How to Start A Business in the Philippines Without Ending Your Current Career

Gusto mong magkanegosyo pero wala kang time?

Are you one of those lucky Filipinos who happened to have the capability to engage in business but have no time to really manage one? Are you an OFW who knows that one day you’ll lose your energy and you need a back up plan? A seafarer who knows work is contractual regardless of the fortunate salary? Or an employee who dedicates time and hard work for your employer but wants to start a business for added income without sacrificing your current job?

YOU CLICKED THE RIGHT ARTICLE!

Let FinCom.ph help you in taking real and practical steps on how you can actually start your plan towards your next in line career TODAY.

Let’s do a recap – your objective is to start a business but your problem is that you have no time to do it yourself or you don’t know how to find a trusted person to manage this planned business with you.

Here are professional recommendations you can (and actually must) do:

1. Business Manager Testing

If you are offshore as a busy OFW or seafarer, or you’re busy doing office works on a regular basis, you are not looking for simple “katiwala”, you are looking for a business manager and it takes a good business manager to keep a business running.

If you know this business is serious, then the more that you need to find a business manager who has the capacity to be responsbile and accountable. Think of possible candidates and send them a private message that you have a plan of doing a business and you’re looking for a manager.

Oops, it must not be just that easy. Give your candidate some assignments and questions:

A background study about the business – can we make good sales? Can you do basic bookkeeping? What steps do we need to take? If he wows you with his reports and makes you feel more excited and comfortable about the business and if he is able to provide a complete data-driven and formal presentation/report, then it means he can communicate on a business level. It is important to find a good business communicator knowing that you’ll be depending on his timely reports.

You want to ensure that the business relationship is nothing too personal and that the major accountability is to make sure the business works because, yes, it is your hard-earned money at stake.

To add up, it is important to understand that you must learn to compensate with value (yes, you must pay) whatever kind of service you will be rendered on this level. Time and effort will be provided and so it deserves compensation. You may opt to pay with cash or goods, just don’t take it for free. This will send a signal that this is business and that you are really serious about it.

It is also important to remember that to turn down a candidate who seems quite ineffective and fall short of real results, must be done! The very goal of this level is to assess your candidate and early signs of management inconvenience must be taken seriously at this point.

2. Business Manager Testing

Setting up a business is all about making sufficient sales. Nowadays, there are incubation stages of businesses or periods when before going full blast, testing actual sales demand is done. This will save the investor (or you on this instance) from the possible massive capital loss upon realizing your business is not as realistically saleable as you initially expected.

Here are a few examples:

If you intend to sell 1,000 units of shoes, why not have your business manager sell 100 pcs first and check the actual demand prior to buying a bulk of 1,000.

If you intend to buy a machine for a tarpaulin business, why not have your business manager do sales and refer to an already existing printing business and get commission therefrom. Check the number of confirmed referrals your business manager can do and from there, you’ll basically have a pre-computation of how much sales you can generate, even before investing on the machine.

3. Find a reliable accountant/consultant

Every successful business tycoon understands the importance of having a competent consultant/ hard core financial accountant. This ensures that all discussions of the business will be based on actual reports prepared with integrity. Even before you get to have a business, it is important to keep a “number person” around you. This person balances, reviews and interprets the reports your business manager shall provide, giving you more confidence that fraud can be eliminated because you have a professional reviewer who stands to support your stake in your business.

4. So where is the business TODAY?

The 3 mentioned steps are important factors that will determine the success of your business. A business manager, sales testing and a reliable professional accountant/consultant are key elements that will help your business succeed. These steps are all about creating a solid foundation while spending a lower amount of capital. The goal is not to blast on full capital as this can lead to more serious risks like mismanagement, lack of demand and insufficient business interpretation capacity. Enter the business world with a powerful weapon, subscribe to FinCom.ph or get your start at the entrepreneur life with a loan that’s right for you.