It’s a brand new year. We just welcomed 2020, and of course, we look forward to all the opportunities ahead. With that, what could be more exciting than getting your own business in mind a fantastic kickstart? But then again, here’s one question: Do you know how to start a small business in the Philippines?
Starting a business requires a considerable amount of money and a significant load of effort, patience, and knowledge. So, I have some tips here for you to guide you.
1. Identify Your Target Market or Better Yet, Create One
One scary factor when starting a business is the vast number of existing competitors in the market. However, one tip that you should note as an entrepreneur is that you should use it. Consider the industry you want to join and narrow down your list. Point out all of the things that you noticed about them. Please pay attention to the improvements they should make and try to apply them to your own business. Or, if you have a better idea, create a new product targeting a different target market.
2. Is Your Idea Feasible?
Be true to yourself and to everything you have. In your current state, do you think your business idea is feasible? Do you think it will produce the results you have in mind? Aside from your passion to succeed, remember to do detailed research, create a thorough plan, and act.
3. Ready Your Finances
Getting a business started indeed needs a tremendous amount of money. You can 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. You will also need some money to cover your ongoing costs before you make a stable profit. If you know that you need more budget, look for ways to solve your dilemma without compromising the product or the services you will offer. If you tried getting a loan from the bank and your application failed, private lending companies can still help you.
Vidalia Lending specializes in providing fast and easy loan applications for your money troubles. From Personal Loan to Small Business Loan, we have an adequate 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 central answers you should not forget is that you must note all the documents you submit to prove your business’ legitimacy. First, you must 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 the business
5. Stay Passionate
As a new entrepreneur, you will face different hardships that may discourage you. However, the most essential thing you should remember is that it’s 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 ten years of being in the business, Vidalia Lending was able to help thousands of Filipinos with their financial hurdles. If you currently need quick financial aid, you can check out our loan page for different types of loans.