How much is a business plan in the Philippines? – it may be surprising to hear, but a business plan can be purchased for free. Filipino Wealth has a free downloadable PDF business plan for the Philippines / Word document that can be used to help build your new business. This guide is a template that has been designed for Filipino businesses, including some of the basics of business.
If you are looking for a more advanced business plan in the Philippines, companies such as Bplans and Ultius can be used. Prices range from a few thousand pesos up to 10s of thousands of pesos. Alternatively, to purchase a business plan in the Philippines, you can head over to freelancing platforms such as Fiverr to get a customized business plan.
The last option is writing your business plan. In today’s article, we will be going through what you need to include when writing a business plan in the Philippines and have some additional tips and tricks along the way.
How To Write A Business Plan Philippines
Suppose you are deciding to write a business plan for a Filipino business yourself, then great. However, I would recommend downloading the business plan template at the top of this page, as this may give you some extra ideas which you can add to your plan. Nonetheless, let’s look at how to write a business plan in the Philippines.
The Basics Of Business
The first section of writing a business plan for the Philippines is the basics of business. This includes what the business is, what you will sell, how you will be selling, and how your business will be making money.
The basics of business are always fairly relaxed as this is the initial idea stage. It is likely that you already have some ideas or you have passed this stage, so if you already know the answers, then you can move on to the next section, but if you haven’t, then it’s a good idea to write down your thoughts, and then you could start to look at how you can turn these ideas into a reality.
I would recommend that as a new Filipino business owner, you take a considerable amount of time looking over each of these sections as starting a new business can be exciting. Still, there may be something that is overlooked. But spending time on each section, especially the financial side, often saves much time and money.
As we know, customers are an essential part of any business. So in this section, when writing a business plan for the Philippines, you need to get very familiar with your customers. This is often an overlooked part of any business plan, but you can make important decisions about your business when you know your customers thoroughly.
Let’s say, for example, you are starting a YouTube channel! This is an excellent example as this is very common in today’s world. Let’s pretend that your videos are about succeeding on YouTube, so you help other YouTubers grow their YouTube channel. From looking at your customers (viewers), you find that they want their own YouTube channel because they want to make money online…
…. because of this information that you have found out from a business plan in the Philippines or from your YouTube analytics, you decide to also talk about monetization on YouTube and earning money online. You find that your YouTube channel grows because you could tap into your viewers, discover more about them, and tailor your business to their needs. Win-Win.
When looking at how much is a business plan in the Philippines, we found that prices range, and even though I wouldn’t pay a lot of money for a business plan in the Philippines for a small business…I would be influenced if that plan included market research, which is a critical part of any business.
Market research follows from your customer information that you found previously but dives into the market in more detail (this will help during marketing later on). Unless you are offering a new type of business or new service, you will most likely have competition. This is where your customers are going, so you will need to find out who they are going to and how you can influence them to change.
You will also find more information about consumers’ potential buying triggers and behaviors if you are selling products for your business.
Market research, in general, requires a lot of digging and investigating, and it is often a task that can be pretty time-consuming. However, the great thing about writing a business plan in the Philippines is that specific tasks can be outsourced! My personal favorite is Fiverr to find experts offering their services in a relevant field, but there are many other platforms to find professionals offering their services.
Equipment’s, Location, And Tools
Recently we spoke about how to start a coffee shop in the Philippines. In that article, we focused certain sections on purchasing the right equipment, the location, and the tools, as this is a significant part of the business.
It may be surprising to some, but it can damage your business if you purchase the wrong equipment, especially if your business is new and you are on a budget. For example, if you are opening up a traditional business such as a cafe or coffee shop, it will most likely be more appropriate to rent a small coffee machine if you do not have the funds available.
When writing this section of your business plan for the Philippines, take a moment to write down all the equipment you think you will need. Next, put these items in relevant categories, including essential, non-essential but desirable, and finally unessential. You may find that some things can be purchased at a later date.
Profits, Costs And Financial Statements
Making a business plan for the Philippines can be a simple process, but it can become complex, especially when we look into the financial statements of a business.
In your business, you need to find out how much everything will cost you, how much the maintenance costs are, how much electricity and utilities will cost. Then cross-examine these with your prices. Finally, take away any expenses, and you are left with your final profit. Are you profitable?
This can also be an exciting time if you are an optimist like me. When creating your business plan for your business, you may find that you save money or make more profit selling items together or cross-selling certain products and services.
Let’s use the example we did at the start of the article, and that is a YouTube business; suppose you have a YouTube business, looking through your profits and financial statements, you may find that you can earn more money (not only from Google AdSense) by affiliate marketing and also offering your product or service to your viewers.
You may be surprised, but some YouTube videos have 4 – 5 different income streams all on one video! It’s also important to have a balance, of course, but it does show that whatever business you are deciding to do, there are always options to reduce time, increase sales, and earn more profit.
The last stage when writing a business plan in the Philippines is creating an exit plan. An exit plan is not permanently closing a business down. Sometimes an exit plan can be exiting from your current business and remodeling into a newer company.
After several weeks or months, you may find that your business needs to adapt. However, an exit plan can also mean closing the company down, which is sometimes the right decision depending on the circumstances.
In my previous businesses, when things were not going my way, I always try to change the business model before closing the business. This is very rare that I get to this stage, but I found that if I did, it was because the business plan was rushed and many parts were overlooked.
Tips On Starting A Small Business In The Philippines
When looking at how much a business plan is in the Philippines, you may decide to create your own or hire a professional to help you with your business. Whatever option you choose, some essential tips and tricks can be helpful for small Filipino business owners.
Previously, we documented several business tips in the Philippines and explored small business opportunities, so I won’t go over these in too much detail today. However, to summarise a few significant points in these articles, here are some quick and practical tips.
- Spend Time On The Finances. Majority Of Successful Businesses Focus Heavily On This Topic
- Understanding Human And Business Psychology Can Help You Succeed
- Being Different Is Not Always Bad In Business. Don’t Be Afraid To Differentiate Yourself
- There’s An Old Phrase In Business Which Goes – You Need To Be The Best Or The First
- Build Your Business Around Your Customers
- When Offering New Products And Services, Create Something That Cannot Be Refused
- Always Look Into Upselling And Cross-Selling When Starting A Filipino Business
- After You Have Completed Your Business Plan, Gather Some Trusted Feedback
There are quite a few simple but highly effective business tips applied to small businesses in the Philippines. However, I often mention something even though it’s not something that everybody wants to hear….. This is…. with traditional companies, it can sometimes take a long time before it becomes profitable.
Online businesses in the Philippines are slightly different as there are very few initial costs on most occasions. But with traditional businesses, there is often startup capital that will be needed. On average, it can take anywhere from one to three years for a company to become profitable.
This is important to note when designing your business plan for a Philippines business. Feel free to click on the business plan tab at the top of this page to download a free template for a small business in the Philippines.
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