Most everyone wants to control their destiny. What better way than starting and owning your own small business in the Philippines. There are countless businesses that one can pursue. And success is largely dependent on one’s pluck and persistence and determination. Yes, this is all true, but there is a larger truth in carving our success in a small business. You are best advised to do some careful planning. You see, there are many ways and directions you can chase down this dream. You may want to enter into the piggery business or it could that your best fit is with lawn keep or landscaping. Then again, a lot of people are finding their niche in the hospitality business from opening your own food franchise to offering a bed and breakfast option to weary travelers. Another nice little small business one could start in the Philippines is the resale market. We are talking resale of many different types of things people need, preferably every day. One example is clothes, particularly children clothes. It is not a complicated busienss and it calls for some travel as you will need to cover some area to find the best buys so that your profit margin mark-up is still an affordable purchase. A small boutique filled with shoes, bags, scarfs and things targeted to younger females is another great idea as girls want to look pretty and feel in fashion. The cash outlay need not be large, particularly if you are purchasing from a reasonable whole seller or second hand dealer. Yet another idea is the construction of small sheds for sale. This need is quite strong across the countryside and is an ideal type of business where you can more easily locate partners.
All of these ideas and more are worth of further scrutiny and research. But there are some ground rules you need to adhere to before starting. So lets go through some of the key ones.
The How To’s of Starting A Small Business in the Philippines
Before you get started with selecting a small business, you need to spend a great deal of time brain storming. Basically brain storming is the act of thinking about all of the possible things that you might be interested in doing, then writing them down. This process is best done with someone you know, you trust. Preferably a business partner. Once you have a list, you start doing your due diligence. What is that exactly? Well, its simply looking at the good, bad and ugly of all of the business ideas you have listed. If something is to be discovered that won’t work, then this is where you want it to come out. At some stage, you should be able to whittle your list down to 3-4 possible prospects. At that point, you do further research trying to understand more about the work, the upfront cost of kicking off the business, the competition in the area, the potential for high revenues, and your profit margin. Some small businesses may at first sound really good and it may be something you wish to do, but after examining it more closely, you may discover the costs are just too high and your profit margin is too thin.
Once you have selected your idea, then you want to form a business plan. Here is a good example of what a business plan looks like.
Now, remember, this is just an example. Your business may not be fast food related and your business plan may not look quite as fancy, but you get the idea of what a business plan looks like what how it takes shape. And as you can see, it you think in terms of constructing a business plan for your small business in the Philippines, then you will