Why the Philippines, you may ask. Well, why not?
This Southeast Asian country may not have the best economy in the world, and it may have been hit by a massive earthquake and the biggest typhoon recorded in history, but beyond all that, the Philippines is beautiful in every sense of the word. So, if you’re planning to start a business here, you’ve just made a great decision.
A start-up in the Philippines is quite similar to start-ups anywhere in the world. Aside from raising funds and coming up with a breakthrough idea, you also need to follow these three steps to ensure that your venture goes without a hitch:
1. The Business Plan
As with most things, you should always have a plan, a good one at that. It’s a known fact that business is quite risky, especially in a very unstable economy, so it pays to lay out everything before you start spending money. So, what should your business plan include?
- An Executive Summary – This will give a sneak peek at what your business is about, what your goals are and how you’d want to make them happen.
- A Company Description – Here, you’ll go in-depth about the details of your company including the products or services that you’d like to offer, the type of market that you’d want to target and even what will set your business apart from others.
- A Market Analysis Report – No matter where you’re starting your business, research should be one of your first steps. Your market analysis report will show the data that you’ve gathered about your target market and the plans that you have to make them patronise your merchandise.
- Operations and Financial Plans – To make running your business smooth, it’s best that you have your financial and management plans in order. Here, you’ll discuss how you’d like to manage your team and how you’d stay on top of your finances.
2. The Legalities
Just like other countries, the Philippines has certain legal requirements for people who’d like to start a business. Since the process can be quite lengthy and time consuming, it’s best to start working on these requirements before taking care of your other start-up needs. You’ll need to take at least 10 steps to make your business legal in the Philippines. These include verifying your company name with the Security and Exchange Commission, getting a Taxpayer’s Identification Number and registering with other branches of the government. If you’re having difficulties completing these steps, it would be wise to seek professional help to save time and money.
3. The Start-Up Utilities
Once you’ve already established your business, you can start looking for a suitable business center that will serve as your start-up office. This will prove to be more beneficial than building your own office since it has a great location and is already equipped with most amenities that you would need. To reduce your start-up costs without sacrificing quality, it would be ideal to outsource some of your tasks instead of hiring more employees. Since Filipino BPO companies provide only the best services to their partners, you’d have peace of mind that you’re working with people who really care about your business. If your business requires you to handle and ship product, it may be beneficial to invest in a Dymo label maker to make it easier on yourself. It’s the little things that make a difference.
After you’ve completed these three vital steps, you can already start hiring your team, coming up with your marketing plans, creating your products and of course, introducing your business to the Philippine market.
A start-up in the Philippines does come with its own share of challenges, especially if you’re a first-time entrepreneur. But if you think about working in a place that’s literally a paradise in its own sense, everything will definitely be worth your investment.
Like the famous slogan says, “it’s more fun in the Philippines.”
Photo credits: Stuart Miles – freedigitalphotos.net