Thinking about starting a business in the Philippines? The best thing about getting a business up and running in the country is that it is populated by many talented professionals who are more than capable of launching your business and taking it to greater heights.
Before you get started, however, you will need to face some challenges that almost all entrepreneurs and startup founders have encountered before successfully launching their own business.
In this section, we offer some helpful tips to keep in mind on how to start up a business in the Philippines.
After you’ve completed a detailed market analysis and created a sound business plan, one of the first things you should think about is funding.
Figuring out how to acquire funding is often the most challenging aspect of establishing a startup venture. In most situations, many entrepreneurs make use of their personal savings, apply for a bank loan, or borrow money from close friends or relatives.
With the high volume of failed startups however, looking into alternative funding methods such as small business grants, crowdfunding, venture capital firms, startup incubators, or angel investors is a smart move.
Networking with other companies within your industry will be key. This will require you to study your market and know your business plan inside and out so you can network selectively and find potential investors who might be interested in your startup.
You will need to register your proposed business name with the Department of Trade and Industry (DTI) if you wish to run a single proprietorship type of business. For corporations or partnerships, the proposed business name will need to be registered with the Securities and Exchange Commission (SEC).
Launching a startup in the Philippines also involves ensuring compliance with environmental laws and garbage disposal. You will need this in order for you to acquire the necessary business permits. To get a license for your startup to operate, you need to apply for a mayor’s permit and a barangay clearance in the location where you are planning to establish your startup.
For more information on how to register a company in the Philippines, visit this page.
In addition to not having an established reputation or brand, most startups also do not have hiring expertise or the ability to offer competitive rates. This puts them at a disadvantage when it comes to hiring quality employees.
What startups do have in its corner, however, is a unique and dynamic company culture, which can be used as an advantage in recruitment. Nowadays, many professionals in the Philippines are searching for something new and interesting. They want to feel engaged in a career that offers great benefits along with distinct company culture.
In traditional companies, finding a balance between productivity and employee satisfaction is often a difficult task. Startups, on the other hand, offer more flexibility in the form of work from home setups, flexible work hours, or additional paid vacations.
Compared to traditional workplaces, startups do not put too much weight on the hours spent on the job. Instead, they focus on efficiency and execution, which is something that can be achieved while offering more flexibility to employees.
Workplace design is one of the top factors that enhance a company’s productivity and overall employee satisfaction.
If your startup already has employees, gather their ideas so you can figure out how you can accommodate them into your workplace design. Find out what type of amenities they prefer or if there are any design choices you can make that can give them more inspiration when they come to work.
Another important aspect to think about is location. The location you choose will not only affect the perception of your brand but employee satisfaction as well. One available option is to look into coworking spaces inaccessible locations to cut down on costs and travel time for your workers. Coworking spaces are very ideal for startups, as they are a very cost-efficient solution that offers standard facilities and amenities such as reliable internet connection, conference rooms, dining areas, and more.
Put FilePino’s wealth of experience and extensive resources to work to help you establish your own company. We provide an unparalleled level of service that can help you launch your startup from registration, looking for the right office space, providing legal consultation, to expansion and beyond.
If you’re planning to launch a startup in the Philippines, get in touch with us at FilePino today! Call +63.917.892.2337 or (+632).7792.9100, or send us an email at [email protected]