7 Steps for Starting an Online Business in the Philippines
1. Identify Your Product and Business Profitability When Starting a Business
2. How to make a business plan
3. How to Register Business in the Philippines?
4. Tips for Managing Small Business Finances
5. How to create your own website
6. Delivery for online business
7. Steps to Successfully Implement Your Marketing Plan for your Business
Step 1. Identify Your Product and Business Profitability When Starting a Business
Identify a customer you want to serve
One of the most surefire ways to create a successful business is to start with the customer. So begin by imagining the type of person you are interested in helping, serving or selling to. Not only does this first step help you create a financially successful business (as you are targeting a specific consumer and identifying what they need), but it will also help you create a rewarding business that you feel happy to work for each day.
Talk to your customers
This may seem like an obvious step on the path to creating a successful business, but many businesses simply think that they can guess what their customers want, and end up failing as a result. When you talk to your ideal customers you should be paying close attention to identifying a problem that is shared by the majority of them, and that they would urgently like to find a solution to. Once you have identified their problem, you can begin working on the solution.
Let your customers help you to create your business
Presell your product
Continue communicating with your ideal customers and ask them how much they'd pay for a solution to their problem. Then the aim is to presell the product. Sometimes, the promise of having their urgent problem solved will be enough for customers to pre-buy a product. However, for other products, it may be necessary to offer beta-users an additional incentive. One popular incentive is to offer your product or service at an introductory price and allow beta-users to have exclusive access to this introductory price for life. Find an incentive that works for your business, and get to work preselling your product.
Step 2. How to make a business plan
Why do you need to make a Business Plan for?
Some business loan applications or spheres of influence may still be more comfortable with a traditionally-formatted business plan. However, if you are not planning on raising money, applying for a loan, or bringing in a partner, it may not be necessary to write up a complete business plan. Although, some sort of detailed plan is always beneficial in helping a new business succeed.
Business Plans vs. Pitch Decks
When to Create a Business Plan
Examples of business plans
Step 3. How to Register Business in the Philippines?
Prepare the required documents for SEC Registration
- Name verification slip - which can be obtained at the SEC office or via their website.
- Articles of partnership (if you are registering a partnership business).
- A Joint Affidavit (required if you are registering a partnership business, establishes that partners are to change their partnership name).
Additional documents that may be necessary depending on your business include:
- Endorsement or clearance from other government agencies (check if this is relevant to your business).
- FIA form 105 (if you are partnering with a foreigner).
Obtain a Certificate of Registration with the SEC
Get a Barangay Clearance
Register with the Bureau of Internal Revenue (BIR)
Step 4. Tips for Managing Small Business Finances
Invest in growth
Have a good billing strategy
Spread out tax payments
Focus on expenditures, but also ROI
Step 5. How to create your own website
Register your domain
Find a web hosting
Prepare your content
Build your website
Step 6. Delivery for online business
What is courier service?
Standard - This is typically the most affordable courier service, and packages usually take a few days to arrive at their destination. The service involves being collected, sorted and transferred to a warehouse, before being delivered to their destination via a delivery vehicle.
Overnight - This service takes parcels from A to B in the same way as above, however it is more expensive as it ensures parcels are delivered by the next day.
Same-day - This is one of the most expensive courier services available, as it delivers the goods from A to B on the same day.
International - Just like it sounds, this service is for delivering goods overseas, and the price will depend on the size of the goods and how soon it needs to get there.
Pallet - This service is for delivering goods that are placed in pallets or boxes, offering affordable rates and a strict delivery schedule.
Step 7. Steps to Successfully Implement Your Marketing Plan for your Business
Set the right expectations
Build the team
Build out timeline and tasks
Monitor and check-in regularly
Be willing to adapt
- To shape your business around your ideal customer.
- Remain flexible throughout the process.
- Know that patience and consistency will be rewarded down the line
Creating your own business can be hard work, but it is some of the most rewarding work that you can do. The initial months of starting a business are a learning curve that demands you to be flexible and open-minded, but by following the tips and information provided in this article you should be off to a more informed and optimistic start. We wish you the utmost success as you take the plunge to start your own online business!