How To Start A Business

Owning a business is the aspiration of many. To be an entrepreneur is a bold step, but it has the potential to fulfil your financial dreams. However, starting a business demands a lot of study before you invest your hard-earned capital. Starting a business in the Philippines is not easy, but with guidance, neither is it too hard.

Below are the basic things to know before you start:

Check if you are ready to go into entrepreneurship. You need to realize that starting a business means working harder and longer hours than an ordinary employee. Besides this, you must have sufficient savings to tide you over while your business is not yet earning.

Find the most suitable business. The business you choose must not only be the one you like but also one which you have the financial capacity to put up with. You must also consider your strengths and weaknesses and see how they fit into the business.

Make a business plan. The business plan is composed the financial plan, the marketing plan and competitor analysis, among others. You would need to consult with people with relevant expertise to accomplish the parts you do not understand.

Find the best location. For retail, location is the most important factor. Learning the scientific way of selecting the best location is essential.

Choose the right legal form of business. Apart from cooperatives, there are three legal forms of business to choose from. The most simple and common is the sole proprietorship because it needs the least capital. Many prefer setting up a corporation to limit liability, among other reasons. Finally, there are certain situations where a partnership is the suitable form of the business.

Register your business. Register at the Department of Trade and Industry if the business is a sole proprietorship. For partnerships and corporations, go to the Securities and Exchange Commission. After having obtained your business name, get a barangay clearance and proceed to the local municipality to get the mayor’s permit. Then get your certificate of registration and authority to print receipts with the BIR. Afterwards, register with the Social Security System, Philhealth, PAG-IBIG, DOLE (if you have five or more employees), and other pertinent agencies.

To learn more about starting a business, BusinessCoach, Inc., a leading business seminar provider, conducts a seminar entitled, “How to Plan and Start a Business.” Contact (02) 727- 5628, (02) 727-8860, (0915) 205-0133 or visit www.businesscoachphil.com for details.

Click here to view details of the seminar: How to Plan and Start a Business »

*Originally published by the Manila Bulletin. C-4, Sunday, July 28, 2013. Written by Ruben Anlacan, Jr. (President, BusinessCoach, Inc.) All rights reserved. May not be reproduced or copied without express written permission of the copyright holders.