It's a scary thing having to start a business in the Philippines. There are so many factors that you need to take into consideration. There's demographics, politics, bureaucracy, taxes, inflation, and the like. It's not just about finding the right product to sell. You also need to check everything else to ensure that your business will actually be a success.
One of the things that confuse me is property insurance here in the Philippines. Though there are many insurance companies here in the Philippines, there are very few that you can really trust and would be willing to help explain things such as property insurance to newbies like me.
With so many confusing things like this, here are a few tips to remember when you want to start a business.
1. Make sure it's legal.
2. Make sure the name you have chosen isn't being used by someone.
3. MAke sure you have at least 5 other choices for the official names in case someone already has the business name that you want.
4. Decide whether you will be a sole proprietor, partnership, or corporation.
5. Get an insurance and make sure that it's one that will be your partner. Malayan Insurance is one insurance company in the Philippines you can trust.
6. Put everything on paper. You may be forming partnerships with people you trust but at the end of the day, this is a business and we all need to protect ourselves.
7. Whatever you invest in, make sure you have 5x in savings so that if the business does not work out, you will still be okay.
Whatever you may choose to start a business on, if you keep these things in mind, you shoud be able to pursue and forge on.