Before you achieve all of that, you first have to start small.
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1. Know what kind of business you want to pursue.
What are your passions? It’s important to use your heart, not only your mind, in doing business. Doing something that you love added with the fervent desire to be an entrepreneur will be the keys to your success. If you love cooking, go into the food industry. If you love clothes, go into the fashion industry. It will not feel like you’re doing work if you find joy in what you do.
2. Formulate a business plan.
Write down your first financial plan. How much capital do you need to cover your basic expenses? How much do you need to earn to recover those cash outs until you break even? You also need to devise your marketing strategy. Who will be your target market? Who are your competitors?
3. Get money for capital.
Give up spending for pointless luxuries and save money for start-up cash. It’s best if you can raise at least twice your expected capital for future incidental expenses. If your paycheck cannot bear the burden of raising that much money, ask your friends and family if you could borrow cash for capital. You could also apply for a loan as most government banks aim to support small businesses.
4. Register your business.
Make your business legal. Think of a unique and catchy name and visit the Department of Trade and Industry to have it registered. After that, get a barangay clearance, business permit from the city hall and do other necessary transactions with the BIR.
5. Do pre-operation tasks.
It’s time to use your marketing strategy and set up your business in your predetermined location. Buy supplies and raw materials. Start production you have chosen to set up a product-related business. Give out flyers or do your promotional activities so people will know that your business exists.
6. Open your store.
Now is the time to really do business and open your doors to the public. During the first month, monitor the inflow and outflow of cash. See if people respond well to your marketing strategies and revise your plan if something’s not quite right. After you have slaved to bring your business to life, you have to nurture it for it to grow.
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