Are you tired of 8-9 hours of work? Want to be your boss? Do you want a higher purpose in life? Do you want to manage your own time? If you answer any of these questions, consider becoming your own boss by starting a new business. It might seem so simple on paper, but getting started and eventually getting to a safer and higher place will take a lot of hard work.
Are you willing? Or are you not? If you are, let’s get started on how you can start your business!
Before officially starting business in the Philippines, you should begin from scratch! If you are already thinking of starting, then you might have an idea of what you want to sell. If not the product and service, you may have already started thinking about what market you want to enter.
If you don’t, then here is a cohesive set of questions that may help you:
- What do you love to do?
- What do you hate to do?
- What would make those things easier?
- What are you good at?
- What do others come to you for advice about?
- What would it be if you were given ten minutes to give a five-minute speech on any topic?
- What’s something you’ve always wanted to do but lacked resources for?
Let’s assume: you’ve already understood what you want to do for your business. Okay? Good. We move on to the next substep.
First, quickly Google the existing companies in your chosen industry. Next, learn what current brand leaders are doing and determine how you do it better. If you think your business can deliver something other companies don’t (or deliver the same thing, only faster and cheaper), you have a solid idea.
Do Your Research
Why do your research again? Researching helps you better understand the kind of industry you want to enter and a better idea of the contextual landscape and factors affecting your future business. With research, you can commit fewer errors. One of these errors is that people jump into launching their business without thinking about who their customers will be and why they would want to buy from them or hire them.
You must be clear about the customers you want to attract, retain, and serve. If you don’t, you may waste precious time and resources. You must answer the questions during the ideation and research phase and iron out the major details. If the idea isn’t something you’re passionate about or there’s no market for your creation, it might be time to brainstorm other ideas.
Search Your Name
Thirdly, once you’ve brainstormed a possible name idea, search for it online. If there are companies who already hold the name you want, you may want to rename your business name into variations of the same name or brainstorm even more. If you’ve decided on a final name, search for it on the Business Name Registration Site by submitting a priority list of three names for your business if another business has already taken your first selection.
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After you pay the fees for your business name, you will get a 5-year valid certificate.
Furthermore: you have to register your documents. Fill in the forms. Some of these pertinent documents are your articles of incorporation and the treasurer’s affidavit.
You must submit various forms and other evidence to the Securities and Exchange Commission, pay your fees, notarize the documents, get your business permit and barangay clearance, and fill in the other necessary clearances for your business to operate.
Getting your business off the ground can be plenty of work. However, thanks to resources and the power of the Internet, it gets easier. Being your own boss comes with a lot of work – and your mileage may vary.
Angelo Castelda works as a contributor for a news magazine in Asia. He loves to learn and understand diverse cultures and aims to share through his writing his experiences around the world.