It’s not easy to start a business. Apparently, having a brilliant idea that could potentially save the world is one thing. Turning that idea into money is another. After all, the purpose of this idea is that you don’t have to go back overseas to work and provide a better future for your family.
That being said, what does it take to start a business after that brilliant idea came out? What are the things you need to do and remember before you jump into the world of entrepreneur? Do you have to fulfill certain requirements first?
Read on to find out.
Tip No. 1: Establish your capital funds.
This is important. Businesses need funds to make it work. You need capital to buy items for your inventory, pay for licenses and permits, and cover rental and utilities expense among others.
Where do you plan to get those funds?
You could use your savings while working overseas to cover for your business expenses. If you allocated those funds to something else, loan is also another option. You could borrow from family, relatives, or friends – and make sure you pay them back on time. Otherwise, banks and private lending companies could lend you money with interest.
Speaking of lending, Balikbayad is here to help. Fill out our loan application form and we will get back to you as soon as we can.
Tip No. 2: Location is key.
This is crucial. Even if you have a brilliant business idea, you won’t be able to yield the profits you want if people don’t see you.
Therefore, choose a location that has high foot traffic. This will make it easier for your business to be known since you are physically visible.
If the rent is too high for you, then opt for places where your products are appropriate. For instance, you want to put up a mini convenience store so the location should be near residential places or offices.
Parking space is another angle to look at. Most people these days have cars so make sure that your location has spaces for this.
One of the things you need to have are business documents. It not only makes your business legitimate but also, it could make it easier for you to expand it.
Tip No. 3: Make sure you are registered.
Business documents depend on the type of business you’ll put up. You can go for sole proprietorship, partnership, or corporation. For this article, let us focus on sole proprietorship since this is most common.
As a sole proprietor, you need to register with
- Department of Trade and Industry for your business name
- Barangay where your business is located
- Mayor’s Office
- Bureau of Internal Revenue for taxes and receipts
Tip No. 4: Make yourself available online.
Let’s say you can’t afford to rent a space – yet. That’s fine. What you could do is to establish your online presence.
This step is easier because you could create an account on Facebook or Instagram for free. Just make sure you take great pictures and choose the right hashtags to reach your target market.
Don’t forget to share your page to your friends and family so they could help spread the word.
Tip No. 5: Always take one step at a time.
Having your own business is not going to be a walk in the park. There are days when you have sales but there are also times when you can’t close a deal. That’s fine and it’s part of being a business owner. This is why it is important to take one step at a time.
First, establish your online presence. Then upload the best pictures, share your account and urge people to check it out and follow it. Focus on few product lines first instead of going big early on. Don’t aim for expansion when your capital is not enough to support it.
In other words, take it slow. You’ll get there eventually.