Starting a business is not easy. You have to prepare many important things before turning your good ideas into an actual business. Some people are lucky because they already have a successful business, made possible by the owner’s hard work, determination, and many years of experience and gathered skills. Just like them, you too can become successful, though it may be difficult at first. Many beginners do not even have a starting capital, which is why many business owners have to pay off their debts during the early years of their trade. In such case, you should focus on planning and preparation even before you begin setting up your own store. The question is, “How am I even going to start my own business? Where do I begin? How do I prepare?” Well, these are questions which would be best answered by our short, helpful guide.
Condura as a long-time business partner of the Filipino people
Condura has been around for a long time, helping out every Filipino who dreams of being a successful business owner someday. A Filipino’s determination in building up, maintaining, and expanding their businesses or “Negosyo” is definitely impressive and unbeatable. Even when the economy isn’t good and current events in the country are affecting businesses in a bad way, the strength, courage, and determination of a Filipino to succeed cannot be matched by anyone else. For example, even when you think that your neighbor’s sari-sari store is about to go bankrupt, it still continues to attract customers, only because your neighbor did not give up hope when it came to their only source of income. The question is, were they (in one way or another) helped by Condura? Short answer? Yes, they definitely are. You see, Condura only has one thing in mind when it comes to “Negosyo,” and it’s about making things more accessible and convenient to the average Filipino. One good example is, Condura’s Negosyo warranty. This is important, especially for our fellow Filipinos who are using a Condura refrigerator for their business (like your neighbor who sells ice candies). Condura’s Negosyo warranty allows its own warranty to be extended towards Filipinos who are using their refrigerators for their own business. Other brands do not even provide the same type of warranty towards their own appliances.
Starting your business, the Condura way
Plan your business It’s about having a good idea, a goal that you need to fulfill in order to have a successful business. You must create a business plan for this. It isn’t too simple, but it is also manageable enough for you to accomplish. Basically, you have to do your own research about your potential customers, think about how your business will run and how it will continue to prosper. You may coordinate with your local Barangays and the other departments of the government when it comes to doing your research. The ideas and suggestions regarding the type of business you may build will be mentioned in a while.
Find a reliable supplier The suppliers would be the ones to provide the ingredients or components of the product that you are planning to sell. If you are planning to sell halo-halo, for example, then look for a supplier who will provide the complete ingredient package with an affordable price. Of course, this would depend on the type of business that you’d choose. Also consider that the pricing of your products would depend on the pricing of your suppliers.
Finance your business This may be one of the most important things about starting your own business, the money, the starting capital that you’d need for the business to run. Of course, calculating your first capital and long-term planning would help you in strengthening your business.
Register your business Every business has to register with the DTI, and must have at least a clearance to operate within your local community. Do not forget this as you wouldn’t want your business to be branded as illegal. All businesses registered to the government will also need to follow the law about paying your taxes regularly.
Maintain your business Being able to start a business is hard enough, but it’s even harder to maintain. You should not stop developing your business, even if it starts good and it seems that nothing can go wrong. Think of different ways to sustain your business, add promos to your products and promote your business through social media.
Expand your business Don’t just stop with one branch. If your Karinderya is already a success within your neighborhood, then expand your business towards other Barangays as well. Who knows, you might just be the next successful food millionaire of the country. Things to ask yourself before starting your own businessThey say that the best way to prepare for anything would be to think about all your options, and there is no better way to do that than to ask yourself a few important questions about your planned business.
Why am I starting a business? Is it because you need an extra source of income? Is it a long-time dream of yours? Is it just going to be a new hobby you’d like to try? The answer to these questions would determine how motivated you are about starting your own business.
What kind of business do I want? Does it have something to do with your skills? If you are good at cooking, maybe you could think of a restaurant or a food stall business? If you have experience or knowledgeable in retailing business like basic knowledge about selling or counting a change, you may consider having a sari-sari store. Aside from this, assess how much time are you willing to give for the business you want? Will you do it as your full time or part time business?
Who is my ideal customer? Are they your neighbors? Are they people from far away provinces? You may also ask yourself, are these target market has really a purchasing power for my business? In this way, you can assess if they could be your ideal or best potential customer.
What products or services will my business provide? What would your customers need? What does your community need?
Am I ready to spend the time and money needed to get my business started? Are you willing to balance your time between your sari-sari store and your regular job? Is this business going to be like a part-time job to you? Are you going to be able to balance two jobs at once?
What makes my business idea and the products or services I will provide different from others in the market? Is your planned product more unique? More high-tech perhaps? If it’s about food, is it more delicious than any other Yema or cake in the market today?
Where will my business be located? Are you planning to start your business within the extension of your home? Are you going to rent a vacant space in a commercial area? Are you willing to pay monthly rent for your business space or are choosing first to have it online?
How many employees do I need? This has something to do with the size of your planned business. If it’s a big business, then you will need many staff or helpers. The opposite applies to a smaller, simpler business idea.
Condura Negosyo ideas and tips Now, you might be asking, “What type of business could I possibly build up that would provide a lifetime of income?” These following suggestions (with the help of Condura) may probably give you a bit of an inspiration.
- A sari-sari store Your sari-sari store may possible make only a few hundreds or thousands a month. However, it’s a practical, small-time business that every Filipino’s familiar with. You can start with minimum investment and has minimal management. (Suggested Condura product: Negosyo Inverter Pro Ref for your ice candies)
- A home-based office work Online selling, blogging, copywriting, customer care, you name it. The internet is indeed very useful, not only for social media, but as a way to create a new source of income as well. Online sellers are also taking advantage to sell product like gadgets, home prepaid Wi-Fi, aircons, and etc. These products are the common trend in the online market.
- Hobby-based business Home-made bread, recipes, and sweets have been the trending business for some time now. Don’t be left behind. Share the world and your community your talent with sweets. (Suggested Condura product: Condura ref for the perishable ingredients)
- A meat shop Now your neighbors wouldn’t have to go far just to buy a few slices of meat. Having your own extended butcher/meat shop at home is both convenient and profitable for both you and your community. (Suggested Condura product: Condura chest freezer for the perishable produce)
- A food stall Your average Karinderya probably earns a couple of thousands a month, and that’s not even a bad thing. This will be great if you also have great skill when it comes to cooking, which can attract more customers. (Suggested Condura product: Negosyo Pro Ref, Upright Freezer, and Chest Freezer for the perishable ingredients)
- A milk tea store Everyone loves milk tea. You might be thinking, “Well, milk tea is everywhere, everyone’s selling it. How can mine be profitable?” Well, you could make your milk tea different from the others. What new flavor can you offer to the people that would make your milk tea business successful? Would your milk tea be more affordable? Perhaps yours might be a bit sweeter and delicious than the other milk tea brands. The choice is always yours to make it unique. (Suggested Condura product: Beverage Cooler and Chest Freezer for the perishable ingredients)
- A Laundromat extension Well, everyone loves clean clothes, but not everyone loves to wash them after. Perhaps using a washing machine would make things more convenient. Laundromats have somewhat become a trend within Barangays, mainly because people are too tired to wash using their own hands. They’ve somehow become a meeting place for neighbors to share stories of their daily lives while doing their laundry. Why not try out this business and offer a few snacks and cold drinks while they wait? (Suggested Condura product: Beverage Cooler and Negosyo ref for the cold drinks)
These are just some good ideas for you to try when finally deciding to open up your own business. As always, whatever your choice of business may be, it would still require a good amount of preparation in order to succeed and maintain for a long time. Guides to business registration We’ve mentioned before that signing up your business according to the requirements of the government would make it legal to run within the community. It doesn’t even matter what business you have in mind. As long as it is not against the law and you’re willing to run your business to the satisfaction of your customers, you’re all set to make a profitable living. If the business is a Sole Proprietorship*You must register with the Department of Trade & Industry (DTI)
- What you’ll need: A Business Name Registration Certificate
- Where to get it: From the DTI-Provincial Office where the business is located or log on to www.bnrs.dti.gov.ph
- Its validity: 5 years
If the business is a Partnership & Corporation *You must register with the Securities & Exchange Commission (SEC)
- What you’ll need: A SEC Registration Certificate
- Where to get it: From the SEC Building, EDSA, Greenhills, Mandaluyong City
- Tel. No.: (632) 584-0923
- Email: email@example.com
- Website: www.sec.gov.ph or http://iregister.sec.gov.ph/MainServlet (for online name verification and reservation)
- Its validity: 50 years
If the business is a Cooperative *You must register with the Securities & Exchange Commission (SEC)
- What you’ll need: A Certificate of Registration
- Where to get it: From the 5th and 6th Floors, Ben-Lor Building, 1184 Quezon Avenue, Quezon City or 827 Aurora Blvd., Brgy. Immaculate Concepcion, Cubao, Quezon City
- Tel. Nos. (632) 372-3808 / 373-6895 / 332-0019
- Email: firstname.lastname@example.org
- Website: www.cda.gov.ph
Aside from the ones already mentioned, you may also need to do the following as well:
- Register with the Municipality
- What you’ll need: A Mayor’s Permit
- Where to get it: From the Municipality or City where the business is located
- Its validity: 1 year
- Register with Bureau of Internal Revenue (BIR)
- What you’ll need: An Employer’s Tax Identification Number
- Where to get it: From the BIR Provincial Office where the business is located or go to the BIR Revenue District Office
- Trunklines: (632) 981.7000 / 981.8888
- Email: email@example.com
- Website: bir.gov.ph
- Its validity: 1year
- Register with Philippines Business Registry (PBR) for SSS, Philhealth and Pag-ibig
So, that’s about it. If you have more questions about the specific government agencies and departments, feel free to ask help from your local Barangay officials. They surely have a complete list of process for you to complete in order for your business to run legally in the community. Of course, it may seem a hard at first, but reading our guide would at least give you an idea of the things that you should do and the things that you should avoid doing. Do it with determination, do it with a goal set in place, do it with Condura. Check our blogs for more refrigerator care and business tips.