There are so many ideas to start a new business out there that it can be difficult to choose which ones to follow. For starting a small business, there is no perfect formula. Here are some tips for a small business start-up
1. Excuses
There are countless people who dream of becoming entrepreneurs but never do. They are full of excuses and fear of failure. you need to figure out why you don’t think you should start a business and get rid of it. Figure a solution to this problem instead of allowing it to hold you back.
2. Be a sponge
When it comes to things that have to do with your business goals. Write down things. Keep notes to create a detailed plan from all the assets you come across. Don’t disregard the experts’ and experienced business owners’ advice. Smart businessmen learn from the mistakes made by other company owners.
3. Be an answer to customers problems
Think about what it is going to solve instead of starting your own idea. Gaining a strong customer base is much easier when your business solves a problem. Ask yourself, Why do you open up your own business? Knowing your motivations will help you build a brand and market your company.
4. Budget
Add up how much it will cost when you start developing your business idea. When bills begin to roll in, it’s better to be over-prepared than short on funds. Start creating a business plan once you have an idea of all your expenses.
5. Secure your business first
Do not quit your day job — yet, if you want to start a small business. It is a process to start a successful startup. Build your business in stages and progressively move from employee to entrepreneur.
6. SEC and DTI
Start registering your business with the Securities and Exchange Commission (SEC). File your trade name with the Trade and Industry Department (DTI) if it is a sole proprietorship.
7. BIR
Register with the Bureau of Internal Revenue (BIR).To learn about your tax duties and obligations, attend a BIR briefing.
8. Complete your Basic Registrations
Get a business permit from a mayor and register your employer with the Philippines Social Security System (SSS), PhilHealth, and Pag-Ibig Fund.
9. DOLE
Register with the Labor and Employment Department (DOLE) For companies with at least 10 employees, this is mandatory.
10. Secondary Business License
Get a secondary business license. For example, if your business is about food production, you need to secure a registration for the Food and Drug Administration (FDA).
11. Be Found in Online
Build an Online presence this will help you market your business online and gain more customers.
