Starting a Business: Step 9 – Getting and Training your Workers

Even though your business is small, you should never own all the responsibilities and work in running the business. A ‘one-man’ or ‘one-woman’ can be possible at the beginning but time will come you will be needing help.

Starting a Business: Step 8 - Business Registration

Having your business registered in different government agencies is a must. The guiding principles of registration depends on the kind of business and type of ownership. It is easy to register a business if owned by one person, while the process can be gruelling for a corporation.

Starting a Business: Step 7 - Choosing the right location for your business

Choosing the right location for your business is crucial. For an entrepreneur, the level of success depends largely on where the business is located.

Study the population of your place. Is it a peaceful community? Are residents coming in or leaving out? Is it a progressive community? How many businesses are the same as yours? Who will be your competitions? Example, if you want to start a sporting goods shop it is best to put it up beside your competition. You would want your customers to go in a place where they'll have many options to choose from.

Also study the factors that could give negative effects on your business such as pollution, garbage and noise. Sometimes there are businesses that are prohibited to be built near establishments like hospital, school or pub house.

Starting a Business: Step 6 - Knowing where to get other help for your business

You may be needing help in creating your business plan, especially if you intend to borrow from a bank. So who should you go to?

The Department of Trade and Industry has SME counselors that are ready to help you on completing your business plan.

There are many freelance consultants out there that you could hire to help you prepare your business plan at a lower cost.

Starting a Business: Step 5 - Raising Capital for your Business

The cash needed in starting and running your new business can be collected in many ways.

Of course, first on the list is money coming from your own savings. You may have been saving for years. It can also come from things you’ve sold like car, lot, jewelries or other important properties. Maybe you have a stock certificate or government bond you can exchange for cash.

Starting a Business: Step 4 – Working on your business plan

The next step you should do is working on a detailed plan for your business. This process is called business planning. There is no single business plan that could fit all businesses. That’s why you have to write down your own plan according to the situation or type of your target business.

There are four parts of a business plan:

1. Marketing plan

2. Technical plan

3. Organizational plan

4. Financial plan

So how do you write a business plan?

Starting a Business: Step 3 – Choosing a product and type of business

Now you can choose which product you would like to sell or kind of service you want to offer. It helps to consider what industry are you most comfortable using your interest, skill or experience.

The following are some of the products and services you can turn into business:

1. Creating products (product industries)

If you want, you can create your own product to sell to bigger markets or to specialized markets. Other examples of products being sold to bigger markets are canned goods, toys and clothes. Examples of products catering the specialized markets are industrial stuffs like machines ad spare parts needed to create other products.

Starting a Business: Step 2 Analyze your environment

You don’t just stop from analyzing yourself. You also have to check and understand your environment. Is it conducive for your planned business?

Consider these!

1. Are the infrastructures enough to start a business in your community, province and city – like roads, bridges, electricity, water, banks and communication facilities like telephones, internet and postal services?

Starting a Business: Step 1 – Analyze yourself

Do you have the qualities of being an entrepreneur?
There are certain qualities and skills needed in starting and running a business. Do you have these?

1. Recognizing and looking for opportunities
     Do you see opportunities to do business?
     Did you do something to satisfy its needs?
     Have you seen no ordinary opportunities to gain capital, equipment or rental space? Is it easy for you to     get help or assistance in doing business?

Steps on starting a business

Click on each steps to read more about it.

Step 1: Analyze yourself – Do you have what it takes to be an entrepreneur?

Step 2: Analyze your environment – What are in the environment that can help you start? Are there any hindrances?