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Advice on starting a business?

Discussion in 'Dumaguete City' started by cimacams, Feb 1, 2019.

  1. cimacams

    cimacams One Hit Wonder?

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    I need everything, every single opinion and advices you will say because I KNOW nothing at all, I've done some of my research but don't really have the proper hands on experience and deeper knowledge,

    How does one do it?
     
  2. Rye83

    Rye83 with pastrami Secured Account Highly Rated Poster SC Connoisseur Veteran Army

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    Are you asking what kind of business to start or for the legal steps needed for obtaining the proper licenses/permits/registrations to start one? Your question is far too vague but it seems the information you are seeking may already be available online.

    https://www.imoney.ph/articles/guide-how-to-start-small-business/

    Also, when you say you know "nothing at all" does that nothing also include everything involved with running a business? If that is the case I say you would be very wise to put your business ambitions to the side for 2-4 years and attend local college and obtain a business degree.

    If you know nothing about running a business you are almost certain to find yourself in financial/legal trouble and your business will almost certainly fail. Go get a proper education to set yourself up for success. An online forum/social media is just not going to prepare you for running a business.
     
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  3. SkipJack

    SkipJack DI Junior Member

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    @Rye83 gave good advice about education. I would also add that you should work for a small business in the market you plan on doing business in. Preferably a start-up. This will get you hands on experience at someone else's expense.
     
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  4. Notmyrealname

    Notmyrealname DI Forum Patron Highly Rated Poster Showcase Reviewer

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    I ran a business in my home country with no previous business knowledge or experience - I just did what I thought was correct in the circumstances. I eventually sold it and it is still running almost 40 years later. It depends on the type of business; I would not suggest anyone tries to compete with Amazon from a zero base, but there are small businesses (e.g. retail arbitrage) which people can operate without pre-existing business skills.
     
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  5. ChMacQueen

    ChMacQueen DI Forum Patron Highly Rated Poster Showcase Reviewer Veteran Army

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    Only spend what you can afford to lose on a business. If your thinking its a way of making ends meet your odds are very low of success here. Whatever business is going to cost you for sometime before it *might* start turning a profit. If locals can copy it they will and do it cheaper especially as quality doesn't matter if its slightly cheaper for most. Don't start a business to cater to foreigners as your #1 customer because you'll be shooting yourself in your foot if not just chopping it off.

    After that do some market research while also access what kind of business you want to start. Want to do a restaurant you need a good location and to offer something wanted but not already plentiful in availability but you also need to make sure you can aquire a solid supply chain of what you need. Prices need to be locally competitive and achievable at the locals wallet but you also need a decent cushion in price of cost to make vs sell price yet locals as they often underpay workers and skim on quality bigtime will screw you over every chance they get in competition.

    Key though is YOU as a foreigner can't own a business and anyone who tells you otherwise you should ignore. You'll hear of exceptions and ways around things and most are bogus and that which isn't bogus could change at the drop of a hat. This means you need to have it in a Filipino's name (gf/wife) but can you really trust them not to screw you over especially if the relationship goes south? Further even IF you can manage foreign ownership you'll be under much heavier scrutiny which you won't really want on every detail.

    Lastly I'll get into is workers. Its easy to find workers but hard as heck to find GOOD workers. Even GOOD workers will require you to watch over and micromanage them here as well so don't get the idea you'll start a business and get the ball rolling and then sit back while loads of cash arrive at your door. Soon as you take a step back from tight managing things will start going downhill.
     
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  6. Notmyrealname

    Notmyrealname DI Forum Patron Highly Rated Poster Showcase Reviewer

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    If at all possible, run a business that requires no additional workers - as you say, finding good ones can be a problem and the extra work and responsibility of compliance with employee taxes and regulations can make a good business a pain in the butt.
     
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  7. cabb

    cabb DI Senior Member ✤Forum Sponsor✤

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    There you go.....become a day trader or in the case of the Philippines a night trader. :smile:
     
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  8. Obliged Friend

    Obliged Friend DI Member Veteran Army

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    Money in no money out...
     
  9. Stefan_Negros

    Stefan_Negros DI Junior Member

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    If you know nothing you cannot even think about to run a business and certainly not in the Philippines.

    Stop immediately thinking about and instead gain skills and experience by working in the market.
     
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  10. TD3725

    TD3725 DI New Member Restricted Account

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    Just the thought of all the requirements is enough to turn any investor off. Do yourself a big favor and move to any country in South America. There you can own your own business or even real estate in your own name will less hassle. The Philippines is the worst place to start a business.
     
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