If you’re a Filipino who’s done with the rat race – aka living from paycheck to paycheck – starting your own business in the Philippines may have already crossed your mind. But with complicated processes and unclear systems, it’s easy to get lost. Where do you actually begin? There’s no need to feel overwhelmed. Let these five simple steps guide you as you build your own proudly Pinoy business in the country.
Take Business Plans Seriously
Proper preparation is key to any business – especially in the Philippines where diversity is evident everywhere you go. Come up with a good business plan that helps you identify your product and your target audience. When your plan builds your business’ identity, you’re building a strong foundation.
Come Up With A Good Business Name
What’s in a name? Everything. The key to product recall and great branding lies in your product’s name. Make sure to come up with a name that defines your brand and your vision.
Determine the Identity of Your Business
Before beginning the technical work, identify what kind of business you have. There are three kinds of business identities in the Philippines – sole proprietorship, partnership, and corporation. By defining your business identity, you can take the necessary steps to move forward.
Go Through Proper Registration
“How to register your business in the Philippines” is a common question among entrepreneurs due to the fact that this process is the longest. When it comes to where to register your business, you can refer to this list:
- DTI – sole proprietors need to register their trade name at any DTI office.
- Securities and Exchange Commission (SEC) for partnership and corporation registrations
- Mayor’s permit from the city hall/ municipal hall of your business location
- Bureau of Internal Revenue so you can legally produce and use official receipts and invoices.
- Register in PAG-IBIG, SSS, and PhilHealth if you’re hiring employees.
Get a Website and Business Email
In this digital age, getting a website for your business in the Philippines can put you out there – far ahead from your competitors. This is where we, DatastiQ, comes in – we help provide business owners the ability to reach more, and reach out better through efficient websites.
Getting a hosting plan and registering your Domain a.k.a. your website address allows you to secure your branding. Establishing your branding is a critical foothold in the later part of your sales and marketing strategy. This will secure the footprint of your website and email for search engines which could lead to endless opportunities in the future.
This is where most local entrepreneurs fail as they often ignore checking the availability of the domain name which results to a significant roadblock on the digital marketing realm. In simple terms, you can’t build a high-rise building or a skyscraper if the foundations aren’t properly laid out.
Forming a business in the Philippines require hard work, but it’s worth it. Start with these 5 simple steps to building a business in the Philippines and you won’t feel lost.
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