Take the Leap: Here's how to Start a Business in the New Normal
Get your business off the ground with these 4 Steps!
For many Filipinos, the pandemic has been full of ups and downs. With many Filipinos having lost their jobs or working their jobs full time from home, many employees have opted to take matters into their own hands. If you have been looking for a sign to go through with your dream of starting a business, this is your sign to be brave and take the leap, SHERO!
How do I start my business?
One of the first things any aspiring business owner must think about is the process of actually setting up a new business. Starting your business begins with figuring out what you want to sell, how you want to sell it, and what you need to secure to get your business going! Whether you are a stay-at-home mom wanting a bit of extra income or a work from home employee looking to make some cash on the side, read on for our starter guide on starting a business in today’s new normal!
Decide on a product you want to sell
The most important thing to starting a business is deciding what you want to sell. Do you consider yourself a bit of a chef in your home kitchen? Consider picking a few of your best or favorite recipes that you can master and tweak for selling to a wider audience. Do you have a passion for fashion by designing clothes or thrifting? Put up an Instagram shop to sell your curated pieces! Whatever your interest or hobby may be, it is a great starting point for deciding on your business idea as it is something you can commit to doing.
Study the competition
One of the advantages of a new business is the chance to study existing competition. For neighborhood businesses, it is very likely that there are other small business owners in your area selling similar products to you! Go ahead and study their socials, not to copy them but to get an idea as to what you’re competing with. This also provides you with a good baseline for delivery methods, pricing and serving sizes. Remember that at the end of the day, you are in this to make a profit, so it pays to play it smart!
Compute a budget
Figuring out the numbers of your business is the only way to know how it will make money. Doing the math when it comes to your capital, as well as expenses like ingredients, equipment, staff, and sometimes rent, should all be taken into account when getting your business off the ground. This will also help you get a feel for the goals your business needs to be hitting on a per month basis to breakeven and make a profit second.
Sort out documentation
Depending on the type of business you go into, you may require some documentation to operate. Home businesses that sell food or bake goods typically don’t need to put up a physical stall or store which may require certain legal documents. For these, it may be best to get in touch with your LGU, as well as a trusted accountant for tax-related concerns. Be sure to accomplish all documentation to avoid any fines or sanctions made out to your new business!
We want to empower our business-minded SHEROES to be brave and take the plunge of starting their own venture, so we hope our new business advice can help with your new adventure! Whatever your business may be, know that the journey starts with a single step. Good luck, SHERO!
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