How To Start Your Small Business

Covid-19 pandemic affected everything – livelihood of the people, way of life, and even the country’s economy. OFWs were also heavily affected. Many Filipinos abroad were sent back since their companies reduced workforce, temporarily closed, or decided to shut down to minimize losses. A lot of Filipinos who were about to go to their country destination were unable to leave due to travel restrictions.

As a result, OFWs and their families are constantly looking for means to survive.

The government offered financial aid but let’s face it, not everyone can get some help. Even if you qualified for the cash assistance programs, what you’ll get won’t be enough to help you and your family survive for the next weeks.

This is where starting your own business comes in. If you’re wondering how and where to start, then let this post guide you.

Know What To Sell

This is the first thing you need to identify first. Before you get into selling, you need to establish what to sell first.

There are many things you can sell but during this time of pandemic, people resort well to food. If your family could boast one dish, then don’t be afraid and offer it in the market. Or you can create your own to set your business apart from the rest.

Nonetheless, don’t limit yourself to food. Retail is also a good market where you can sell any goods. If there’s a service you can provide, then advertise that as well.

Determine The Budget

This is the next step. Even if you have the perfect product or service in mind, you need to determine how much you’re willing to shell out for this business.

Keep in mind that you need to consider various expenses such as business permits, renovation of the place, or rent. Include this in your budget planning to check if you can start a business while minimizing loss.

If you can, then get a business partner. This will divide everything including budget and responsibilities. Just make sure that you trust the person completely since good relationship is a must.

Find Your Sources

Now that you identified what to sell and determined how much your budget is, it’s time to find your sources.

This is also crucial. There are several sellers that offer a particular raw material so make sure you go to someone who offers the most affordable price. It will take time but scouting for the the most affordable products will give you more flexibility when it comes to your pricing. You might even offer the lowest price in the market.

Make Sure You’re Registered

BIR reminded online sellers to register their businesses and file income taxes if applicable.

Government agencies or entities that you need to apply to for permits are:

  • DTI for business name
  • SEC for partnership entities
  • BIR for tax purposes
  • Local government or respective for the business permits

It’s better to comply with them early on to avoid issues.

Sell Your Products

How do you plan to sell your products? Having a space could help because it helps boost your legitimacy as a seller. Because of the pandemic, not many people are willing to go out and prefer doing their thing online.

Therefore, the easiest way to sell your products is through social media. Facebook and Instagram are effective platforms so make sure to capitalize on that. Don’t forget to take really good, captivating photos to entice your would-be customers.

Are you ready to start your business? It may be small for now but with the right mindset, proper care and attention, and good service to your customers, this will eventually get big.

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