Updated: Jun 15, 2021
By: Jack Lawrence Udasco
Being creative, skilled, and talented, why not to make a profit out of it?
Here are some simple tips that might help you on how to start a small business out of your passion, hobby, creativeness, and interests.
1. Write Down Your Ideas.
I know you have lots of different ideas running on your mind but do not let them slip out after a second or even a minute. Write them down right away on a piece of paper. These random business ideas will help you in the end on what to decide and what would be the best to choose among them.
2. Arrange, Be Specific and Make a Goal.
You may have listed down at least 3 or more business ideas on your paper. Now, arrange them according to your certain criteria, for example: is this attainable? Is it costly? Etc. Be specific on taking your own judgment on how you pick the best idea. Take time to think the brightest concept you can arrive based on your choices, then make a goal: what are you going to do to accomplish the listed goals and how are you going to achieve your objectives.
3. Setting Budget.
Once you have developed your business concepts, set your budget on the costs that you may incur, including your location, rent, supplies, marketing, registrations and more. Make your budget to be over prepared rather than out of budget when financing starts to roll in. You may consider other source of funds like banks offering loans for a small business startup.
4. Make it Legal.
As a small business owner, it is recommended for you to register as a sole proprietor with the government agencies to make your business legitimate. If you plan to have a business name, you need to register it with the Department of Trade and Industry (DTI) then get the necessary permits and clearances from your local government and Bureau of Internal Revenue (BIR). You can convert it into a Corporation once you have built a sustainable and feasible business strategy.
5. Paperwork, Reporting and Compliance.
Starting a business also have much paperwork to do. Make sure that your personal account is separate from your business. You must handle all your documents, permits, registrations and tax compliances properly. You may hire a bookkeeper to take care of them to avoid penalties and non-compliance, while you manage your time in growing your business.
6. Basic Website.
Online business is the most common type of business nowadays. It is recommended to have a website to showcase your products. Having an online store will easily manage your customer needs and wants with an add to cart functions and easy payment options. Link your customized website with your social media accounts for better marketing and promotions.
That’s it! Hope these six (6) simple tips will help you achieve your desired business. Ask professionals and experts that will assist you in building each area of your business. Once you have started your business, treat it like you are driving a car by putting all your passion to hit the gas pedal and focusing your mind on the steering wheel to the direction of your goal.