4 Things to Get Right to Start a Business in the Philippines 69

4 Things to Get Right to Start a Business in the Philippines

This is a guest post by Franco, the President and CEO of Foxhole Business Center. As a father of three and a full-time entrepreneur, he believes that there is always an opportunity to be of service to your fellow businessman.

Doing business in the Philippines is good, as one can find a market for almost anything.

Filipinos are voracious consumers and avid supporters of brands and businesses engaged in retail, manufacturing, travel and tourism, food and beverage, IT, BPO, and many other industry-specific services. This means that setting up a business in the Philippines gives you a good fighting chance in achieving your entrepreneurship goals.

But, first things first. Successful business stories do not always happen instantly. Some take years to go in the right direction. Whichever is the case; one thing is sure: doing things right the first time lessens your risk business-wise.

Starting a Business in the Philippines: What You Need to Know

Foxhole PH’s infographic can give you a bird’s-eye view on the different aspects of launching your startup in the Philippines, which include:

1. Registration of Business Name.

If your business falls under the sole proprietorship category, you should register the name of your business entity with the Department of Trade and Industry (DTI). But, if you’re registering a corporation or partnership, the Securities and Exchange Commission (SEC) is in charge of this area.

Thanks to digital technology, you can now simply go online to DTI’s or SEC’s dedicated site for submitting applications for your business name. This conveniently saves you from the trouble of going to the DTI or SEC office to register your business so that you can proceed to the next step.

business name for starting a business in the philippines

2. Securing Business Permits.

Securing business permits deals with complying with garbage disposal and other environmental regulations. This requirement applies whether you’re launching a sole proprietorship or a corporation or partnership.

To get your business permits, you have to go to your local barangay and the office of your city mayor, as these two will be issuing your barangay clearance and Mayor’s Permit, respectively, so you can obtain a license to operate in your chosen location, in this case, to run a business in the Philippines.

securing business permits

3. Scouting for Personnel.

Launching your company has a lot to do with matching your business model and the right people to form your pioneer team.

Sure, you can ask for referrals from family or friends, but you should never miss on other viable options.

Job search sites can fill your inbox with volumes of applications from job hunters, while the logistics applied in recruitment agencies can help you narrow your search for talent.

If you’re looking to be more visible, you can join social networking events, which are great avenues to introduce your brand or idea to other people who share the same vision or interests. If you’d rather hire fresh and young talent to train, your best alternative is to scout for new graduates from job fairs in colleges and universities nationwide.

find talents, philippines

4. Choosing Your Office Space.

This part is both exciting and crucial.

Since a startup is like your baby that you want to care for and nurture in the right environment, you’ll want an office space that will give you and your staff all the means to do that.

At the same time, you need to consider things like budget constraints, customer accessibility, productivity among employees, and several other concerns.

Sole proprietorship and the home office setup complement one another very well, while a virtual office or shared spaces may suit small companies at first until the business expands, and the need to rent a traditional office space becomes imminent.

The location of your office space may be in one of the major business centers in the Philippines or a little on the outskirts, and your choice will really depend on your customer profiles and the nature of your business.

For example, you can opt to have a bustling office space in the heart of Makati City for your travel and tours agency, but choose a more remote area to house your manufacturing plant.

fidn your first office space in the philippines

Needless to say, you’ll be doing a lot of decision making as you set up shop, whether it’s a business in the Philippines or elsewhere.

To help ease your burden, make sure you have all the right information you need and use it to study your options.

A successful working formula for many companies is largely about applying good business sense and making well-informed decisions—from the tiniest detail to the grander scheme of things.

What about you? Are you planning on running a business in the Philippines?

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What the Richest People in the World Have in Common 6

What the Richest People in the World Have in Common

Getting rich is something everyone dreams about.

For those facing financial hardships, getting rich seems the only way out to tide over shortage of money. For the bourgeoisie – the working class – getting rich conjures up visions of stuff they want to buy for luxury or higher social status. Millionaires also wish to get rich: they want to become billionaires and enter Forbes List of the world’s wealthiest people.

Unless you inherit a fortune or get lucky at lottery or sweepstakes, getting rich can be quite tough.

Yet, there are countless rags-to-riches stories around the world. Enterprises such as Amazon, KFC, Facebook or SpaceX have become runaway successes within a short span. The reason: their founders have several things in common, which is rare among other people.

Here we look at various traits that the world’s richest and most successful entrepreneurs have in common.

The Common Traits of The World’s Richest People

The Common Traits of The World's Richest People

1. Serving People.

“If your only goal is to become rich, you will never achieve it,” said John D. Rockefeller, who laid the foundation stone for America’s giant petroleum industry and his own enterprise, Standard Oil. The same adage holds good today.

Facebook, for example, was launched by Mark Zuckerberg and his roommate, Eduardo Saverin to allow Harvard University students to share profiles and pictures

There are countless such examples of ordinary people striking rich. However, they share one thing in common: serving people. The main objective of launching these enterprises was to make life easier or enjoyable for people rather than earning money.

2. Reading Books.

Microsoft founder Bill Gates, celebrity TV show host Oprah Winfrey, SpaceX and Tesla CEO Elon Musk, Berkshire-Hathaway CEO Warren Buffet and several other extremely rich people of the world have one more thing in common: they are avid readers.

Bill Gates reads at least 50 books every year – an average of nearly four and a half books per month.

Elon Musk owes his success at SpaceX, the project to open space tourism to his love for books and the knowledge he gained from them about rocketry. Oprah Winfrey attributes her success to dozens of books, including some 70 top titles she read on her way to success while Warren Buffet spends about 80 percent of his day reading books.

3. Long-Term Financial Strategies.

A report by CNBC states, all wealthy people depend upon long-term financial strategies rather than short-term gains. They utilized their earnings and savings to invest in safe stocks that would assure gains in the long run rather than indulging in risky trading that can offer high returns.

Such financial planning and decisions ensured they do not lose money. Further, they invested money in their enterprises without the hope of immediate returns.

These wealthy people first focused on building a brand, offering value for people to identify with the brand. And later, popularize the brand through word-of-mouth publicity, which is more effective than traditional advertising.

4. Never Say Die.

Yet another common character trait shared by the world’s richest people is, they are not quitters.

Like every other human on Earth, these wealthy folks also witnessed ups and downs in life. Some of these were so overwhelming most ordinary people would have called it quits and gone in search of easier ventures.

Brian Chesky, Joe Gebbia and Nathan Bleckharczyk, founders of Airbnb, the world’s largest hotels and accommodations aggregator were plagued with financial problems.


Heavily encumbered with debts, bankruptcy was staring at these entrepreneurs in the very eye. Yet, they did not budge. They innovated their service that made Airbnb the world leader in its field today.

Another excellent example is Colonel Harland Sanders, whose recipe for fried chicken was rejected as many as 1,009 times before it was accepted. Col. Sanders is the founder of global chain Kentucky Fried Chicken or KFC.

5. Accepting Criticism.

Most people flee from criticism of any sort. Rather than learning from negative comments arising out of their behavior or work, they take umbrage rather quickly. Yet, they do not bother to amend their behavior or work pattern.

All wealthy people, however, are different. They are willing to be criticized for introducing new ideas or thoughts.

Jeff Bezos, founder of Amazon, rightly says that those who will try and do something new must be willing to draw criticism.

Steve Jobs, founder, Apple, Inc. puts it in even stronger words: “If you want to make everyone happy, do not become a leader; sell ice cream instead.”

The success of Amazon and Apple proves their founders were right when it came to accepting criticism.

6. Out of The Box Thinking.

how regular life looks like and why it won't make you happy

Thinking outside of the ‘box’ or a typical mindset is often impossible for most people. Understandably, because everyone draws their mindset from factors and circumstances they are raised and educated in.

This mindset eventually becomes a formidable fetter for anyone wanting to become an entrepreneur. Generally, most people follow the flock and take professions they falsely believe as best suited for their skills. Others try to follow footsteps of their parents.

The wealthiest people in the world never followed flock or took lucrative professions of their parents.

Mark Zuckerberg’s father was a dentist and mom – a psychiatrist. Bill Gates’ dad was a banker father while his mother was a lawyer.

Despite coming from wealthy families, they chose to follow their passion rather than confine their thinking to the proverbial boxed mindset. Col. Sanders had lost his parents at a young age of six years and had to shoulder responsibilities of his siblings.

Other Examples of What The Wealthiest People Have in Common

As we can see, these qualities or personality traits are common to the world’s richest people. It sets them apart from others. Most of them launched small enterprises with the sole purpose of bettering the lives of people. Their products or services gained popularity because money was never their consideration. Widespread use of their technology, products, and services eventually led them to become wealthy.

These traits are not typical to the US or the western world, as one may mistakenly come to believe. A glance at some richest people in India and elsewhere also reveals, they share the same characteristics with their American counterparts. This amply proves that richest people around the world share something in common, regardless of where they live and flourish.

Another common trait that all rich people share in common is philanthropy.

Since childhood, they believe in giving back to the society and helping the underprivileged. They practiced charity when they were not so rich and continue to donate money for the betterment of the society even after becoming billionaires.

These richest people on the planet never waited to become wealthy. Instead, they were philanthropists since childhood – a trait most other people pathetically lack or try to foist upon themselves to gain popularity.

In Conclusion

It is not easy to become wealthy. Or everyone would become a millionaire. People who do make it to the top have a different way of thinking combined with an undying zest for learning new things and educating themselves.

They do not consider conventional learning at universities as the end of their education. Instead, they try and acquire new skills every day and find ways and means to become better humans rather than focusing on fattening their purses.

The world’s wealthiest people also share one common trait: they are not people pleasers, despite their generosity and willingness to serve the society. Because they know, trying to please everyone will get them nowhere and could mean possible failure.