones.

3. Pag-underestimate ng mga gastusin – Don’t forget to take into account all the hidden costs of starting and running a business.

4. Ang hindi pagkuha ng tamang legal advice – It’s important to get professional legal advice when setting up your business, as well as throughout the life of your business.

5. Ang kakulangan sa capital– Make sure you have enough resources, including cash flow and credit lines, to sustain your business.

6. Ang hindi pagkakaaroon ng maayos na team– A successful business relies on a strong and motivated team, so make sure you hire the right people for each role.

7. Ang pagbabawalang bahala ng customer feedback – Customer feedback is essential in helping you create products and services that customers want and need.

Own Business
Own Business

8. Ang hindi pag-adjust sa mga kinakailangan sa kasulukuyan– Technology and markets can change quickly, so make sure you are always looking for ways to keep up with the times.

9. Ang hindi pag-promote sa iyong sarili – Don’t forget to promote your business, as it is essential for gaining visibility and attracting customers.

10. Ang pagkalimot sa iyong taxes – Paying taxes on time is essential for avoiding fines and penalties.

11. Ang nakulangan sa pag-network– Building relationships with potential partners and customers is an important factor for success.

12. Ang pagsuko kaagad – It takes time to build a successful business, so don’t give up just because you encounter some setbacks or challenges along the way.

These are only a few of the mistakes  to avoid when starting your own business in the Philippines. With proper planning and preparation, as well as a little bit of luck, you can set yourself up for success and achieve your business goals.