10 smart strategies for starting a business in the Philippines

10 smart strategies for starting a business in the Philippines

Launching a new business may be daunting, but it is always worthwhile when you know what you are doing. 
Here are 10 outstanding ideas that will help you start up a business in the Philippines:

  1. Be clear and firm with your vision, mission, and goals 
    Every successful endeavor starts with a plan, so take some time to put in serious thought and careful preparation before taking any action. A clear and defined plan will set the course for you moving forward.
    Equally as important as having a plan is committing to it. While you might need to make small tweaks and adjustments along the way, stand firm with your long-term vision to keep heading in the right direction.

  3. Know what the market needs and wants 
    Staying relevant in the market’s eye is the secret to longevity in business. That is why you should always keep a finger on the pulse of your target audience, especially as consumer needs and preferences evolve.
    More than just reacting to changes, you should also know your market well enough to make bold predictions. When you can offer a product or service that your target market will benefit from—even before they realize that they want it—you have the upper hand over your competition.

  5. Capitalize on modern technology 
    Modern startups are surrounded by a multitude of productivity software and tools designed to make business operate more efficiently. 
    From messaging apps that make long-distance, real-time communication more convenient than ever, to customer relationship management software that store and process large volumes of data, a wide variety of solutions are already out there. 
    Investing in these technologies is a smart move to build a strong foundation for your business.

  7. Maximize social media to increase your visibility and reach 
    The age of digital technology also impacts businesses even with products and services that are not explicitly designed for professional use. 
    Aside from LinkedIn—which is intended for the professional crowd—popular social platforms like the ubiquitous Facebook and Twitter or the more targeted Instagram and Pinterest extend the reach and influence of startups. Be sure to leverage these free resources for marketing, advertising, and customer engagement opportunities.

  9. Build and protect your reputation 
    From the moment you launch your startup, always put your best foot forward. Protect your brand as you build it, because the slightest mistake can be enough to derail any amount of trust and goodwill you previously established with your customers. 
    Never compromise your integrity as a business, even in the face of adversity or pressure. Cheating or taking shortcuts toward success always has a way of coming back to haunt you.

  11. Ensure quality customer service 
    While you might attract attention from your target market with a strong product or solution, what will truly make them loyal to your brand over the long term is a high level of customer service. Always make your customers feel that they are well taken care of, even long after the purchase is made.

  13. Take risks 
    If you want to be a game changer in your line of business, take calculated risks. While playing it safe can help you survive, running with out-of-the-box ideas can make you thrive.
    When you do take a risk, be firm with it. How you stand by your decisions, whether successful or flawed, reflects greatly on your leadership.

  15. Act fast when things change 
    Following through from the last point, if your gamble does not pay off, be agile enough to drop the mistake and pivot to a new direction. 
    One of the most common mistakes made at the startup stage is sticking to ideas or plans for too long, even when things are clearly not going as intended. Learning to accept failure is just as important as persistently pursuing success.
    Embrace this principle of adaptability even if things work out in your favor. Change is inevitable, whether it is due to large-scale economic trends or the gradual evolution of your target market’s needs and preferences.

  17. Make your company irresistible to top talent 
    Hiring the right people is essential for any business, but this is often easier said than done. Your goal should not only be to draw quality talent to your team, but more importantly, to make them want to stay for the long run.
    To make this happen, build a strong culture within your company. On top of individual compensation packages, offer an environment where professionals can thrive in collaboration as well as individual creative freedom. Develop a working culture where everyone can pitch in with important decisions and idea generation. Make clear and confident communication an important pillar of your everyday team dynamic.

  19. Connect with experienced and reliable advisors 
    While you may be setting out to claim your share of success, remember that several others have already come before you—either already reaping the benefits of their hard work, or still toiling to achieve their ultimate goals. 
    Connect with mentors, peers, and colleagues who are willing to share their experiences and insights. Absorb as much knowledge and learning from them as you can, and use them to grow as a business and as a leader.

If you are looking for experts who will steer your startup business in the Philippines in the right direction, get in touch with FilePino. Contact us today at +1.806.553.6552 (USA) or +63.917.892.2337 (Philippines).