5 Basic Guides in Starting a Small Business

5 Basic Guides in Starting a Small Business

Starting a small business is a challenging but rewarding hardship. 

By following these guidelines and being persistent, you can increase your chances of success.

Master Your Niche and Target Audience: 

Don't try to be everything to everyone. Especially as a small business, focusing on a specific niche allows you to specialize, become an expert, and tailor your marketing efforts effectively. 

Understand exactly who your ideal customer is their demographics, their habits, their preferences, and where they spend their time (both online and offline).

For instance, if you're opening a coffee shop, are you targeting busy office workers needing quick caffeine fixes, or remote workers looking for a cozy space to work? Knowing your audience deeply will inform your product, pricing, and marketing.

Prioritize Excellent Customer Service & Adaptability: 

Your customers are your greatest asset.

Customer Experience: Delivering exceptional customer service can differentiate you. Listen to feedback, resolve issues promptly, and make your customers feel valued. Word of mouth is powerful.

Online Presence: For many businesses, having a strong online presence (particularly in Social Media) is crucial for visibility and reaching your target audience.

Innovate & Adapt: The market, technology, and customer preferences are constantly evolving. Be willing to innovate, adjust your offerings, and embrace new strategies to stay relevant and competitive.

Tip: Encourage reviews and testimonials online. Use social media not just for promotion, but also for direct engagement with your customers.

Maximize Local Networks and Digital Presence: 

Connect with other entrepreneurs, join local business associations (like Business Club or entrepreneur groups), and establish a strong online presence to reach your target customers.

Tip in Action: Attend local business events, workshops, or even casual meetups. Networking can lead to partnerships, referrals, and invaluable advice. Simultaneously, build a professional online presence.

Navigate Local Regulations & Build a Strong Network: 

Compliance and connections are vital.

Permits & Licenses: Be prepared for the process of obtaining a DTI Business Name Registration (for sole proprietors) or SEC Registration (for partnerships/corporations), Barangay Clearance, and the  Business Permit (Mayor's Permit). This can be time-consuming, so start early.

Tax Registration (BIR): Register with the Bureau of Internal Revenue (BIR) for your Tax Identification Number (TIN) and understand your tax obligations (e.g., VAT or percentage tax, income tax).

Networking: Engage with other entrepreneurs, join local business associations and attend industry events. Networking can lead to partnerships, referrals, and valuable advice

Tip: Don't hesitate to seek advice from local government units (LGUs) or professionals who specialize in business registrations.