Starting a small business in the Philippines may seem a simple and great idea. However, there are still many factors to keep in mind if you want your business to last and grow.
Here, we listed 6 tips to keep in mind when you’re starting a small business in the Philippines.
1. Be Innovative
There’s tough competition in small biz and if you want to make it, you have to be unique. There are many businesses that used humble ingredients or simple ideas and made it innovative to create a unique product. Examples of creative business out of humble ingredients that made it big are lechon kawali chips, easy banana sticks, healthy veggie chips, and many more.
2. Consult a Business Lawyer or Tax Expert
Many small businesses often disregard their legal liabilities until it piles on them. Many aspiring entrepreneurs often venture into business without understanding taxes, permits, and also penalties. When you disregard these responsibilities and are faced with huge penalties, this could affect your business finances. So, it’s best to start consulting an expert or a business lawyer at the start.
3. Choose A Good Business Name
Choosing a business name makes a big impact on your business. It’s normal to name your business after your name or someone special, but make sure it’s easy to remember. Your business name should be catchy but also memorable. It should also make the customers easily understand what your business is all about. Make it short but with an easy recall.
Come up with at least 3 potential names and verify if it’s already been used. Then, register your business name under the Department of Trade and Industry (DTI).
4. Be Consistent With Your Brand
Branding is also important when it comes to marketing your business. It will speak for what your business stands for and find your target market. Identify if you want to go for something chic and fashionable, or affordable and family-friendly. Be consistent with your logo, language, colors, and typeface.
5. Find Reliable Suppliers & Partners
If your business is dependent on suppliers, make sure they are reliable and trustworthy. Before starting a business, make sure your partners will be able to keep up with your business demands. This is very critical when planning a business because changing your suppliers in the middle of business might affect your products’ quality and consistency. So, take all the time in researching.
6. Have A Contingency Plan
While hardwork and determination are important, resiliency can take you a long way. Learn to weather the storms of business. There are times when the business is profitable while there are also lean months.
For many, the practical application of being resilient in business is having a contingency plan. This includes having insurance, extra funds and savings, backup source of income, and also a comprehensive exit plan if everything fails.
There you have it! When starting a small business, always think big and long-term. Take the time you need to learn and research before taking a leap. Good luck!