Thursday, March 5, 2009

Business Process in the Philippines

We only started our humble boutique late last year. It may be unwise to start the business amidst financial crisis but we find this moment an opportunity to earn extra too. But as business newbies, we are not aware of the entire business process procedures. What is sure is that, we have to get our local license to operate.

I took the initiative to find out how a business can be started in the Philippines. So, who could be more credible than Department of Trade and Industry (DTI)?

I downloaded their business handbook just to help me plan, manage and sustain our humble business. But, to summarize them all, I highlight these major points:

1. Identify your strengths, resources, constraints in starting the business.
Reflect if you are willing to face the risks of putting a business and know your environment intimately.

2. Determine your products, services or business types.
Find out where you can venture. Are you starting a business from your passion for baking or knitting or wedding planning? We love to go shopping, so we conceived this boutique.

3. Write a business plan.
Know your marketing, technical, organizational and financial requirements and strategies. These will prepare your company to be more sustainable and stable. You may need this too if you like to request for bank loans or cooperative supports.

4. Raise your capital.
We don't want to exhaust the family savings on this business. You may ask for credit loans at lower interest. Normally, it takes 6 months to 1 year before your business can stand on its own. So, to keep it afloat, a seed money is a must to pay for bills and salaries.

5. Pick the right location.
Your top most goal is for your business to be known and be visited. Having your business in the most accessible area increases your chance for consumer visits and possible sales.

6. Register your business.
You have to make your business legal to operate. If your business is a sole-proprietorship, it can be easily registered with the local government units particularly, the BIR, Mayor's Office, DTI and DOLE otherwise you have to work also with SEC for partnership or corporation ownership.

7. Hire/Train Personnel.
Having the right personnel will help you manage the business properly. Of course, this can guarantee also, quality service and customer satisfaction. Giving them due pay and incentives will make them love their job (though this not be the motivation of other personnel) and do better service.

For complete and through business guide, click the links below:
Download the Business Handbook in English Version.
Download the Business Handbook in Tagalog Version.