Starting a business is always challenging. Numerous books have been sold, and almost as many seminars booked on how an entrepreneur should start their business and how they can succeed. We have gathered a few tips entrepreneurs have shared on how to start a business in the Philippines:

• Identify your target market.
  •  After deciding on the product or service you want to sell, the next step is researching to find out who your target market is. Be prepared to answer the following questions:
    • Is there a current demand for my product/service?
    • What are the demographics of my target market?
    • Who are my biggest competitors?
    • What are the traits that make them stand out?
    • What are the recent trends in the industry?
  • The next step is to develop campaigns and plans to market and promote your products and services to your customers. 
  • The final stage is to develop a feasibility study that will feature projections on the company’s income and cash flow.
• Identify your business structure.
  • Learn about the eight (8) types of business structures in the Philippines and identify which one is the best fit for your business. Business structures governed by Philippine laws include one person corporation (OPC), sole proprietorship, a domestic corporation, and partnerships. Meanwhile, foreign corporations are divided into four more types: branch office, representative office, regional area headquarters, and regional operating headquarters. 
• Find the best location.
  • Make sure that your products and services are accessible to a majority of your target market. You can also increase visibility by joining online groups and communities where you can market your products and services. 
• Figure out how much capital you need.
  • Capital is the amount of money that will be used to get the business started and put it into operation. To determine the value of your capital, list the assets you need, such as computers, furniture, office equipment, operating trucks, etc. The next thing to consider is the lease you will be spending for three to six months and the renovation expenses. You will also need to note the rates of the products or services of suppliers and the shipping fees, if any. Finally, consider your company’s monthly expenses for six (6) months to a year. This will entail wages of the employees, utility bills, office supplies, etc. 
• Create your brand.
  • Your customers will associate your products/services with your brand. Choose a brand name and identity that will resonate with your customers, uniquely your own. Decide what type of personality your brand will have – if it will have a premium feel or if it will be geared more towards the masses. Hence, it needs a more down-to-earth appeal. You must choose colors, a typeface, and a logo for your brand.
• Boost your cash flow.
  • The initial stage of any business requires business owners to make investments and shoulder unexpected expenses. As such, boosting your company’s cash flow should be high on your priority list. To do this, be clear about payment policies and establish a payment system for your customers. Send invoices on time to get your customers to pay on time. You may also consider giving discounts or incentives for early payments or charging fees on delayed payments. 
• Learn to delegate tasks. 
  • Time is valuable, so you must learn to delegate tasks and not do everything yourself. Hire and train other people on how to do administrative tasks so that you can have more time to focus on building business strategies. You may also consider outsourcing specific tasks. Conduct research and ensure that the outsourcing company you will choose is experienced and reliable in their field. 
•  Register licenses and permits.
  • Acquire the necessary permits for legalizing your business in the Philippines. Be sure to apply for the following:
    • Barangay Clearance from the barangay hall
    • Mayor’s Permit from City Hall
    • Tax Identification Number
    •  Bureau of Internal Revenue (BIR) registration
    • Department of Trade and Industry (DTI) or Securities and Exchange Commission (SEC) permit
    • Employer registrations
      • Home Development Mutual Fund or Pag-Ibig
      • Philhealth 
      • Social Security System (SSS)
    • Industry-specific permits
• Get a company lawyer.
  • To avoid dealing with legal issues in the future, consult a company attorney to review contracts and agreements with partners, suppliers, and employees. A business lawyer can assist in identifying the best business structure for your company. They can also advise you on what to include and to omit in terms of agreements to ensure that each contract is in the company’s best interests. 
• Consult a CPA.
  • Having a business involves the regular filing of accounting and financial reports. It also entails the calculation and remittance of corporate taxes. Hire the services of a certified public accountant (CPA) to help you maintain your accounting records, file your tax returns and maximize tax deductions for your business.

Start Setting up Your Business in the Philippines

Ready to establish your own business in the Philippines? Enlist the help of us, Triple i Consulting. An ISO-Certified company committed to guiding businesses in incorporation, registration, and legalization in the Philippines, Triple i Consulting is the first ISO 9001:2008 company in the country to offer business registration services to its clients. The company is armed with a team of Philippine business strategy experts who can provide expertise in registering business permits in the Philippines. 

We also offer accounting, bookkeeping, compliance reporting, human resource management, and tax consultation services to local and foreign companies in the country.

Get the guidance you need by contacting us here, filling out the form below, calling us at +63 (02) 8540-9623, or emailing us at info@tripleiconsulting.com to book an initial 30-minute consultation with one of our business registration experts.