Steps on Starting a Business From Scratch

Starting a business is a dream many Pinoys share. Aside from providing additional income, it can also free you from the boredom of typical nine-to-five jobs. However, opening shop would take time and effort. So to help you out, below is a list of general steps you need to take if you’re planning on having a running business.

Step 1: Decide the Type of Business You Want

There are three main types of businesses in the Philippines: sole proprietorships, partnerships, and corporations. If you want to be an entrepreneur in the country, then you need to decide what type of business you’ll have. Each classification has its respective strengths and weaknesses, and it’s up to you to weigh them accordingly.

Step 2: Get Funding

Next, you need money to realize your dream business. Aside from family and friends, you can also rely on lending firms for financial help. They would be able to give you all the funding you’ll need, and many of them can even offer you excellent cash loan programs that come with various perks.

Step 3: Register Your Business

Once you have the capital, you need to register your business. This involves visiting the Department of Trade and Industry (DTI), your Barangay’s office, your town or city hall, and the nearest BIR office, among others. Make sure to complete every application form as well as have all the necessary and required documents so the process can be done more smoothly.

Step 4: Ensure Your Business’ Success

Starting a business doesn’t end once it’s up and running, though. You need to put sweat and blood to ensure its success, too! Now there are various differentiators that set successful companies from mediocre ones. The most common factors, however, include solid business plans, rockstar websites, customer loyalty, terrific advertising, and quality products, among others. Do everything you can to have all these and more.

Step 5: Avoid Certain Pitfalls

Keeping a business running, much less thriving, also involves know what NOT to do. Certain actions can hamper your company’s growth, and taking some of them could potentially leave you ruined and bankrupt. So better learn the pitfalls failed entrepreneurs made, and do your best to not follow suit.

In Closing

These are the general steps you need to make if you want to start a business from scratch. By taking them, you can rest assured that your planned company would be up and running in no time.