Starting your own business: a comprehensive guide
Already have a million-peso idea but no clue how to turn it into actual money? Read our tips below and we assure you that you’re gonna be all set in opening your own business soon!
- Learn. Before anything else, learn all about the ropes of operating a small or medium-sized business. Read books or, better yet, attend classes that you think will be helpful for you and your venture! Another thing to learn is bookkeeping and computing salaries of the people you will hire.
- Have enough capital. More accurately, have more than enough for everything that you would need for your business. This includes materials for your store, hiring specialists for various things like construction workers and graphic designers.
- Look for a good location. Aside from working on your product or service, starting a business should be all about finding the perfect location! Choose a place that has adequate space for your business’ daily grind and fits your store’s theme. Maybe even place it right where your competitor is! Wherever your business is located, make sure that your target demographic can find it. By this, we mean that if you’re selling luxury items, be sure to place it where you know those who can afford to buy your product will be. Don’t forget to be present on the Internet as well! Doing so would allow people to find your business and raving reviews about the service and products you have.
- Secure the necessary permits and licenses. The most daunting (yet necessary) step, securing these papers ensures that your business operation is legal and legitimate. Among the papers you should have for your business are Department of Trade and Industry (DTI) permits (for a , business permits from the city hall, Bureau of Trade and Industry (BIR) business papers, and baranggay character and business clearance. Don’t forget to secure sanitary permits as well if you’re opening a restaurant or any other business that calls for it. For a complete list of permits to secure, go here.
- Work on your branding. From your logo to the tiny elements of your business, design your brand in such a way that it becomes remarkable and stands out. Make your service or product even more appealing to your target market with the right message!
- Hire the right people. Whatever your business is, be sure to hire people who are trustworthy and fit your brand well. Don’t rush your hiring process; the right person will come along in time! Green flags of a good candidate include a great attitude, good energy, and whether or not you feel like you could trust that person. A good sense of humor is always a plus!
- Launch! Once you’ve worked out all the kinks and details of your business, it’s time to launch it! Make it public and make sure to give people something to post about in social media. Your first customers are the best PR people you could possibly get!
- Accept multiple payment methods and grow your business in the shortest time possible! When starting your business, you might not need a bulky cash register right away. In fact, you’re all set in receiving cash payments just with a pen to write down invoices with and a BIR-registered print receipt. But getting a credit card reader will greatly help your business by giving your customers more payment options. For starters, there’s the Globe Charge credit card reader. With just a one-time payment of P999 or as a postpaid bundle starting at 499 a month, your business can accept Visa, Mastercard, and GCash cards, with the payments going straight to your bank account!
And that’s it! Once your business is up and running, don’t forget to always give your clients a unique and hassle-free experience in your transactions. May we suggest swiping their credit cards with just a smartphone or tablet?
Globe Charge allows your customers to make card transactions with no minimum amount of purchase and a lower MDR. The card-swiping device is available for a P999 one-time purchase or through affordable postpaid bundles starting at P499. The mobile application can be downloaded from the Play Store or Apple Store for free. This is the perfect companion for small enterprises looking to broaden their income opportunities as well as cut costs. Want to learn more about it? Visit https://globecharge.com.ph.
