Starting a New Business in the Philippines: Four Essential Considerations

Starting a new business can be a stressful experience, but it has a whole host of other potential complications when you are in a country you don’t know very well. So, continue reading for four essential considerations to ensure that you get off to the absolute best start.

Decide on the Business

Many people express a desire to set up a business without actually considering what they want to do.

First, decide what kind you would like to create, and do your research to see whether that would work in the Philippines. If you are moving to a culturally different country, then make sure to avoid promoting something that could come across as rude or insensitive. Likewise, when deciding on a name and logo, you must consider what will appeal to the locals rather than just going with your own suggestions.

Research the Area

Before settling into a new life in the Philippines and setting up your business, carry out plenty of research to give yourself the best chance of success. That said, consider where you would like to set up your business.

If you are considering a business in the Central Visayas region, you may wish to find a lot for sale in Cebu that would suit your needs. Before making a final decision on location, you can also do market research. If businesses offering the same services or goods as you are planning to already exist there, is there room for another one, or do you risk alienating others?

Ensure Legal Requirements Are Met

Wherever you set up shop, there are always going to be legal requirements that you must meet. This avoids getting yourself into trouble and risking your business entirely.

You will need to register your enterprise with a number of organizations, including the Department of Trade and Industry (DTI) if you are a sole trader and the Bureau of Internal Revenue (BIR). Furthermore, you also need to obtain a business permit from your municipality. Check your region’s requirements to ensure you have all the relevant documentation to proceed.

Establish a Presence—Both Online and Offline

Yes, the world and its wife are online these days, but that is no excuse for not building up your business’ reputation offline as well as online. Of course, it is imperative that you have a website, and a decent one at that, as a bare minimum. Having social media accounts on the major platforms, like Facebook, Twitter, Instagram, and TikTok, is advisable, too. Ensuring that the information is both up to date and engaging will help to build a captive audience.

As for offline presence, engaging with your local community is key. For example, if a neighboring town is hosting an event, offer sponsorship or give a voucher for your services or goods as a prize. Taking this approach will help to get your name out there and build your presence.

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