It’s a brand new year. We just welcomed 2020 and of course, we are all looking forward to all the opportunities that lie ahead of us. With that, what could be more exciting than getting your own business in mind an awesome kickstart? But then again, here’s one question, do you know how to start a small business in the Philippines?
Starting a business requires not just a big amount of money but at the same time, a great load of effort, patience, and knowledge. Thus, here are some tips to guide you.
1. Identify Your Own Target Market or Better Yet, Create One
One scary factor when starting a business is the huge number of existing competitors in the market. However, one tip that you should take note of as an entrepreneur is that you should make use of it. Think about the industry you want to be a part of and narrow down your list. Point out all of the things that you noticed about them. Pay attention to the improvements they should do and try to apply them to your own business. Or if you have a better idea in mind, create a new product targetting a different target market.
2. Is Your Idea Feasible?
Be true to yourself and to everything you have. In your current state, is your business idea feasible? Do you think it will produce the results you have in mind? Aside from your passion to succeed, do not forget to make detailed research, create a thorough plan and then act.
3. Ready Your Finances
Getting a business started surely needs a huge amount of money. You will be able to save a lot of money if you have a place to stay or if you can start on your own, but still, you will need some capital for your tools and materials. Plus, you will also need some money to cover your ongoing costs before you make a stable profit. If you know that you are short of budget, look for ways on how you can solve your dilemma without compromising the product or the services you will be offering. If you tried getting a loan from the bank and your application failed, there are still private lending companies out there who can help you.
Vidalia Lending specializes in providing fast and easy loan application for your money troubles. From Personal Loan up to Small Business Loan, we have an effective loan offer ready for you. There is no prepayment process and you can set regular fixed payments. The loan application is done online and you can get your borrowed cash as fast as 2-3 days.
4. Complete Your Documents
How to start a small business in the Philippines? Well, one of the main answers that you should definitely not forget is that you have to take note of all the documents you have to submit to prove your business’ legitimacy. First and foremost, you have to register your business in the Department of Trade and Industry (DTI). After your registration, you will be required to get the following permits from the local government where you wish to put up your business:
- Barangay clearance
- Mayor’s permit/Business permit
- TIN and BIR registration files
- SSS, PhilHealth, and Pag-IBIG as an employer
- Other special permits depending on the nature of business
5. Stay Passionate
As a brand new entrepreneur, you will face different hardships that may discourage you. However, the most important thing that you should not forget is that its not a reason to give up but rather another lesson to keep in mind. Remember that aside from your family, you can also find trustworthy partners like Vidalia Lending Corp. to help you with your financial dilemmas.
With over 10 years of being in the business, Vidalia Lending was able to help thousands of Filipinos with their financial hurdles. If you are currently in need of a quick financial aid, you can check out our loan page for different types of loans.