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.
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.
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.
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.
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?