CLICK HERE FOR THOUSANDS OF FREE BLOGGER TEMPLATES »

Tuesday, November 20

Setting Up A Business

When I was still a small girl, I would dream of having my own business. I started trading my stationeries and stickers, selling them at five centavos each to my grade school classmates. In high school, I lend my pocketbooks for a fee. When I was in college, a classmate encouraged me to sell Avon products and earned 25% from every sales 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. One time, he caught my sister and her Paulinian classmates working at the newly opened Jollibee Landmark branch, my sister tendered her resignation the next day. He wanted us to study first, then work later after we graduate. So when the time comes to do business again, I was ecstatic. I joined tiangge (bazaars) in Greenhills even manning the store with a friend. Then, I produced movie premiers. 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. When I got married, hubby and I ventured into the construction and printing business, we also traded computer units, branded clothes, jewelries and seafoods. And I can say we earned from those ventures. Now, we are opening up a new business. I would like to share how a new entrepreneur could go about it.

These are the steps in setting up a new business:

-think of the business you would like to engage with, the products or services you're going to offer, the market for such business

-write down a list of business names so you have choices in case some names are already registered

-go to the Department of Trade and Industry (Highway 54 NCR Office, infront 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 5 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

-go to the City Hall and apply for a Business Permit and License

-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 and SSS applications for your staff if you have any

-when all of these things are accomplished, you can do business....

Goodluck to those who are thinking of going into entrepreneurship.

16 comments:

Gina said...

Good luck in your new business,Rowena. I ,too am not lacking in entrepreneurial spirit.I have a 'dream business' that I hope I will be able to realize someday.
I remember selling 'sourballs' for 5 cents each in grade school. I would buy this little box of the sourball candies for maybe a 75 cents, it would have 20 candies inside- so I would have a 25 cent profit. =)Same with Jack & Jill Pretzels.Also rented out Komiks at home,and my Mills & Boon novels in H.S.,Did a little bit of Triumph,then Cosway (for which I sold 24 units of water purifier by bubu system to my workmates at the local hospital!).Along with a bro & a sis, I opened a small gift and card shop which only lasted for maybe 3 yrs.because of lack of personal supervision.My biggest & 'riskiest' venture was setting up the first private clinical laboratory in our city. I invited 12 cooperators/shareholders, did heaps of paperwork (feasibility study,financial forecast,licensing,etc.)and we were able to do the job! I had to sell my shares when I left the country tho. It is still operational now. I do take pride in that seemingly 'undoable' endeavor. When the right time comes, and when I have the means, I would want to start with my dream business.
(haba ng comment,no? =))

Analyse said...

it's like you're a born businesswoman.. girl, i never thought about renting my pocketbooks when i was in HS!

feng said...

hi weng! goodluck on your business venture. :)

vernaloo said...

We're like the same, started pretty early too. Then I took Marketing in college. Our prof always tells us to engage in entrepreneurship. But now that I'm already working and get to learn and hear stories from friends who ventured into some businesses, I realized that it's not really for me. I mean I don't think I can handle the responsibility.

rowena said...

Hi Gina, I can see the entrepreneur spirit in you and I hope you can fulfill that dream soon.

Hi Analyse, whenever a friend or classmate borrowed my Sweet Dreams or Sweet Valley High pocketbook, my eyes are twinkling with peso sign, he he.

Hi Feng, thanks. I hope to open our laundry shop and a 24-hour beer store by next month.

Hi Verns, of course you can...Di ba they said Filipinos are madiskarte, anyone can do business here as long as you have the patience, even in your office, you can still do it. Try it...

ladycess said...

ive always admired entrepreneurs, i aspire to be one too. in time:)

kumusta registration? i hope you got a good name :)

rowena said...

Hi Cess, I just used Pio's Express Laundry Service...all the others are already taken.

ScroochChronicles said...

hi wenchie!! pareho pala tayo. i've ventured into so many different kinds of businesses na. most of the time, though, it's food related. the one time na hindi ako kumita was with mlm too. i tried doing Lifestyles din. went up high na nga sa hierarchy (regional dir.) but in the end, wala din. the last business i handled was a photocopying/eload/ticket outlet. it was ok but when i gave birth to my 2nd, di na ako pinayagan ng aking hubs.

the laundry biz seems promising. good luck to you and your hubs. pag mega-riche ka na, wag mo kaming kalimutan ha :)

Heart of Rachel said...

That's great Wenchie. Good luck on your business endeavor. Pio's Express Laundry Service is a good name.

Anonymous said...

I recently came upon a website that enables you to obtain online every city, county, and state business license all over the U.S.! Their website is www.businesslicenses.com or as they advertise Get Every Business License Online 845-369-8799 from a California Business License to a Florida Occupational License or a Washington state Business License and all other states in-between.
Enjoy and Good luck!

Belle said...

rowena, with determination, hardwork, enthusiasm, i see no reason for this business venture of yours not to flourish into something big.

yong mga anak ko naman, parehong may part-time job. the older one is a financial manager of the cafeteria so libre ang room and board niya for the whole year. tapos may tutoring pa siya every friday. yong younger daughter ko naman, she works 20 hours a week sa mall pero laging short pa rin sa personal allowance kasi mahilig sa damit. pero sabi ko sa kanila, if the work starts to interfere with their academics, they should cut down on the working hours and concentrate on their grades.

Noemi said...

Having your own business is the way to go. It's the only way to gain financial freedom. Wishing you loads of luck, dear

rowena said...

Hi Cookie, di ba nga sabi ni JG di tayo yayaman sa 8-5 job, we have to venture out din...Hayaan mo, bigyan kita franchise pag big time nako, he he...

Hi Rach, thanks for the good wishes. Re: the business name, I've submitted ten names, only one was approved (with Pio's name on it). Hope this is eye-catching enough.

To Anonymous, thanks for the info, am sure some entrepreneurs in the States can check out those sites.

Hi Belle, I admire you kids este your lovely daughters. Ang galing naman nila, working and studying at the same time. Ngayon pa lang, me foresight na...Am sure they'll be successful on their chosen field after college.

Hi Noemi, thank you so much for the well wishes. Really needed loads of luck...

julie said...

Are you finished na with the legwork? When are you going to have your blessing?

I wish you strength and lots of patience, Wenchie :)

rowena said...

Hi Julie, we plan to have a soft opening by December 5. Please do drop by. Am done with all the paperworks. We will be adding a 24-hour beer store (inspired by the Toronto beer stores, he he) since we have an extra space. And thanks for the good wishes, I really need lots of patience...

ann k said...

hi rowena! nainspire naman ako dito. i hope someday i can open up my own dream business. but until then, i'll just have to keep in mind your tips. dami pala kelangan talaga. anyway, good luck with your new business. :)