Starting A New Business in Manila

As a young girl, I have always dreamed of owning and running my own business. So I started young, by trading my Sanrio stationeries and stickers, selling them at five centavos each to my grade school classmates. In high school, my pocketbooks can be rented for a fee. When I was in college, a classmate encouraged me to sell Avon products and I earned 25% from every sale I made. The earnings I got I also bought the products for myself. I felt so satisfied earning on my own though I never told my parents about it. I know my Dad wouldn’t approve it back then. He wanted us to study first, then work later after we graduate.

So when the perfect time to do business again presented itself, I was ecstatic. I joined tiangge/ bazaars in Greenhills. I produced movie premieres which doubled my capital in a month’s work. I also got into lots of multi-level marketing schemes like Forever Living, Lifestyle, Amway, Pi Water, First Quadrant, E-card and the one selling expensive kitchen wares (can’t remember the name), just because I can’t say no to my friends who invited me to join those companies. Unfortunately, I didn’t earn from any of them, maybe because my heart is not into it.

When I got married, my husband and I ventured into the construction and printing business. We also supplied computer units to a government agency, sold branded clothes from Hong Kong and Italy, gold jewelries and seafood like lobsters and crabs to seafood restaurants in Manila and some five star hotels. We definitely earned from those ventures although it’s quite tiring. And we needed a constant flow of capital for our businesses. The companies we dealt with paid us 30-45 days after our product delivery. So we have to stock up on the goods and capital as well. The business is still on-going.

Now, we have opened up a new business, a 24-hour laundry shop, beverage store and cell phone shop. I am also planning to get into the events management business if I still have extra time to spare.

To those who want to have their own business, I would like to share some steps/tips in setting up a new business:

* First assess yourself what business you would like to go into, one where you can really give your full time, efforts and concentration. Know how much money (as capital) you’re going to allocate for the business. Is it going to be a sole proprietorship business or will it involve partners?

* Do a survey, check successful products/services which started small and are now getting their niche in the market. Surf the internet, buy business magazines to get some ideas or go around the malls, and observe the stores/shops with more traffic.

* Write down a list of business names so you have choices in case some names are already registered/ patented.

* Go to the Department of Trade and Industry (Highway 54 NCR Office, in front of SM Megamall) for business name registration (for single or sole proprietorship or partnership) or to the Securities and Exchange Commission (SEC) if you’re setting up a corporation. The DTI certificate of registration can be issued on the same day you applied for it. For new business name registration, fee is P300.00. The registration certificate is valid for five years.

* If you’re renting the place of business, secure a contract with the lessor. If you own the place, provide proof of ownership.

* Secure a barangay clearance and billboard permit.

* Go to the City Hall and apply for a Business Permit and License. The city hall BPLO staff will visit your place for site inspection, make sure you have fire exits and a fire-extinguisher in your business place/location.

* Once you have your business permit, secure a BIR registration. The Bureau of Internal Revenue office would provide BIR receipts to be used for the business operations.

* Secure SSS registration/application as an employer, SSS applications and Philhealth membership forms for your staff if you have any.

* Be ready with your marketing materials- you have to distribute flyers, set up billboards/posters to advertise your goods/services to your desired market.

* When all of these things are accomplished, you can now start to do business.