There are plenty of resources out there with advices about what you are supposed to do if you want to start a business. I’ve selected 7 Must-Do Tasks Before You Start Up from the Pinoy Web Startup (a venue to find like-minded entrepreneurs and build exposure for Philippine startups in the web technology ecosystem.) because is well documented and has plenty of references to external resources.
They say: “I just want to share with you issues I dealt with starting out — and consequences of some I still have to deal with today. This is written with a Metro Manila, Philippines setting in mind but should be easily replicated elsewhere.”
Here are the 7 tasks in the article (with my comments of course)
- Unleash the Entrepreneur within
While they give plenty of external resources on this one, I think it’s missing a point. Money! The only reason entrepreneurs want to start a business is to make money. Of course, money can have different names like work for yourself, being your own boss, pride and recognition, or whatever reason an entrepreneur might have, but the real framework for anything you would like to accomplish is making money.
- Save at least 3 months worth of living expenses…
Even if they are talking about web start-ups which might require little or no initial investment, planing to earn a living from the newly started business in 3 months might be fullish. Unless there are some special conditions which allow you to get customers, deliver and cash money in very short sales cycle, chances are that it will take about a year to get the financial security you need (and that if you are lucky). But yes, you should save money, make a budget and be prepared to say what they say: “I used to buy nice clothes or shoes at least once a month or whenever I eye a sale; since starting our company, I’d buy a nice dress every quarter or so — and no new shoes!”
- Find 1 or 2 partners
I have started the same, with 2 partners. And while I know it was the only way I could start a company at that time, you should think very well about picking up your partners. Most likely is not very important who your partners are if things don’t work, but it makes all the difference in the world if it works and there are money to burn. Once again, an impressive list of external resources on this subject on the blog.
- Register your company
Interesting to see what it takes to start a business in Philippines.
- Have a common conducive workplace
(I had to look in the dictionary to find out what conducive means 
). Basically the workplace should be a good enough environment to start a business and to sustain whatever you are doing. Of course I agree with that, but chances are that you might need a year or so to be able to rent a nice place to work. Usually if you start small, an office at home is quite ok, especially if you start an online business like they did.
- Raise funds from your own pocket and from family and friends
Unless you are in USA, is quite hard to find investors ready to burn money for just an idea. Everywhere else, be prepared to have a 7 figures turnover to get the investors attention. Once again, relevant articles are linked on the paragraph there.
- Focus your efforts
While they have a funny explanation about focusing on the business “I gave up my car and comfortable living at my parents’ to stay in a cheap condo so I can be near our office.”, most likely one of the early days issues is that because you have bills to pay, you can’t say no to customers or business lines that simply aren’t good enough to make you grow. You know that for this customer you will work more than you should, you know that on the long run, doing X or Y is going to slow you down, but you are simply too hungry not to take the job!
I would add an extra step:
- Make a business plan!
While some will not agree with this one, is absolutely fundamental to see what it takes to pay the bills. What are your expenses, how you are going to cover them and how long till you break even.Well, enough ramblings, you better have a look at the “7 Must-Do Tasks Before You Start Up” – there are plenty of resources there which you might find interesting.
Oh, and good luck to the people behind the blog and their venture!
Hello,
Interesting article.
We building a free Entrepreneurs Investors community. Our idea is to bring to entrepreneurs advice that will help them in the growth process. It ll be great if you can join us on thestreetmarket.com!
Thanks and good work!
hai everybody
i want start a buissness and i am in india.Rightnow i am an software engineer.Could anybody help with me some idea. i ready to put my hardwork and smart work here.
i will be happy if anybody replying to this.
thaks friends
Hi Manikandan,
Well, there are plenty of opportunities. You could either develop some software product and sell it online. If that’s not possible, you could be selling somebody else software’s and get paid a commission for it (you become an affiliate). You can have a look about that here: http://www.avangate.com
Hi I’m from the Philippines, I would like to start a business I want it to be an online store. I would like to ask does online businesses such as online store needs to register?
Hi Maui,
While I’m not an expert in the legal requirements to run an online store in Philippines, basically you will have suppliers and buyers. This means you will have invoices to pay, invoices to issue to your customers and pay taxes.
Which means you have to register.
To All Entrepreneurs/Brokers,
Eliminate Stress! Focus On Your Business Plans! Leave To Us Your Business Registration, Accounting And Tax Problems!
We provide business registration services (SEC, DTI, BIR, SSS, PHILHEALTH, PAG-IBIG Registrations and Mayor’s / Business Permit at reasonable rates.
We also provide all accounting services (bookkeeping, audit, financial statements (FS) and income tax return preparation(ITR), etc.) on a monthly retainer’s fee basis.
Please contact us at:
Tel. No.: (02) 727-5532
Mobile No.: 09299773766
Email: cpabroker1925@yahoo.com
Or visit our office at:
Unit J Yupango Bldg., (beside SEC Bldg.) Florida St., Cor. EDSA,
Mandaluyong City
Regards
Hermes Francis L. Herrera, CPA
Manager
nice article. it will be a great help to those people who wants to try or build their own business. now they have some ideas to start their own business. even though their not in the Philippines, they can use those tips. but it will only depend on the person or in the entrepreneurs on how will they make their business successful. do not just depend on this tips, but depend on your skills and abilities to handle a business.
Hi,
I am in working in Dubai as Secretary. with the situation here we are not secured of our jobs.. and i would like to start up a small business in the Philippines. I would like to start up a Shawarma booth in a mall..can you pls. help me how to start?
Hi Hannah,I am tired working in the United States and planning to go home next year to start a boutique high class used styles clothing store with my relatives in the Philippines. There are so many requirements and the best is to hire a CPA in Mandaluyong who specialized of getting all the requirements.
God Bless
Eddie
Hi Maui, I am planning to go home and set on line boutique high class used clothing store in the Philippines with my relatives. Yes,you’ve to registered with SEC, DTI, BIR, ETC. and get appropriate requirements, get an air courier and create an account, get a website and create your own inventory and you’re ready to go. Check with the air courier if they can pick up your items for delivey. Good luck and I hope for your success.
eddiejrfcorp@yahoo.com
Hello
Could you send me information on obtaining a list of middlemen to get merchandise on consignment in terms of setting up a store on line? China and Japan would be cornerstone of getting merchandise.
Making money should not be the first thing to consider if your planning to go into business. You must think first how you can add value to other people and the rest(including money) will follow..
http://www.ca2020.net
Hi guys. If you want to start a business in the Philippines, I believe I can help you. I am a Marketing Executive for a company based in Arizona. Do contact me if you’re interested at abi_0303@yahoo.com
Hello to All!! Im a Filipino working in a KMR here in London, KMR means Keymove Relocation, our company offers Relocations both for private or corporate individuals around different countries.Email me @ jp_sazon@yahoo.com for more inquiries.
Anyway can some one help me on how can i start to make a linkage of company from here in London to the Philippines? because KMR is planning to start a company in the Philippines.. email me for answers plzz..
Thank You!!
jp_sazon@yahoo.com