Money Matters

Tips for Starting Your Own Business

Whether you started your own business before or after the Covid-19 pandemic, you’ll agree that it’s a never-ending learning experience.

Today, we’re learning to live with the virus as part of our everyday lives. And that businesses, big and small, are now the lifeblood of restarting our economy.

What does this all mean for small business owners moving forward? You’re in for some road bumps, that’s for sure. But do things right, and the best parts of your journey are yet to come.

The Facts

Whether it’s your main source of income or just complimentary, owning a well-managed business at this time is a progressive way of facing our collective economic challenge. Our goal is to provide you with simple things to keep in mind when jump-starting your own business in the Philippines.

We’ve read, watched, and witnessed so many of our fellow Filipinos shift to the small business industry. In this way, many are earning for themselves, and providing essential (and sometimes not-so-essential) products and services to people.

On August 11, 2020, the Department of Trade and Industry (DTI) released data showing 68,000 online businesses have registered with the government. This snapshot shows that Filipinos are adapting to this e-commerce wave. Right now, businesses, new and old, are shifting to the convenience of digital. It may seem intimidating, but it still takes on the basic principles of doing business. 

Baby Steps

First is determining the business you’re venturing into. What needs or want would you want your business to offer as a solution? By identifying this, along with your business name, you’ll be able to set your goals. Next is the essentials of supplies, couriers, modes of payment, etc. These are not to be taken lightly and could dictate how many customers will be attracted to your business.

In this time of a pandemic, try to establish payment methods that encourage cashless transactions such as registering a bank account as one of the modes of payment or through apps like GCash and PayMaya.

Once settled, legitimize your business name by registering it through the DTI. DTI’s programs such as their Negosyo Center can assist you with your business matters, and further empower your entrepreneurial spirit.

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Market Your Products

For many products, e-commerce is the way, now and beyond this pandemic. Digital will continue to be the most convenient and safe way to do business compared to brick-and-mortar, which seems to streamline every year. Choose a social media network that will be the main platform to exhibit your product or service. Facebook and Instagram are the two most popular platforms for local entrepreneurs right now.

Why the distinction? This is because of varying audience and audience behavior. Many products will not do well on Instagram, for instance, while some can do fantastically. It’s okay to do both, but will be very time-consuming. Whichever you choose, use it to your advantage. Don’t hold back. Post your goods, respond to comments publicly, let your customers tag you, and use it as living proof of your business’s remarkable product or service.

Keep Learning, Keep Improving

Utilize your first sales and customers by asking for feedback. Good entrepreneurs adapt to change, and this could mean befriending your suki. Don’t be discouraged whatever the review may be, but use it as a chance to improve your own business. Welcome honest reviews, as this will show future customers that you’re working double-time to do better.

In terms of government support, DTI’s Negosyo Center was created to give assistance to small, budding entrepreneurs in the country. Technical Education and Skills Development Authority (TESDA) on the other hand, offers business courses and other skills improvement training that can serve as instruments towards business success. Take advantage of these options.

These are several things to keep in mind when starting anything, whether a business or a new career.
At this point, we’ve realized that connections are really important, but not having many isn’t a hindrance at all. Yes, getting your friends and family to ‘Like’ your Facebook page is good, but don’t spend too much time on that. The same goes for direct sales. Don’t waste your time on people who may not really care. Instead, search further for those who will.

We don’t believe that there is a single approach to turning your own business to an overnight sensation, but more often than not, it is character-building. Pour yourself into it, and the road to success will be worth the trip.

READ: [Sangkap sa Pagbabago: How this resto helped frontliners and its employees]

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