Philippines not only became a tourist destination for many people but a business hub as well especially with the booming business process outsourcing companies in pertinent areas of the country. Due to this, many people are curious on how to start a small business in the country without having to go through bad experiences that most starting entrepreneurs experience. As such, there are certain principles and rules to do in order for the start-up endeavor to succeed. Some of these principles are only applicable in the Philippines and some are applicable in international businesses as well.
Surveying and conducting a brief yet complete survey or feasibility study on the business that you are going to do including identifying a good location and target market for the start-up is a good start. However, due to the financial crisis that has been going on for years in the Philippines, Filipinos and true with foreign residents would likely buy what is needed than what is wanted. This means that there are businesses that are surging up in sales due to the demand of the product or service.
For instance, food business is booming, even fast-food restaurants and chains are spreading in almost all regions of the country. This is because business process outsourcing companies are operating within 24 hours that most Filipino workers have no time to cook due to difficult shifting schedules that they have to meet. Other than this, most Filipinos find it cheaper to buy instant food from a “karindereya” (small restaurant) than cooking. This is especially true to young adults and single workers who have no family around the area they are working.
In addition, “ukay ukay” (second hand clothes and other items) business is also booming. This is so because starting this kind of business within the Philippines is very easy due to lesser permit and license requirements from the government. At times, there are even places within the Philippines which do not impose taxes in this business, only the payment of the location is needed to operate. Some stalls are cheap to rent and easy to arrange with.
When you already have decided on what business to pursue, the next thing to be done is to look for a good location for the business. Said location is a critical factor for the success of the business. Other than this, choosing competent employees matters especially for a start-up. Since all costs are considered during start-up, you cannot afford to hire someone irresponsible enough to bring a bad image in your new business. Record keeping also matters in starting a business, it only takes simple journals or notebooks to record your income and expenses.
For the start-up capital, there are financial intermediaries like banks, cooperatives, lending companies and microfinance companies that could help you with it. But help from wealthy family and friends can help a lot for your business to succeed without excessive interests from debts that will eventually lead you to cashflow problems.
Starting a business requires perseverance and courage. As long as you have the desire and want to start, everything is possible with all the preparations needed for you to succeed.