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Tips on Starting Your Own Business

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Many Filipinos are entering the world of business in a time of crisis. Some are into making wise decisions when it comes to acquiring income. While some are having anxiety just getting started. There are plenty of ways to earn money, may it be from food, service, retail, and more. Across all these industries, you would always have to take a lot of necessary precautions in order to achieve your goals.

Before starting a business, there are also things you might want to consider like having enough manpower, legal documents, and permits to secure your business and more depending on the type of business.

If you are an aspiring entrepreneur, then these tips might be for you. 

Make a Business Plan


Yes, fortune favors the bold but it also favors the prepared mind. Before spending a centavo, make sure to plan your business from step 1–from concept to profitability. To start, here are some online templates for a business plan. Don’t be too rigid when you’re laying out your 6 to 1-year plan. Especially during these times, it pays to be flexible and to prepare for unforeseen circumstances. Your business plan should at the very least answer the following questions:

  • What business are we in?
  • What is the vision and mission of the company?
  • Who is our customer?
  • What does our customer value?
  • What is our target market?
  • What products and services do we provide?
  • What is our sales and marketing strategy?
  • Who is our competition?
  • Who do we have? Who do we need? How do we find more of the right people?
  • How will we onboard, train, and develop new people?
  • Do we have the physical plant and equipment we will need?
  • Do we have the capital we need? Will we generate the profits we need?
  • How will we measure our success?
  • What is our exit strategy?
  •  What are our short and long-term goals?

Give Yourself Time to Prepare


Getting a business off the ground is all about preparation. From securing the necessary permits to having the capital to support everyday operations, there will be a lot to prepare. And it varies per type of business.

Every business-minded person has the most pressing question when starting a business, “Do I need to register my business?,” and the answer is yes. Whether you’re offering online services as a freelancer or selling products in your online/physical store, you need to process certain registrations and acquire certain permits. If your business is online, the recommended blog might help you further.

Read more: How to register your online business

Before starting operations, make sure to have everything you need for 3-6 months of smooth operation. That includes cash, inventory, manpower, marketing, etc. 

Build your Team


The secret to smooth operations is a motivated and well-trained team. This holds true for both online and offline businesses. When building your team, look for character, skill, and always ask them about their motivations. A less-skilled but motivated team can outperform a more skilled group in time. 

Start your team small–the minimum that your operation needs in order to function. This will ensure that you’re getting the most out of every member and that each person has room to grow. If you’re a startup, have at least one person on operations, marketing, finance, and sales. Grow your team as your profits grow–not the other way around. 

As the team grows, you can also form a small group among your team and start discussing how you could improve your business, also, talk about how your team’s camaraderie could be better to create a healthy environment at work. This helps maintain the quality and the vision of the team as it grows bigger and bigger. 

Read more: How to make your business thrive during the pandemic 

Maximize the Tools Available


Many of us stop at a point where everything seems to work out well but guess what, being too complacent brings much trouble to some start-up businesses. If you want to do better, you should learn how to use and manage your resources wisely. Optimize and don’t be afraid to embrace change when there’s a problem that needs to be resolved.

Lastly, learn to take more responsibility by securing legal documents, paying taxes, and acquiring a permit from our government. If you think this is more time consuming for you then worry no more. With DigiBanker, you can pay government remittances such as BIR, SSS, PhilHealth, and Pag-IBIG online and in real-time. You can also efficiently manage your business’ cash management online.

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