So you want to be your own boss, huh? Congratulations! Taking the leap into entrepreneurship is both exciting and scary, but it’s definitely worth it. If you’re based in the Philippines and are looking to start your own business, here are a few things you need to know.
1. Know Your Niche
The first step to starting any business is figuring out what exactly it is that you’re going to be selling or offering. This can be anything from a product to a service to a combination of both. Once you’ve figured out your niche, do some research and make sure there’s a demand for what you want to offer. There’s no point in starting a business if there’s no one who will buy from you!
Luckily, you don’t have to start from ground zero! We’ve prepared several articles investigating small business ideas:
- 8 businesses you can start with almost no money in the Philippines;
- Best small business ideas for beginner entrepreneurs; and
- 7 Easiest businesses to start in the Philippines.
2. Get the Proper Permits and Licenses
In the Philippines, all businesses are required by law to have certain permits and licenses before they can operate. The specific permits and licenses you need will depend on the type of business you want to start, so it’s important to do your research here.
There are a few requirements you need to meet in order to start a business in the Philippines.
- First, you need to have a business name and register it with the Securities and Exchange Commission (SEC).
- You also need to have a registered office, which can be either your home address or a rented office space.
- Additionally, you’ll need to have a Tax Identification Number (TIN) and get a Mayor’s Permit from your local government.
You will need to submit or obtain the following documents:
- Prepare articles of incorporation, by-laws, and Treasurer’s affidavit which should be signed by the incorporators for notarization;
- Obtain SEC Registration Number, BIR Tax Identification Number, Pag-IBIG Fund PhilHealth, and SSS Emplover Numbers (ERNs) at the Securities and Exchange Commission through its Integrated Business Registration System. The applicant will receive a Unified Registration Form;
- Obtain Barangay Clearance;
- Obtain Business Permit to Operate from the Business Permit and Licensing Office and pay necessary fees;
- Secure Certificate of Registration and Registration of Books of Accounts at the Bureau of Internal Revenue;
- Registration of Cash Register Machine (CRM)/Point of Sale Machine (POS) (if applicable);
- Secure Authority to Print Receipt / Invoices (Manual Receipts).
Once you’ve met all of these requirements, it’s time to start your business! There are a few different ways to do this, depending on the type of business you want to run. You can set up a:
- A partnership; or
- A sole proprietorship.
Each has its own advantages and disadvantages, so be sure to research them carefully before making a decision.
Once your business is up and running, make sure to keep track of your finances and stay compliant with all relevant laws and regulations. This can be challenging, but it’s definitely worth it in the long run. Good luck!
3. Create a Marketing Plan
Once you have your permits and licenses in order, it’s time to start thinking about how you’re going to get customers through your door (or onto your website). This is where creating a marketing plan comes in handy. Figure out who your target market is and what kind of marketing strategies will work best for them. You can use traditional methods like print or TV ads, or go for more modern methods like social media marketing or search engine optimization (SEO).
Over the years, there have been several local studies about marketing strategies in the Philippines. Many of these local studies of marketing strategies are from legitimate sources nationwide, so let’s explore what the data shows.
The International Journal of Business, Law, and Education stated that small to medium businesses’ top marketing tools are tarpaulin, word-of-mouth, and banners. Magazines and newspapers were Filipino businesses’ least popular marketing strategies at the other end of the scale. The complete list is shown below.
- Tarpaulin (most popular)
- Social Media Account
- Official Website
- TV Programs
- Guide Books
- Other Magazines and Newspapers (Least popular)
Furthermore, it is stated that websites, social media, and emails are the most popular and widely used means of buying online products. This suggests that small and medium-sized businesses in the Philippines should invest more in these types of marketing when marketing their products and services.
The International Journal of Business, Law, and Education also stated that based on the results, the three biggest problems that Filipinos faced in terms of marketing were financial issues, lack of facilities/equipment, and security threats.
Starting a business in the Philippines takes careful planning and execution, but it’s definitely doable with enough dedication and hard work. Just remember to figure out your niche, get the proper permits and licenses, and create a marketing plan that will help you reach your target market. If you can do all that, then you’ll be well on your way to success!
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