Many of us dreamof starting our own business. Experts believe that this could lead to faster financial freedom, particularly when compared to earning a monthly income. Some also simply like the idea of becoming their own boss and doing something that they are passionate about.
Whatever you are planning for your start-up company, you are going to need a few pointers to get started, such as how to apply for a small business loan and how to get past the initial stages of starting your own dream business.
In this article, we are going to discuss the latter.
Write Down a Foolproof Business Plan
One of the first things you must do to start your own business is to write down a foolproof business plan. Here are some of the things you need to consider:
- Branding – This refers to the name you are going to call your company. Furthermore, your brand is determined by your vision for its future and how it will affect your community.
- Products and Services – Decide what products and services you are going to provide. What kind of services can you offer your future customers that are completely unique from your competitors?
- Target Audience – Once you decide on your company’s expertise, it is best to choose a demographic that is thoroughly suited to yourbranding.
- Client Acquisition – After you choose a target audience, consider how you are going to get their attention. Will it be through social media or something else?
- Estimated Costs – Ask yourself what is the cost you must pay to start your dream business. This should include paying for the business permits, the location of your business, employee salary, and the equipment you need to get your business going.
Complete and Pass the Necessary Documents
There are a few documents you need to get before your company starts officially doing business. They are as follows:
- Barangay Clearance – In order to get this, you have to submit a Registration Certificate from SEC or DTI, valid government IDs, Lease of Contract of Site, and the certificates for electrical inspection and fire safety.
- Mayor’s Permit or Business Permit – To acquire this permit, you need the Barangay Clearance, Registration Certificate from SEC or DTI, valid IDs, location map of your place of business, and a community tax certificate.
- Tax Registration Number (TIN) – You would need the following to secure this: BIR forms 1903 or 1901, location map of your place of business, copy of the municipal lease or the mayor’s permit, and the Registration Certificate from SEC or DTI.
- Social Security–Get the following documents to acquirethis: SSS Form R-1 and Form R-1A and the Articles of Partnership or Incorporation.
Open Up a Business Checking Account
Opening a business checking account should be next on your agenda. This is where you should put all your revenue as well as where you will get the money to pay for the costs your company incurs.
Before you open an account, choose a bank that offers you no fees and low minimums. This will allow you to pay less when opening the account and save more once the money starts coming in.
These 3 points are what you need to go through the initial stage of starting up your own company. Truth be told, you will undergo more processes in order to stabilize it. So, be sure to continue doing your research and read about some of the myths about starting a business for you to better prepare for its future.