Todays sponsored post was written by Mark Theodore Diaz
Tips For Startups & Small Businesses in The Philippines: Starting up a business often comes from an idea that solves the repeated problems people often complain about, a better alternative to an existing product or service, or sometimes it’s as simple as an “aha!” moment from a person’s mind.
Whether it’s as simple as a bottle cap opener, a hairdryer, or a potato peeler, these products grew from the idea of solving troubles by making our lives easier, just like how business ideas came into existence.
Starting up a business is no joke. It takes a lot of time and effort to execute all the necessary points in operating a business.
7 Tips For Startups & Small Businesses in The Philippines
There is a high chance that you have searched for business success tips, and the ones you have read are probably only relevant when you are already running the business.
In this article, you will learn the guides and tips BEFORE starting a business to avoid the common mistakes that entrepreneurs have made to save you the time and effort in building a business.
1. Create What You Are Passionate About
Passion is that “butterflies in my stomach” feeling when you are doing something you love. Passion is one of the strongest elements that keep us sane even on bad days. It pushes us forward even in the most dreadful situations.
Just like in business, as long as you have the drive and passion for what you are doing, no matter how many times you get clouded with uncertainties and failure, you will find ways to overcome those challenges that would soon reward you with success.
Now. Let me ask you a question. Have you seen someone succeed in their craft, career, or business who doesn’t like what they do? Think of any businessman or entrepreneur in any industry that has succeeded in building their company.
For starters, Let’s set Bill Gates as an example.
Microsoft wouldn’t be as successful if it weren’t for his burning passion for computers at the early age of 13. Imagine if Bill Gates did not care about computers and put little-to-no effort into building the biggest computer software, we wouldn’t be using Microsoft.
Now you may ask, What does Bill Gates’ passion have to do with your passion for business?
Being passionate about what you are doing gives you a firm iron will that gives you a powerful edge that keeps you one step ahead towards your success.
As we have mentioned earlier, starting a business is no joke, especially the dedication, time, effort, and sacrifices you are willing to make. Not to mention the never-ending obstacles, sleepless nights, the stress, doubts, and failures that you have to go through just for your business.
2. Always Write Your Ideas
Have you encountered a time when you thought of an idea and forgot about it? And you tried so hard remembering it but ended up regretting it because you didn’t write it down?
When you write down your ideas, it gives you a huge relief that you can always look at your entries if you forget about them.
When starting up a business, it is important to think of solutions and ideas to fill in the gaps in your business. One way of ensuring that you get to do the things that matters the most is to write them down so you won’t miss out on details that may make or break your business.
Writing your ideas also helps you to tackle obstacles within the business without feeling overwhelmed and favors you in handling difficult situations in a better light.
This is why writing your ideas is powerful. No matter how small or big it is, it keeps you level-headed and makes your goal clearer.
3. Build a great team
You have probably heard the well-known expression “Teamwork makes the dream work.” And really, the full quote goes by as “Teamwork makes the dream work, but a vision becomes a nightmare when the leader has a big dream and a bad team.”
Gathering a great team that can help you share a vision or goal is one of the essentials in being successful in business in the Philippines. Because no matter how smart you are, you will need a great team that will help you along the way.
Building a great team does not necessarily mean you should have the best individual in every field.
A great team has a foundation of solid leadership, healthy team chemistry, and effective communication with harmony that can adapt fluidly to work effectively to reach the common goal. In addition, a great team utilizes its weaknesses and strengths to its advantage in delivering the tasks at hand.
Teamwork makes everything easier by working together in developing the business further without being overwhelmed at large tasks at hand.
Having a great team also makes working fun even in the most difficult situations; along the way, you are still making progress even at the slightest bit.
It’s better to have a great team than a team of greats.
4. Take things one step at a time
As we have previously mentioned, building a business takes a lot of time and effort. There will be hardships and obstacles you will face along the way in achieving your goals for your business, and until the time comes, you celebrate your success.
Taking things one by one keeps you focused on what needs to be done today. Not on the outcome or result of what you want to achieve, but the task at hand to achieve the outcome.
Failure is one of the most common encounters of successful businesses in the Philippines that made them what they are today.
An example is Walt Disney, who was told that he was not creative enough and took many harsh steps before being successful with The Walt Disney Company.
Taking things one step at a time helps you tackle business challenges carefully and effectively, focusing on what matters most without feeling overwhelmed.
It keeps you determined to navigate through failures and transform them into opportunities that eventually bring you success.
A house is not built in a day. It is built brick by brick until it has a strong foundation, is well decorated, and fully functional. Similar to a business.
5. Believe in your products
Belief can take you further than what you can imagine. It is a powerful attitude that only people can attain.
People have accomplished many things by just believing in themselves, from beating impossible odds to doing incredible feats, because it pushes us way beyond our limits.
As for building a business would be easier for your business to sell your products to customers as you build confidence around your ideas. Your confidence in your ideas would greatly influence your actions in running your business.
Having a strong belief in your business creates the right mindset towards your business. It helps you spot opportunities for potential growth.
Believing in your products also reflects your business image to your customers. It builds a strong image, trust, and confidence towards your customers, which can also help you with future sales and returning customers.
6. Patience is key with a small business in the Philippines
We all get the feeling of visualizing our success and achieving goals in the future. It can be as short as 2 years, or it can be as far as 10 years. It feels great. It can be as simple as telling your success story in front of an audience or taking the best vacation of your life after all the hard work you’ve done.
Not to cut you short, but it will take a long time before you achieve those goals, especially if you are still starting up.
Patience is one of the healthy qualities an entrepreneur, businessman, and startup founder must possess. We all know that starting a business is not as easy as 123. It takes a lot of patience, effort, and sacrifices, especially at the beginning of your business journey.
Patience holds you in making decisions. However, every decision you make, big or small, can heavily affect the way your business goes. One hasty decision might ruin your progress, or in the worst-case scenario, it can pull your business down to the ground.
There will be a lot of mistakes, failures, and obstacles along the way. Therefore, it is important to keep your composure and remain patient in unfavorable situations.
Constantly worrying about the next step of your progress is great. It gives you a clear vision of what approach you should be making for your goals.
But it is also important to have patience before jumping into a hasty decision.
7. Learn how to adapt to change
The business industry is an ever-changing industry that continues to evolve further, and being able to adapt gives you an edge for your business.
For your business to be successful, it should always come with the flexibility to change and adapt to the trends and new solutions to avoid being left behind against your competitors.
The most affected during the pandemic were startups and small businesses in the Philippines due to economic inactivity, lack of resources, and the lack of ability to adapt to the new normal.
As technology-based solutions continue to evolve worldwide, even businesses take time to adapt to certain changes, especially during the pandemic. The changes will surely continue to evolve very quickly after the pandemic.
Let’s set A Virtual Office as an example for adaptable and flexible hybrid business solutions.
A Virtual Office offers a cost-efficient, flexible solution for startups and small businesses that offers a business address, remote work, no overhead lease, and fewer expenditures for your business.
Having A Virtual Office can lessen your expenses by a great amount to help you allocate resources effectively. And It also lowers the risk and helps you take control of your business, especially in resources.
As the rapid change continues to adapt to modern technology business solutions, it is important to stay ahead of the game and continue to strengthen your business success.
Takeaway: Tips For Small Businesses in The Philippines
There are numerous ways in which you can apply these tips to your business to be successful. In addition, these essential tips are proven to work in different ways. From being passionate, taking things one step at a time to having strong beliefs, patience, and flexibility, these are great combinations of essential characteristics in becoming a successful business in the Philippines.
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