Overview
- Starting a business rooted in personal skills and interests increases motivation and delivers authentic value to customers.
- Careful financial management and market research are crucial for sustainable growth and well-informed decisions.
- Bank of Makati supports entrepreneurs with flexible MSME loans, helping manage finances and scale operations confidently in the Philippines.
Starting a business fuels innovation and economic development. It embodies the hopes and dreams of people about bringing fresh ideas to life. But as they say, initiating a firm can be a form of gamble in life.
In fact, around 20% of startups close within the first two years, 45% in five years, and 65% within ten. The primary reasons are due to poor management and a lack of budget.
So, the real challenge for entrepreneurs, now, is knowing the smart ways to start a business so that whether they pivot or push forward, they’re building on strong foundations. Read on to learn more.
Opening an enterprise becomes easier when it’s deeply rooted in what you already know and enjoy, such as your hobbies and passions. Using them allows you to provide products or services that feel authentic and add real value to your target audience.
For instance, if you’re skilled in cooking, you can start a catering business, while a tech-savvy person can deliver digital solutions.
By aligning your it with your strengths, you boost the opportunities of long-term motivation and sustainable growth.
No matter how innovative your business concept is, it won’t thrive without comprehensive financial planning. A strong grip on your finances helps you stay equipped for difficulties and build a solid foundation.
Keeping correct records of expenses, tracking cash flow, and allocating funds wisely enables you to manage both everyday operations and long-term growth plans.
As Maaasahan, Malalapitang Kaibigan, Bank of Makati offers Micro, Small, and Medium-sized Enterprises (MSME) Loan service in the Philippines. It is a flexible financing aimed at helping you expand operations, purchase equipment, or manage working capital.
You can borrow amounts ranging from ₱20,000 to ₱100,000 with competitive interest rates and immediate processing.
We make it more convenient for owners like you to stay financially organized and focus on scaling your business with confidence.
With today’s digital tools and media, entrepreneurs can explore different online models. These allow them to examine ideas, reach broader audiences, and generate income without heavy upfront investments.
Dropshipping is simply selling products online where you associate with suppliers who handle the storage and shipping for every order. Print-on-demand is similar, but it focuses more on custom products, such as shirts, mugs, or tote bags, which are only made once a customer makes a purchase.
Both models minimize upfront fees, making it easier to start a business with minimal risk.
Market research refers to the process of gathering information about your target customers, competitors, and industry trends to guide well-informed decisions.
You may utilize surveys, interviews, online tools, or data assessments to understand what people need and how they behave as buyers.
It helps you spot opportunities, risks, strengths, and weaknesses, and create products or services that cater to market demands.
A business plan serves as your roadmap, outlining your objectives, strategies, and steps to achieve them. It may sound promising, but without a clear plan, it can easily lose direction.
It may start with creating a clear identity that reflects your core values and connects with your target audience. This includes designing a memorable logo, choosing consistent colors, and crafting a voice or tone that represents your brand.
You can explore choices like personal savings, loans, or small business financing programs that match your goals. For instance, applying for an MSME loan from trusted banks like Bank of Makati can give you accessible funds with flexible terms.
This, then, helps you kickstart workflows and handle cash flow effectively.
This involves determining potential concerns your business may face and preparing plans to address them early on. This can be done by making contingency plans, diversifying income sources, and securing correct insurance.
Every great business concept needs a solid foundation, and part of that is ensuring everything is done the appropriate way. It’s essential for fostering trust and ensuring smooth operations in the long run.
Selecting a legal structure means deciding the official form of your business, such as sole proprietorship, partnership, or corporation. This identifies how your firm is taxed, your personal liability, and how you can raise funds.
This involves official records with government agencies, such as the Department of Trade and Industry (DTI) for sole proprietorships and the Securities and Exchange Commission (SEC) for corporations and partnerships.
This process guarantees your organization operates lawfully, can open a bank account, and is eligible for permits, licenses, and possible funding.
Licences and permits refer to barangay clearance, mayor’s permit, BIR registration for taxes, and other industry-specific permits.
Adhering to this procedure ensures your company complies with policies, avoids hefty penalties, and establishes credibility with customers and associates.
Start by creating a website, social media profiles, and other digital platforms for your venture. Share constant and relevant content, meaningfully engage with your audience, and run targeted campaigns to attract customers.
You may also strengthen your brand by keeping logos, colors, and messaging consistent across all media for easy recognition and trust.
Launching a venture can feel like a maze, but understanding the smart ways to start a business can make the journey more manageable and increase your chances of success.
By planning carefully, managing finances, and using the right strategies, aspiring entrepreneurs can turn their ideas into sustainable companies.
Bank of Makati is here to support your entrepreneurial journey with accessible MSME loans, flexible financing options, and expert guidance. Get in touch with us today to explore how we can help you start and grow your business with confidence.